Five Helpful Tips to Keep Away from Becoming a Fraud Victim

Jul 20, 2015

No one wants to a victim of fraud. Unfortunately, no one knows what lays ahead either. If you want to be safe, you just need to watch out and do all you can to keep way from the bad guys. You need to watch every step you make.

Here are five ways to avoid being a victim of fraud;

Understand that wiring money and sending cash are almost the same thing

What you may not know is that con artists are actually very happy when people wire money. Why…, because as soon as you wire the money, it is nearly impossible to reverse the transaction. You can’t even trace the money. So, the rule is simple: Do NOT wire money to a stranger, a “relative or friend” who wants to keep the transaction private, or to anyone who insists on wire transfer only.

Do you know the person you’re dealing with?

If your answer is no or not very well, then pause a bit before sending the money. Try to find the seller’s physical address and home phone number first. And please, a P.O. Box is never enough; you want a residence address with the street address and similar details. Conduct an online search to confirm the name of the seller’s company and finds its website to read a few reviews before making a judgment.

If a message is asking for personal and financial information, do not reply to it

It doesn’t matter where the message is coming from. It might be an SMS, a phone call, an email etc; just don’t answer it. Also, NEVER click on links or call numbers included in the message. These cons only need a small piece of information so just a simple click on a random link is usually enough. You do not want to give them access to any personal information at all.

Say NO to foreign lottery

Actually, it is against the law to play foreign lottery. However, some people still find ways of breaking that law. For your safety, avoid it. Typically, you will win jackpots pretty fast. But you’re likely to lose everything that you ever “win” there.

Report the scam

If you think you might have been scammed, you can file a complaint with the FTC (Federal Trade Commission) or your attorney general. If you have chargeback prevention, you’ll need to inform your insurer immediately.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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