Scuba Equipment Scam

Cpt. Dale Bennett wrote:
> Has anyone on the NG seen this con played out?
> Just Curious.
>

These are just simple credit card stolen numbers. I sell
compressors all over the world and got bit by one of these
deals a couple of years ago. I called my processing center
to get the purchase approved, got the money and shipped the
goods. Almost 60 days later, I got contacted by my credit
card processor to supply all the pertinent information along
with copies of shipping info. After another 30 days, they
determined that it was a stolen card number and charged my
account back for the full amount. Since I only make around
10%, I was out over $6000!

While Mastercard says that the credit card holder is covered
from fraudulent use, they screw the merchants to cover these
losses! I am still trying to fight this.

Don't take any card for more than you can afford to lose
without calling the issuing bank and verifying the ownership
of the account first.

Just my $.02

--

Ray Contreras
=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-
Webmonkey for:
http://www.ossystems.com
http://www.bobs-garage.com
http://www.rayzplace.com

"RayC" wrote ...
> After another 30 days, they determined that it was
> a stolen card number and charged my account back
> for the full amount.

That's rather fucked up... It would seem that if they are approving the card
number, it means that they guarantee it is valid and it should be their
problem if turns out bad... Now, that seems *right*, but they probably have
some bogus fineprint that probably ensures that they never get left holding
the bag with the merchants...

"Grumman-581" <grumman581-YYYY-MM@charter.net> wrote in message
news:10ojutor5a92e5f@corp.supernews.com...
> "RayC" wrote ...
> > After another 30 days, they determined that it was
> > a stolen card number and charged my account back
> > for the full amount.
>
> That's rather fucked up... It would seem that if they are approving the
card
> number, it means that they guarantee it is valid and it should be their
> problem if turns out bad... Now, that seems *right*, but they probably
have
> some bogus fineprint that probably ensures that they never get left
holding
> the bag with the merchants...

Yeah, and it only costs us a usurous amount of interest.

"chilly" wrote ...
> Yeah, and it only costs us a usurous amount of interest.

Only if you don't pay your credit card bill in full at the end of each
month... I *never* carry a balance going from one month to the next and we
probably charge around $3-4K every month...

In article <10ok9e08ls5oo3b@corp.supernews.com>,
Grumman-581 <grumman581-YYYY-MM@charter.net> wrote:
>
>
>"chilly" wrote ...
>> Yeah, and it only costs us a usurous amount of interest.
>
>Only if you don't pay your credit card bill in full at the end of each
>month... I *never* carry a balance going from one month to the next and we
>probably charge around $3-4K every month...

Merchant agreements make "card not present" transactions entirely at
risk of the merchant. You can reduce the risk by using AVS, but even then
there is no guarantee.

The degree of protection you have if the card is physically present varies
as well. In most cases, if you have the physical card present (swiped) AND
the security code (the non-embossed 3 or 4 digit number on the card) you're
reasonably-well protected.

--
--
Karl Denninger (karl@denninger.net) Internet Consultant & Kids Rights Activist
http://www.denninger.net My home on the net - links to everything I do!
http://scubaforum.org Your UNCENSORED place to talk about DIVING!
http://www.spamcuda.net SPAM FREE mailboxes - FREE FOR A LIMITED TIME!
http://genesis3.blogspot.com Musings Of A Sentient Mind