VIDEO TRANSCRIPTION
Hey everybody. What’s up. It’s Justin live from B2B Vault, the payment technology podcast with your host, Allen Kopelman. And we’ll be providing you with educational information about business FinTech, decentralized finance payments, and the technology businesses use in today’s world. And in today’s podcast, we’ll be talking about fraud and how to prevent it in your business and in your personal.
Take it over, but all right. So, you know, fraud it’s really been brought bothering me a lot, Because I’ve been getting a ton of phone calls from people, me, from people telling me about situations where they think that they’re being defrauded, or somebody tried to defraud them, or they fell for a trick. They fell for the Okey do key.
They fell for the trick, and they got defrauded. I’ve and I, and it’s just blowing my mind, right? How this is accelerated in the last few months because it was quiet for a long time. Yeah! Especially on the business front, but on the business front, it’s getting completely outta hand and business owners, you know, and it’s. A lot of these things that I’m going to talk about cross over between business and personal.
Right? Right! It’s a crossover because a lot of this fraud is like, it’s crazy, but it’s coming through Facebook, Instagram, um, other social media. It could be LinkedIn, Discord, you know, a WhatsApp message. Just all kinds of just all these like ways, all these ways to message people, right? Yeah. Text messages.
There are all these ways that you can message somebody. I remember once, you know, I was talking to this guy, and he is like, yeah, he goes, I wanted to get ahold of a guy. So I said, what did you do? And he goes, oh, I called his phone, texted his phone, called his business, sent him an email. Then I sent a Facebook message that was years ago today.
Oh, you can do way more than that. Can WhatsApp, Telegram, Discord, the guy, there’s another one with that instant messenger, yeah instant messenger. Um, there’s that there? Signal. No that’s Signal. Yes, Signal hit ’em up on a Signal message. You get hit. There’s like all these messaging apps, it’s like completely out of control and businesses and people, you, you get a message, and it comes in and it says, oh, there’s an error.
And they, and they just take a shot in the dark. Right? Mm-hmm oh, there’s an error on your Bank of America. Log in now! You go I don’t bank at Bank of America. So you delete the message or the, but let’s just say they get your bank right. They get it right. And then you’re looking at the message. Bank of America is not sending you a message log in now.
No, no, no. They are not. Neither is Amazon, do not log in Neither is IRS! Right? Do not log in when they say that do not click these links, delete it from your phone, and block the phone number. Get it off of there don’t even entertain it. If they call you, you know, and the other ones are, people are calling on the phone with, oh, we’re from the IRS or your son has been arrested or your grandson has been arrested.
I mean, recently somebody told me they got a phone call, it was a business. And the guy said, oh, your bank account has been compromised. We have the password and we’re gonna empty out your bank account unless you Zelle us, $2,000. And the guy was, I was like, dude, what did you do? He goes, oh, the guy has my password, get on there and change the password! It’s not that hard.
Instead, he Zelle this guy $2,000, because the guy said he had the password. I was like, oh, and the cops are never going to find that money. That person has a temporary bank account set up. They, literally you gave them $2,000. They went and got that $2,000.00 out of that bank, or they went and spent it on the debit card attached to that, like that boom it’s gone.
I saw another. So, you know, you got to be careful, you know, this is your business, you’re talking about! Everybody has, everybody’s using electronic commerce, right? So you’re using an Electronic, you know, you’re accessing your bank account, you know, and all this and a move forward with that is all this pass wordless.
And if you know things that are coming out like Apple is coming out, no more passwords Google’s coming out no more passwords. I mean, I don’t know what they’re going to do. They’re two-factor authentication. Yeah. Two-factor authentication to access your passwords and, facial recognition, you know, with text.
Yeah, text and yeah, new, the newest thing is how to log into websites is you go to the website, you put in your email address, and then they either text you or email you a pin number. That’s the only way you can get in. I mean, this is what we got to go-to passwords. Forget about passwords. That password needs to go away.
I quickly, I feel like the, there’s going to, there’s definitely some hackers that are already working around the way to send you a text message. So, I don’t know about it, they do. They, send you a text message. No, I’m talking about Verify, the two-factor authentication. I don’t know about that.
I don’t, you still got to log in. How are they going to get your, unless they’re able to clone your phone? That’s what I’m saying. I’m sure that they’re working on it. Yes, they’re working on it. There’s just got to be some kind of multi, but you got to stop falling, people got to stop falling for these scams, right?
Please read, you know, if you’re not sure. Call a friend, say hey, I need your advice. Someone told me over the weekend, oh friend, they were watching a YouTube video friend. They’re watching a YouTube video, stranger danger. Watching this YouTube video. And they told me, Gary V was on. It was like a lot. And Elon Musk I’m like, listen, come on.
What are you kidding me? Someone like Elon Musk and Gary V isn’t getting on somebody else’s YouTube channel and start talking about how you’re going to double your money, even though your crypto is worth half as much. Oh, transfer your crypto to this special service. And you’re going to make all this money that they’re talking about.
Staking! Where you stake your crypto, transfer it to me instead, the girl we’ll take care of it. This girl ended up transferring the crypto and then poof up. It’s obviously gone! There’s nothing you can do about it. No! And those people transfer it through multiple wallets. And then I get those, those, I mean, cuz obviously we’re involved in the space, right?
So we get, fake emails all the time. I mean we’re we have; I have accounts with everything. And it is related to, you know, finance and technology. Right, right. Like, so, I mean, when you, when you talk about PayPal, I have a PayPal account of cash app, blah, blah, blah, blah, blah. I’m on top of that stuff.
Right? Right! Like, I’m not gonna, if like you get those random Amazon emails, like your package or your Amazon account has been charged a thousand dollars for your it’s always for an iPhone, for a MacBook all the time, iPhone or a MacBook, the most recent or both the most recent for me was I, the MacBook Air I purchased the MacBook air last month that I don’t know, I messed in ghost shopping or sleep shopping, I guess.
I don’t know, but I mean, It’s not like I always say, like click and log into your Amazon account. What I’m saying takes you to a fake page, but why you did not read that? No. No. Who does? Who doesn’t read this? No. No, but I’m saying it takes you if you click the link, it takes you to like a fake page, but how would you not know? I’m saying like, I don’t understand how people don’t know that it’s not real.
Like, I guess they make it look like Amazon. They make it look like the Bank of America, but I’m not falling for it. No, but there are people there’s a lawsuit going on right now where this guy says that he got a text message from Bank of America that said, oh, your mortgage is late. You need to send the mortgage payment.
Right! I don’t know what the guy’s thinking. Like you don’t Zelle your mortgage payment to the bank of America. If you bank at Bank of America, Right. Why would you Zelle them the mortgage? You transfer the money, right? You transfer the money. And somehow the guy Zelle the money to some phone number. He thought he was the bank of America.
Now there’s a lawsuit and apparently, there’s a bunch of people piling on to this lawsuit. And there’s another lawsuit out there were. I wish Zelle would do two-factor authentication. So when you wanna send money, they send you, um, a code, they send you a text and then you gotta put the code in. They make me do me, I have to put my pin in right.
Multiple times. Right. They need to do that, like on every single transaction, not just once in a while they do, they make it do for me. I never had not to put in my pin to send someone money. No, I’ve yeah. They don’t make me do it all the time. I’m talking about were. You’d send it. And then they say, oh, we’re sending you a text and they just send you a random number.
No, I get that. I’m saying, but at least I have to put my pin right before I send it. But I’m saying, I think all the banks need to adopt like some kind of, they definitely security on every single transaction because, I get it on some transactions, but not on every single one. And you know, so now a bunch of people are piling in on this same lawsuit because people get this text message.
Oh, your payment is overdue! Click here, Log into your Chase account. Then the person, you know, I had to yell at my mom once, you know, she told me she got a phone call from Microsoft. They go, Microsoft’s not calling you on the phone, cancel your credit card, do what she gave her credit card to somebody I’m like, no, you need to go in your computer, whatever, whatever program they told you to download, get that out of there right now.
Because they probably can access your computer. What’s your mom’s? Fran! Hey Fran! I told my mom won’t listen; I hope she doesn’t listen to this podcast. Fan of the pod. She’s not a fan of the pod! No, she is a fan podcast, but I don’t want her, I hope she doesn’t catch this episode because then she’ll go, oh, why’d you tell people that? No.
So, you know, and then, oh, that’s right. Yeah. And then somebody, what are telling your mom’s business for on a podcast. I’m just giving an example. No! My mom did that same stupid crap too. She gave someone her social security number. So my dukes, Betsy. Hey, mom if you’re watching. I know you’re not! But we’ll get yelled that by both of our moms.
Yeah! Why did you call me stupid? No, you did something stupid! I didn’t. I mean, listen, Samantha’s sitting in the room, and she’s heard me, people have called up like they’re from the IRS. You owe money, they’re going to seize my bank account. And then I just keep ’em on the phone for like a half an hour asking them a whole bunch of crazy questions, you know, it’s fun! Hey listen, waste their time.
Oh, I love messaging those people when they’re like they’re the Bitcoin people. Yeah. Or the, you know, the, yeah. Join, the community for the NFT, the greatest NFT in the world, right. Yeah. Right. Yeah. And then they want you to give ’em your wallet number. Yeah. Right, right. And they’re gonna send you some free NFT or cash apples, 25 bucks and you have exclusive, right.
You gonna be on the whitelist! For 20 bucks. Yeah! Yeah. They listen if they get a hundred people to fall for that, they collect $2000.00. But businesses lately, they’ve also been getting hit with a bunch of friendly fraud for a credit card. So I saw a guy who contacted me from a restaurant who’s friendly fraud.
You’re going to have to explain that. Friendly fraud is when the person was actually there and now they’re going to do a chargeback and get their money back. She said a customer came in and had a credit card that chip didn’t work. He said the guy was a nice guy, said he swiped it. Well, that’s an automatic chargeback and the guy came in two days in a row.
Why is that an automatic charge back? Because there’s a, they put this rule in, in October 2015 called the EMV fallback rule. Mm-hmm. And let me tell you something that the banks are really. I think they’re complicit in a co this one they’re not, but the next one I’m gonna talk about they’re complicit in.
Okay. So, the first one, the guy comes in with the card, the chip doesn’t work, swipes the card. Boom! Comes back the next day with another same card. Swipes it again. Now the merchant business is out over 2000 bucks. The guy, saw it work the first time. And I tried to tell and I was, and then I had another company, another guy call me up and tell me the same thing.
A guy’s also in this business, but very new. so he had a, a merchant that, that was happening to that person had like, has like a variety store. So the average sale was, let’s say 30 or maybe $30. Right. Mm-hmm, you know, a variety store, something a little more than a dollar store. Right. So a bunch of different stuff.
And, um, But he got a bunch of chargebacks for over two, 3000, like over three grand, two months in a row. So I explained to the business owner for this guy, as I said, listen, I’m in this business 20 years when somebody comes into a business, and they do that and they see that you swipe the card. Believe me, that person’s on a WhatsApp group, the dark web, or whatever.
And they’re telling all their scammy friends to go damage your chip, go in there, buy stuff, and you’re gonna get it all for free because on the fallback, if it’s a non, if it’s an EMV card, right. Means that’s a real credit card. Why, what was their thought process, they wanted everybody to buy EMV. So they forced all the merchants to get-go EMV in October 2015, you would think that they would like, so why wouldn’t they just make this?
So, I tell them there is no swipe because they have to, they should take the Mag Stripe off of the card. They should just remove it from the card. Right. That’s what I think, remove it. If Visa and MasterCard don’t want to pay the merchants, remove that thing from the card. Remove it, Visa and MasterCard, if you’re listening, remove the mag Stripe off of the card, right.
Because why is it there, I guess, because I don’t use it. No, no, I’m just saying, well, damage your chip then if you need to use your card, that’s how you gotta use it. Well, man! We’re not scammers, right? No, no. We’re not promoting scamming and we’re not telling people how to scam people. No, no. What we’re saying is, but this is how they’re getting away with it.
Right? They’re breaking scam. No, no. So if you have a business and a guy comes in and has presented a card with an EMV chip, you stick it inside. It doesn’t work. No swipe! Don’t swipe the card! Do not do it! Tell them, to give you another form of payment. They don’t have it. Tell ’em to leave because you’re about to get ripped off.
Well, I don’t have, I don’t have another. You’re going, sorry, you can either take your chance as roll the dice, but you’re going to get a chargeback and you’re going to be out your goods and your money both. So don’t do it swiping don’t swipe it. And I think because of this EMV fallback rule, the card companies should remove the mag stripes either that, or they got 10 million in these mag Stripe cards, a million of these mag striped cards laying in a warehouse.
They’re just sticking a chip on them. I don’t know. PNC just sent me one so I can finally tap so right, but I’m saying there’s a mag Stripe on the back of the car. There is one, right. Get rid of it already. Cause you’re it’s causing fraud to businesses. Well, blow. The other thing is, is another thing that’s happening is these merchants do a customer goes into a place.
They use the EMV card or they use it to make a contactless thing, tap the mag card, right. Or they’re using their phone. Right. But there it’s a card-present transaction, and then they’re saying, oh, I wasn’t there. Oh, the food wasn’t good at the restaurant. We have one going on now where this. Spent over a month, about five grand in a restaurant.
Now the guy’s trying to charge back all the transactions and the guy’s going back and forth. Oh, you forth, you were telling me that back and forth multiple times. Now the bank is saying, oh, the no, the guy’s card is set up with a special pin and there’s the pin doesn’t work, whatever. Just it’s no good.
The whole thing’s no good. Then, the card company, and the card issuers are complicit in this. The person came into the business, they were physically there. They stuck their card in the machine, that’s it over and done with it. Basically. He just does not want to pay. You’re not going to eat at a restaurant and pay and then come then write the chargeback company.
I want my money back. The whole thing just sounds a little fishy. I’m not! Believe me, I’ve reached out to people at Visa and MasterCard. If you’re listening, come on the show and answer the question, of how this is being allowed to happen. Come on the show. We’re challenging you. We’re challenging.
Come on the show on the show! The fraud is out. The fraud is out of control, but the thing is, you know, man, you guys got Allen hype. This guy is, I haven’t seen him like this in a long time. Sorry! No, it’s just very, it’s just really disturbing when you get, do not fall for these phone calls relative in trouble,
the IRS, Amazon purchase, someone has been arrested. I mean, they did test the one, they got my mom. One, someone was arrested. They found a kilo of cocaine in her car. Right. They’re asking you to transfer money to them. They say they sent you money. It looks like it’s your friend. Right. And you get this Instagram message.
No one ever sends me an Instagram chat. It’s a Facebook chat, whatever you get this message. And it says, oh, I sent you. We got to for you a yeah. I people, yeah. They send me messages. Oh, okay. But I’m just saying. I’m saying it’s not the majority I got. I’m saying like, you get this message. And it says, oh, I by accident, I 200, so I sent you cash app?
I sent you the cash app for $200. Or I sent you that Facebook money for $200. I didn’t mean to send it to you. Can you send it back to me? Don’t be sending them any money back. Somebody I know did that. They sent the person back $200. I said, what, are you crazy? Oh, but they sent me the money. Did you check your bank account?
This has to be linked up. Did you even set it? No, they ended up doing real estate mortgage fraud. This is huge going on right now. People getting text messages. Oh, we didn’t receive your rent. We didn’t receive your mortgage. What? Yeah. Sent Zelle the money to this phone number. Boom! This is going on crazy right now, man.
If I got a text message, like. I would immediately call yeah. Right. Call your landlord, call your bank. Don’t Zelle some money to some phone number that you got in a text message. That’s I’m telling you, there’s a lawsuit about this right now, going on between a bunch of people and Bank of America and some other bank.
Can you just give me the money, man? I can use it for a lot of cool stuff! We could buy some podcasts. We could buy, we could buy some Tee-shirts. We could buy some, we could buy like a Rocky cam, and then we could have Rocky that might be Rocky napping, during the GoPro for Rocky. So yeah, GoPro for footage from that would be cool from the dog go cam yeah, the dog we could have Rocky cam doggo.
We can have we put a, a Mount one on Rocky and have ’em run around the office, text messages and say, log into your account. When you click it, you’re going to see it’s a fake Amazon page. It’s the fake bank page. It’s whatever. So when there’s a few things that you can really look at, like when you’re like what we were talking about.
No. So let me give the tips right now. I’m just saying like on. On those. Yeah. Look at, look the URL. Yeah. Look at the URL and look at the logo. The logo is going to be super pixelated. It’s not going to look right. Yeah. There’s going to be something blurry. There might be a line on the side of, the email that you get or the form.
There’s always something. That. Yeah, you won’t see the whole website. So here are some tips only send people money to friends, family people you’d know if you don’t know them, do not send them money. That’s pretty, that’s never share your account information. Pin numbers, passwords, social security numbers
credit card numbers, et cetera, do not do that! If someone calls you and you don’t know who they are, listen, I got a call one time. It’s a funny story. So, I got to call one time and it’s this woman and she goes, oh, we need to ask you some questions about something. And they were from, they said they were from the state’s attorney’s office.
Mm-hmm. So, I started laughing. I’m not falling for this. I’ve got a scam. So I said, if this is the state’s attorney’s office, what’s your phone number, name, and extension. They gave it to me. It was a state attorney, and they were actually calling me to see if I would be an expert witness about, exactly what we are talking about.
Some company got a whole bunch of chargebacks, and it was a whole thing. And the merchant basically got the, they got a scam run on them. There’s nothing that they could do about it. There was nothing they could do about it, but they did, they needed the, they wanted me to come in and basically explain to them how chargebacks.
And what happens and how you could get a merchant account. They didn’t even believe it was so easy. I actually had the lady fill out an application and got her a merchant account. Two days later showed back up with a credit card machine and ran transactions. She got money in her bank account. They couldn’t believe it.
The judge couldn’t believe it! And how easy it was. I mean, well, there you go. How easy it is. If you run a real business, get a merchant account, right? No, but I’m just saying as far as like good people trying to get your information, it’s that easy. It’s also that easy to get scammed. They can get you scams. So don’t fall for scams.
Keep an eye out, be more vigilant now than you have ever been because of these cyber scams. They are rampant every day I look in my email at stories. I see stories on Facebook about people falling for these scams. That’s all I got for today for the podcast. Well, thank you for listening. It was, but I’m hot on this subject.
Yeah, he, there was no interrupting for the sponsorships or any of that, so, sorry. You know, but yes, check out the podcast B2B Vault.info. The website has two forms there. One for you to, get with Allen in regards of talking to him, consult consultations, or, you know if there’s anything you. We give a free 15-minute consultation want to learn how to stop chargebacks at your business.
There you go. Follow B2B Vault on Instagram, Twitter, TikTok, YouTube, please. Yeah! Subscribe to the YouTube. We got 103 now! Thank you to all the subscribers and all the listeners out there. Thank you again, and yeah. So yeah, that’s it. We’re out peace to B2B Vault.
Peace Carpe diem.
