Some of you may remember a scam that impacted many merchants and ARM professionals in July of this year. A series of videos and messages across the internet alleged that there is an amount of money set aside for american citizens that they are allowed to use to pay bills. The scam distributed federal reserve routing numbers, and told citizens to use these for online transactions. This claim is completely false. However, many individuals fell for it, and attempted to pay their bills with these routing numbers.
The Outcome
Losing out on consumer payments along with the return fees that can be associated with this type of scam can add up to a significant amount of lost revenue when a payment processor isn't quick to react. If a situation such as the Federal Reserve scam occurs and a processor doesn't take steps to block the routing numbers quickly, the cost of returned payments will add up fast, and your opportunity to collect from those consumers may be gone.
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