VIEW POINT PROBLEM: EVERYONE USING THEIR GIFTS OF GAB TO STEAL MILLIONS AND NO ONE WAS DOING ANYTHING ABOUT IT.
WHAT IS #ISOFRAUD?
Various forms of fraud and misrepresentations by bankcard companies targeting and inducing small business owners into signing contracts based on said fraud and misrepresentations. Revenue goals for the scammers are numerous, including but not limited to identity theft, leasing scams, liquidated damages clauses, illegal changing of terms and conditions, changing rates and fees on processing bills sent after contracts are signed.
WHAT’S AN ISO?
Independent Sales Office. Officially a “third party” to large companies benefiting from #ISOFRAUD as high up as NYSE and NASDAQ companies attacking unsuspecting business owners throughout our country everyday.
Unfortunately the Government can’t really help with this crisis massively damaging the small business owner base in our country. The FTC admitted to the problem almost a year ago, “publicly”. But it’s lip service.
Read the FTC articles below to see the activity that took place. UNDERSTANDING IT DIDN’T EVEN MAKE A PINDROP IN THE OCEAN OF #ISOFRAUD. THAT’S HOW BIG THE PROBLEM IS.
This operation “Main Street”, https://www.ftc.gov/news-events/press-releases/2018/06/ftc-bbb-law-enforcement-partners-announce-results-operation-main
is a complete show for the public. When all forms of #ISOFRAUD are taken into account, the losses to small business owners are in the HUNDREDS OF MILLIONS PER YEAR. THIS IS A CRISIS AND SPECIAL INTERESTS ARE WINNING. HARD WORKING BUSINESS OWNERS ARE LOSING.
What‘s not mentioned in this FTC release is that the most powerful trade lobby in the credit card processing industry, Electronic Transactions Association (ETA) is helping to keep regulations out of the market place that would protect these same American Small Business Owners from many of their bad acting member companies who are targeting USA businesses with these patently false and fraudulent representations. The lobby itself proudly advertises to its member base of only about 500 core companies, that it will tirelessly fight to protect their scheme. Lastly and most ergregiously is the master minds behind some of the most creative forms of #ISOFRAUD are rewarded with special visibility in the payments community and are appointed to positions that actually put them in close proximity to politicians to personally lobby them through the influence of Electronics Transactions Association‘s heavy control on the market though use of the Government. ETA is often looked to for opinion on market trends by the Government. Yes really.
THAT’S NOT TO SAY ETA IS COMPLETELY WORTHLESS. BUT THE INTIATIVES TO “PROTECT” THE PUBLIC FROM CYBER SECURITY THREATS AND THE LIKE WHILE USING THAT PUBLIC TRUST TO FINACIALLY RAPE THE SMALL BUSINESS OWNERS OF AMERICA AT THE SAME TIME IS SILLY. ESPECIALLY WHEN THE WHOLE ETA PITCH TO THE SAME SMALL BUSINESS OWENRS THEY ARE DEFRAUDING IS “WE’RE ETA CERTIFIED AND THE GOOD GUYS, YOU’RE SAFE WITH US IN THIS CONFUSING SEA OF NUMBERS.”
AND THAT’S THE WHOLE POINT OF THIS PROJECT ISN’T IT?- THE BUSINESS OWNER HAS NO CLUE WHAT THEY ARE SIGNING AS THE CONTRACTS ARE DESIGNED TO BE MIDLEADING,YET ”LEGAL” AND CONFUSING. SO ALL THE BUSINESS HAS LEFT IS TO TRUST THE AGENT THEY ARE INTERACTING WITH. ETA IS SPECIFICALLY AND PURPOSEFULLY ABUSING THIS TRUST, USING THEIR POSITION IN THE MARKETPLACE AND GOVERNMENT TO PROTECT THEIR MEMBER FRAUDSTERS. CASE CLOSED.
Much of this market is broken and needs to be fixed right away. The great news is that there are many GOOD ISO OPERATORS using integrity and ethics in their dealings. If Electronic Transactions Association was to be investigated by the Government for architechiting the #ISOFRAUD itself, that would be a good thing. By charter they are trying to prevent #ISOREFORM. The Governement is going to have to stand up at some point to PROTECT THE PEOPLE. The small business owner. Just an opinion. Take it or leave it. However I deeply believe if ETA was out of the market, the vacuume would be filled quickly by these good operators and then reasonable long term regulations can take a natural course and position.
RESPONSIBILITY PROBLEM: WHEN FRAUD IS AT THE BASIC STRUCTURE OF A MARKET. PLAUSIBLE DENIABILITY BUILT IN.
#growingmushrooms (read the insider SwiperMovie interview here)
The #ISOFRAUD way of doing business is applauded and normalized as commerce born from an aggressive market by member banks, supporting technology companies and of course the street level sales person who instantly benefits from the fraud with with big upfront lease commissions. To make matters worse, the unscrupulious ISO operators often target “new” sales people to do their dirty work. And of course the targeted sales agent is unsuspecting they are doing anything unethical, much less often illegal. By the time the new street level sales agent figures out they don’ t want to scam businesses anymore, the income they have acquired is often 3-4 times anything they have previously made. So the recruiting process also causes a lot of these foot soldiers to sell themselves out to make a living. What used to be a good person with ethics has now been converted into a “proper” con artist, performing the theft in the field while insulating the real money makers, the ISO owner all the way up to the NYSE and NASDAQ firms and the processors themselves. The public is wholly unaware of this decades old scam. #Swipermovie hopes to change that.
AN ISSUE THAT CONCERNS THE PUBLIC: YOU ARE ALL INVESTING THE FRAUD IF YOU PLAY IN THE STOCK MARKET. WE’RE ALL RESPONSIBLE.
The fraudsters are using the stock market to further these scams. That makes the stock market party to all this. We all cannot continue to turn a blind eye and must speak up. As a stock market enthusiast and/or investor are you cool with all this activity? Ask yourself that questions and then maybe start speaking up! The version of #ISOFRAUD in the FTC release, and there’s many variations as previously mentioned, uses a lease to trick unsuspecting business owners into committing to a deal that profesess to have future savings on processing rates and fees. What the ISO operator does is have the sales agent acquire the personal guarantee of the business owner, and then sells the “paper” right away to a third party leasing company. The unjustly gained lease funding is then used to “payoff ” the street level fraudster, who now gets their reward up front for a successful mission complete, while the ISO owners and fat cats often in NYSE and NASDAQ traded firms use the processing account itself to further scamming the victims by raising rates and not honor commitments made by the sales agent which induced them into the deal in the first place. Often saying “talk to your sales person about it”. Or “didn’t you read what you signed?” Or the worse one - “we’re not the leasing company.” Which during the course of filming this documentary is found not to be true. It has come to light that there are leasing company owners playing both sides of the market as a processor as well. More on that later.
ETA ACTUALLY SUPPORTS ALL of this fraud by allowing association members to commit such street level acts of THEFT habitually and unchecked without penalzing their membership. It’s like a mafia style protection, as often the overtly fraudulent bankcard companies being promoted by the shameful trade group over and over again. Almost as if rewarded. At the higher more sophisticated level, ETA is running Government interference for huge global and publicly traded companies on top of the food chain. These power houses run scams so brazen and large! They go virtually untouched. Like #ISOFRAUD #KINGPIN Evo International fraud game to ”cook” merchant statements. This band of thieves were caught just months before they somehow pulled off a NASDAQ IPO without any type of meaningful discipline. The fraudsters are even allowed to use the ETA branding to fool unsuspecting business owners into thinking they are legitimate operators, by helping to create a false sense of security to the good people in Government, and the unsuspecting public.
This project will hopefully cast awareness on the #ISOFRAUD crises hurting 1,000’s of “MOM & POP” business owners each and every year, and achieve change through public pressure and #ISOREFORM.
Click below to read the FTC release.
CHECK OUT HOW OUR PRODUCTION CAUGHT ONE OF THESE SCAMMERS LIVE BELOW!
Swiper asks new Illinois Attorney General to help public.
1-800-348-1556: Call Tammy at EXT 403 she's the corporate "boss" of the sales office.
Swiper Documentary, LLC is looking for two types of interviews for the film.
Documenting 100 merchant interviews. The final cut of the documentary will feature the most dramatic and impactful stories. Balance of interviews will be used as a case study for industry reforms.
If you have witnessed outright fraud at an ISO or a specific scam against merchants, we would like to interview you. Executives are also welcome to whistle blow. Doesn't matter the payment brand.
BE PART OF THE SOLUTION. TELL THE TRUTH NOW SO FUTURE HARD WORKING MERCHANTS WON'T GET SCAMMED.
Slice Merchant Services took over for the body of #ISOFRAUD put out by National Merchant Services.
First American Payment Systems calls surviving business partner “pathetic”