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Education

Phishing the ISO under very close scrutiny to make sure money is
not leaking out of the ISO or being used for purposes other
Phishing, of course, is a particular form of deceit whereby than growth of the business.
the fraudster impersonates a real person or company to
obtain sensitive information and exploit that information The (now dishonest) ISO signs a relative as an agent and
for nefarious purposes. In our case study under this gives that agent a disproportionately large portion of
heading, an overseas supplier of a merchant was hacked by residuals on all the relative's accounts. Then, the (dishonest)
phishers who, impersonating the supplier, directed a U.S. ISO allows the relative/agent to re-solicit the ISO's large
customer to pay funds to the fraudster's account, and not accounts, thereby flipping revenue from the ISO (and its
the real account of the real supplier. lenders) to the relative of the ISO, who then gives the money
to the ISO operator outside of the normal channels.
The U.S. payer lost a lot of money in a single payment.
There are so many forms of phishing attacks and possible In short, the ISO owner has defrauded the lenders and lined
bad outcomes that result from them that I cannot even start his or her pockets. This matter involved so much money
to list them. The lesson here is that all account information that there were serious allegations of criminal wrongdoing.
in commercial transactions should be viewed with a The lesson here should be obvious.
healthy dose of skepticism. For account setup or large wire
transfers, a telephone confirmation of the wire information As my mother-in-law says, honesty is the best policy. As
could save the parties a lot of money. tough as the ISO market is, I advise ISOs to stay honest.
Special deal agent
In publishing The Green Sheet, neither the author nor the publisher is
This one is a bit complicated, but please bear with me. A engaged in rendering legal, accounting or other professional services. If
large ISO with financing from large lenders is busy building legal advice or other expert assistance is required, the services of a compe-
a business, trying to pay down loans and earn money tent professional should be sought. For further information on this article,
through processing residuals. The lenders to the ISO put
please contact Adam Atlas, Attorney at Law, by email atlas@adamatlas.
com or phone at 514-842-0886.

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