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Miscoding via vouchers, top up cards and crypto
High-risk payments have a storied history with anonymous vouchers, top-up cards, and cryptocurrency. Early on, when compliance was less stringent, people used creative ways to process payments for services like adult entertainment and gambling. As the internet expanded, so did the demand for alternative methods.
Anonymous top-up cards were one of the first solutions. They allowed users to purchase a virtual or physical card without providing personal information. Funds could be added via bank transfer or another card, and balances could then be used for discreet online payments. Online gift vouchers, offering another anonymous way to deposit larger sums than top-up cards were popular too.
However, regulations tightened, as these tools were increasingly linked to fraud and tax avoidance. By 2018, cryptocurrency emerged as a new way to bypass regulation. Exchanges allowed users to buy crypto with traditional currency, enabling seamless transactions for any product or service. Crypto quickly replaced traditional vouchers and top-up cards as the leading high-risk payment facilitator.
These exchanges often processed payments exclusively for high-risk businesses. However, traditional banks, which collected the fiat currency, quickly noticed suspicious patterns and restricted their operations. After seeing most new exchange applications turn out to be fraudulent, payment providers began rejecting them all, from the get-go.
If a payment method is limited or restricted, there’s often a valid reason.
Read the full article: https://www.linkedin.com/pulse/miscoding-via-vouchers-top-up-cards-crypto-stocks-viktoria-soltesz-dptzf/?trackingId=43nd6x3JS%2ByFm%2BW7o9laBQ%3D%3D Read more
High-risk payments have a storied history with anonymous vouchers, top-up cards, and cryptocurrency. Early on, when compliance was less stringent, people used creative ways to process payments for services like adult entertainment and gambling. As the internet expanded, so did the demand for alternative methods.
Anonymous top-up cards were one of the first solutions. They allowed users to purchase a virtual or physical card without providing personal information. Funds could be added via bank transfer or another card, and balances could then be used for discreet online payments. Online gift vouchers, offering another anonymous way to deposit larger sums than top-up cards were popular too.
However, regulations tightened, as these tools were increasingly linked to fraud and tax avoidance. By 2018, cryptocurrency emerged as a new way to bypass regulation. Exchanges allowed users to buy crypto with traditional currency, enabling seamless transactions for any product or service. Crypto quickly replaced traditional vouchers and top-up cards as the leading high-risk payment facilitator.
These exchanges often processed payments exclusively for high-risk businesses. However, traditional banks, which collected the fiat currency, quickly noticed suspicious patterns and restricted their operations. After seeing most new exchange applications turn out to be fraudulent, payment providers began rejecting them all, from the get-go.
If a payment method is limited or restricted, there’s often a valid reason.
Read the full article: https://www.linkedin.com/pulse/miscoding-via-vouchers-top-up-cards-crypto-stocks-viktoria-soltesz-dptzf/?trackingId=43nd6x3JS%2ByFm%2BW7o9laBQ%3D%3D Read more
Miscoding via vouchers, top up cards and crypto
I always say: money is like water. If it needs to move, it finds it ways, and cuts obstacles.
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