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CRITICISM OF MERCHANT ACCOUNT
Every object has its advantages and
disadvantages. A famous saying goes,
“the moon also has its darker side”. In
relation to the proverb, there is also a
high risk in merchant account. The
invention and the innovations in the
electronic banking sector, combined
together, make an advantage to the
banking systems. But the fraudulent
cases that have been reported show its
disadvantages.
There is also a high risk involved in
the internet banking systems. There are
high time scammers who make people fall
into their traps. These scams make foul
play with the existing accounts of the
customers. A customer has to be very
careful while choosing the merchant from
the list of merchants. There are some
unregistered companies who cheat the
common masses in a big way. They use
various techniques to make their account
very attractive in order to influence
the choice of the customers. These
scammers also have websites of their
own. At first, they assure the customers
that their products will be delivered as
wanted. But a full advance payment has
to be done before the delivery. This
results in no delivery of the product
and also the money is forfeited by the
scammers. After the customer keys in the
PIN code of their credit card or after
the credit card information is given,
these scammers access into the
customer’s accounts and withdraw all
their balance money from the account.
People are directed towards various
offers that these scammers provide. Most
of the people are not aware of the theft
and scams and they become their victims.
In the year 1999, a Thailand resident
was duped of forty thousand dollars by
these scammers. The scammers were never
traced. After the fake transaction,
these merchants change their account and
addresses as well as their phone
numbers. They are very hard to find
because they keep migrating from one
place to another. These scammers use the
names of renowned and recognised
merchandise and companies to do foul
play. The customers find it impossible
to identify the faulty merchant as they
blindly choose the merchant’s product
because of their name. Thus, a merchant
account is misused.
The merchants, in the modern days, have
failed to live up to their expectations
of doing business because of the
internet crooks. The scammers are the
hindrances to the smooth running of the
merchandise business. PayPal is an
internet payment system which is very
popular in the modern era. The scammers
cheat the people with the name of this
site. People think that it’s the same
payment system but is irony. At first
when a customer comes into sight, these
scammers communicate with them in a
promising way. They also have the
knowledge about all the sites that
provide internet banking system,
credit/debit card processing. This
information and ideas are used by the
scammers to cheat the people.
Some people fall into these traps very
easily as they have not used the
internet marketing system before. But
the ones who use the internet usually
are also cheated. Though the Government
has tried to stop these activities, they
fail because the scammers are not
traceable. These are the criticisms of
merchant account. |
