As important as it is for individuals to protect their private information from scammers, it is equally important for businesses. "Slamming" is a common term used for professional scammers who target businesses which can result in large losses, fraudulent agreements and unnecessary frustrations.
What is Slamming?
Slammers like to use phone calls to develop an appearance of legitimacy and to build a rapport with their victim. Often, they will call at high-volume times identifying themselves as a vaguely legitimate sounding company, such as “Merchant Services,” or sometimes impersonating a service support team member from a legitimate company, appearing to be helpful to solve a non-existent problem. The premise of the call might be “we’ve incorrectly charged you” or “we noticed you’re entitled to a rebate.” With a few pieces of your business’s secure information, you may have entered into a fraudulent contract or agreed to products and services to which your business will be obligated.
What can you do to beat the Slammers at their own game?
- Clarify who the caller is and who they represent. Slammers are professionals at evading your questions. They may introduce themselves as “merchant services,” or maybe a “representative” of your bank or credit card company, however, that is not a firm enough description of their identity. Your local, Bank Independent Treasury Solutions representative will always provide your requested information.
- The Scammer’s sense of urgency is not your emergency. It’s tempting to try and make things right when you are told that “your account has been locked,” or “your software is out of date.” Scammers will often use tactics to create confusion and worry to trick you into providing account information. Take a deep breath and call your Treasury Solutions contact directly at a trusted number.
- Don’t sign the bottom line until you’ve reviewed. Slammers will try to wrap things up by encouraging your signature on documents. Oh, it’s just a quote or this describes the update taking place they might say. In truth, you may be signing new agreements to change service providers and accept new leases for equipment.
- Rely on your truly local team of bankers. It all goes back to our 75-year ongoing belief that if businesses in our communities succeed, our economy thrives. We want to help you make that positive difference in people's lives, so with all of our Merchant Services programs, you'll enjoy:
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- A dedicated Treasury Solutions team available for complimentary on-site consultations and follow-up
- Flat-rate pricing
- Self-service online reporting
- 24/7 customer service by phone
- Electronic or paper statements
It's all about trust.
Merchant services are a vital component to a business’s health enabling merchants to accept payments like credit/debit cards and alternate methods of payments. Merchant services not only manages payment processing, but it also includes an abundance of business data and point-of-sale software. It is important to protect this sensitive information. Don’t be fooled by scammers, slammers and cybercriminals. When in doubt, contact Bank Independent using one of our secure, trusted channels and make sure you are protecting yourself and your business.
We've made it our business to serve yours, and we'd love to welcome your business home to Bank Independent.
