Leading Payment Solutions Provider Effectively Blocks Payment Scam Attempts from Consumers Before They Occur
New York, New York September 18, 2017 — When it comes to payment scams, Americans need to be constantly vigilant. According to at least one report, older Americans are particularly vulnerable, losing nearly $37 billion annually to scams and abuse.
But today’s crafty and increasingly tech-savvy scammers don’t discriminate by age. Rather, anyone who utilizes some form of electronic payment may be at risk. In the last several months it has come to the attention of E-Complish, a leading payments solutions provider, that’s there’s been a disturbing uptick in the number of people manipulated into believing that they can pay their bills using some form of their social security number and a Federal Reserve Bank Routing Number or even the Social Security Federal Credit Union Routing Number.
The spike continued June through August and spread via social media and videos postings via YouTube and Instagram. In an attempt to fight this latest cybersecurity threat, E-Complish has taken a very aggressive “reverse-social media” campaign of its own (the only of its kind), and begun blocking all payment attempts that matched these scams. In each case, the consumer is given a very strong message after their payment attempt warning them that what they are doing is fraud and their attempt has been recorded. Specifically, it reads:
“This Payment has been Declined: Fraudulent Payment Attempt. Using bank accounts other than your own bank account is FRAUD and is considered a MISDEMEANOR CRIME. This payment attempt has been recorded as Fraud.”
While the language in this warning is very strong and harsh, it is written so in a deliberate manner. The message is factual and is meant to scare the consumer into spreading the word to their friends and relatives that this payment scam is illegal. This is E-Complish’s attempt at “reverse social engineering”; pushing back from the recent social media phenomenon with the hope that consumers will tell others and help eliminate this growing payment security threat.
“As a leading payment solutions provider, we ask that other payment providers support us and take this same approach while we fight this scam. Since using the Reverse Social Engineering approach we have seen a 93% decrease in this sort of consumer scam. Just as fast as it had occurred is as fast as it is stopping. We want to spread the word on our approach which in turn should protect businesses from thousands of man hours of busy work,” says Stephen Price, E-Complish’s CEO. “Additionally, if you are a merchant biller, please spread the word about this scam within your organization by alerting your staff, posting to your website and social media. This scam and future scams like it are a country-wide epidemic that is only going to get worse in the 4th quarter. Thus far, E-Complish is the only payment processor that we know of that has developed a proactive ‘fight-back’ strategy instead of a passive, reactive one. We ask that you help support us in squashing this crime.”
Also, with the opening date of the U.S. fourth quarter only three weeks away, the time when many consumers and small businesses alike make their final push for savings and profits, now is a critical end-of-year opportunity for companies like E-Complish to assist both groups in protecting their payment security. The majority of small businesses generate most of their annual revenue in the next three to four months. These scams are at the absolute worse during the holiday season. Extra vigilance is in order.
“With over 19 years experience, our customers know that we take their payment security seriously,” Price says. “Unfortunately, cybersecurity threats are something that we must all deal with. And no matter how vigilant companies are, no matter how many safeguards are in place, some organizations and consumers will be duped. But when those instances occur, our company is committed to doing what is necessary to remedy the situation and even fight back. That’s a promise no one could hack.”
Since 1998, E-Complish has provided merchants around the country with top online and over-the-phone payment processing services that keep customer data secure and make it easier for retailers to manage transactions. E-Complish uses the latest groundbreaking technology to design payment processing services that deliver ease of use, accuracy, and dependability, personalization capabilities, and automation that improves productivity.
888-847-7744, ext. 205