Author Topic: PSA: Don't swipe recklessly for others  (Read 229447 times)

Offline Z56

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Re: PSA: Don't swipe recklessly for others
« Reply #2235 on: February 20, 2019, 11:35:21 PM »

Look at bright side, at least a frum guy will burn to a crisp in HELL

FTFY

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Offline bznt

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Re: PSA: Don't swipe recklessly for others
« Reply #2236 on: February 20, 2019, 11:39:03 PM »
This thread has been quiet for two days
I guess thatís good news
Means that the scammed people are busy trying to figure out what to do here. How to get out of this mess

Offline tzifanya54

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Re: PSA: Don't swipe recklessly for others
« Reply #2237 on: February 21, 2019, 08:59:30 AM »
This thread has been quiet for two days
I guess thatís good news
It just means that all the trolls realized they werenít going to get any new info.

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Re: PSA: Don't swipe recklessly for others
« Reply #2238 on: February 21, 2019, 10:54:18 AM »
It just means that all the trolls realized they werenít going to get any new info.

Yep

Offline PSA

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Re: PSA: Don't swipe recklessly for others
« Reply #2239 on: February 22, 2019, 01:44:19 PM »
ere is the story in regards to one of the recent credit card swiping scams.

Someone already mentioned the owners name S*****. He has a business reselling toners and other photo electronics.

He's been using people's credit cards for quite a number of years where he would use people's cards and pay the bills when they were due. He also had a lot of loans from loan sharks - paying 30% interest and paying over a year etc.

It reached a point where his business couldn't sustain the extreme amount of interest he was paying for swiping other people's credit cards.

He paid people to get him credit cards from other to swipe by him.
I know for a fact that he and his brother hounded people for credit cards when they already knew that things were going downhill, so all this talk that he's not a ganev, and didn't mean to screw anyone is a load of BS

The straw that broke the camel's back was when his credit card processor froze his processor and alot of money as well, and that is when the whole thing went bust.

There is between 15-18mm dollars owed to over 200 people just on credit cards alone. This doesn't include cash loans that he owes people.

These people live a very comfortable lifestyle, nice houses, expensive cards, own real estate etc.

Unfortunately there are many young kollel guys involved that don't have a single penny to their name and got connected to all this via the guys who brokered credit cards to this business.

At this point he hasn't given any sort of plan on how and when hes paying people back and is mostly just avoiding giving any real concrete plan. The options for all the victims all have downsides to them.

A few people have already disputed 100's of thousands of dollars, and this caused the merchant account to be flagged. Almost every person I know that is involved have gotten FR'ed by Amex.

People are either going to just have to default on the loans and hope for the best, or some may take the dispute route although with this much money at stake I doubt the processing bank will go down so easily. There are ways to dispute legally without saying any lies but it can be expensive and in addition there is a very big chance that this can blow up into an even larger criminal fraud investigation, and people might not want to be connected in any way shape or form to this business.

Its a big mess, and this isn't the only story happening right now - aside from Sterling there are at least 3 more stories that I know of going on right now.

I know it's been said many times here, and I myself always thought it won't happen to me, and its quite embarrassing - I'm a longtime ddfer and know many people on here personally - hence I created a new username for this post.

It's a very unfortunate situation with many victims involved. I know people who were/are on the verge of getting divorced bec of this. It's just not worth it. No matter how much point/money you can make. There are too many risks involved.

I will not answer any pm's and will try my best to answer any questions that are asked here.
« Last Edit: February 24, 2019, 05:54:45 PM by jj1000 »

Online yelped

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Re: PSA: Don't swipe recklessly for others
« Reply #2240 on: February 22, 2019, 02:04:06 PM »
Ouch. Makes the meaning of Public Service Announcement all the more clear.

Offline Dan

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Re: PSA: Don't swipe recklessly for others
« Reply #2241 on: February 22, 2019, 02:04:16 PM »
Its a big mess, and this isn't the only story happening right now - aside from Sterling there are at least 3 more stories that I know of going on right now.
Wow.
Can we get a name for each of these cases going on now? Can't keep them all straight.

How much money are you in for? Do you plan on disputing?
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Online whYME

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Re: PSA: Don't swipe recklessly for others
« Reply #2242 on: February 22, 2019, 02:06:05 PM »
Its a big mess, and this isn't the only story happening right now - aside from Sterling there are at least 3 more stories that I know of going on right now.
Just to clarify, what you're talking about is not the sterling case, right?

Offline PSA

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Re: PSA: Don't swipe recklessly for others
« Reply #2243 on: February 22, 2019, 02:20:05 PM »
Wow.
Can we get a name for each of these cases going on now? Can't keep them all straight.

How much money are you in for? Do you plan on disputing?
I can't comment much on the other stories as I'm not involved but there are others that are on the forum that are, and they can speak up. One involves a lighting company - whom the owner is actually a relative of the Toner guy, and the other is a real estate business which is also 10's of millions of dollars

A few 100k. Haven't decided yet on the right course of action

Offline PSA

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Re: PSA: Don't swipe recklessly for others
« Reply #2244 on: February 22, 2019, 02:23:49 PM »
Just to clarify, what you're talking about is not the sterling case, right?
nope. That story is small beans compared to the rest of them

Offline AJK

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Re: PSA: Don't swipe recklessly for others
« Reply #2245 on: February 22, 2019, 02:34:50 PM »
@PSA Thanks for reporting your first-hand experience.  Hope it gets resolved to your satisfaction.

How are you planning to deal with the money you're out?
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Offline Dan

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Re: PSA: Don't swipe recklessly for others
« Reply #2246 on: February 22, 2019, 02:41:31 PM »
I can't comment much on the other stories as I'm not involved but there are others that are on the forum that are, and they can speak up. One involves a lighting company - whom the owner is actually a relative of the Toner guy, and the other is a real estate business which is also 10's of millions of dollars

A few 100k. Haven't decided yet on the right course of action
OMG.
Can you share more on what exactly you thought you were swiping for, how long this went on for, etc?
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline Redbull3

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Re: PSA: Don't swipe recklessly for others
« Reply #2247 on: February 22, 2019, 02:47:08 PM »
Its a big mess, and this isn't the only story happening right now - aside from Sterling there are at least 3 more stories that I know of going on right now.
Your post shed a lot of light so thank you for that. Sorry for your personal losses here. So basically these retailers are coming to individuals (or possibly as you mentioned loan sharks) for their credit lines because they can't get normal regular loans. The biggest red flag (or first question someone should ask) is why are you coming to me in the first place? Where is your credit card or LOC to do this. There's probably a good reason the banks didn't give them the credit needed in the first place.
I get it that loans are hard to get and sometimes lending to a friend makes sense. But man you got to be really smart and careful about it - and act like you're a bank and do your due diligence, understand the business model and check the financials and even pay the place a physical visit (all things banks do).
Just my speculation but seems there is this very trusting culture amongst ourselves because we share common religion and other similarities - which is so nice and amazing in some ways but so risky in this way. Many people are uneducated in the matters of serious business loans and don't properly assess risks, they just jump at the points. And make no mistake these are serious loans. I feel like people treat these numbers (credit, credit lines, balances, points) as numbers on a screen. Almost an imaginery, fake number. Ask someone to go into the bank and withdraw their life savings and give it to you for a small % gain and they probably would hesitate more than doing the exact same thing via cc.
Just really sad.

Offline AJK

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Re: PSA: Don't swipe recklessly for others
« Reply #2248 on: February 22, 2019, 02:50:17 PM »
Just my speculation but seems there is this very trusting culture amongst ourselves because we share common religion and other similarities - which is so nice and amazing in some ways but so risky in this way.

https://en.wikipedia.org/wiki/Affinity_fraud
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Offline Pad18

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Re: PSA: Don't swipe recklessly for others
« Reply #2249 on: February 22, 2019, 02:54:35 PM »
OMG I hope you and all the victim will be fine.

Wiki updated.