It is important to protect merchant account information just as you would your banking information or any other sensitive personal information unscrupulous individuals have learned how to exploit merchant account information which can be utilized for their own illegal profit.
One common scenario is a telephone scam wherein someone posing as a representative from a card brand informs you that there has been a mistake by your processor and they can help correct the overcharge of interchange rates. In order to assist you, they offer to contact your processor directly but require you to confirm your merchant account information. In the wrong hands, the merchant account information can be utilized to commit fraud. Your terminal ID information can be used to process fraudulent returns that will debit against your account. It is also possible for it to be used to “test” stolen card information, which can cause liability issues if the stolen info is used at another location to complete a fraudulent purchase.
Fortunately this scam is easily thwarted by simply not giving out your account information to anyone, regardless of who they say they are. In addition, regularly review transaction activity for unusual activity such as unauthorized returns or unsettled pre-authorizations. Mercury provides free online reports as a one stop resource for reviewing all account activity.
If at any time you suspect that you are a victim of fraud or you would like a free tutorial of Mercury’s online reporting tool, please contact Mercury at 800-846-4472 and we will be happy to assist you.