Entries tagged with “Social Networking”.

ProPay has published a whitepaper titled Zumogo- The Rise of Social M-Payments.  The whitepaper discusses the aspects of secure, social  mobile payments and provides an overview of the Social M-Payments concept and the Zumogo Platform.  To read the whitepaper please use this link.

Lehi, Utah – April xx, 2011 – ProPay (www.propay.com), an industry leader in Merchant Services, End-to-End Payment Security, credit card processing, and electronic payment services is pleased to announce ProPay’s Zumogo has been named a finalist at the Stoel Rives Utah Innovation Awards™. The annual Utah Innovation Awards are presented by Stoel Rives LLP and the Utah Technology Council. The program recognizes significant innovations and the Utah companies that created them. Winners of the Innovation Awards will be announced at a luncheon on May 3, 2011.

Zumogo (pronounced “Zoo-MOE-Go”) is a social mobile payment platform that enables a new connection between merchants and consumers. Using bi-directional communication and geo-location, Zumogo enables commerce through social technology. “Zumogo marries the best of secure mobile payment platforms and social media, enabling communication and payment between the consumer and the merchant,” stated Chris Mark, Executive Vice President of Emerging Markets at ProPay. “The ability to communicate with a merchant before you are in the store is priceless. Zumogo allows this social functionality to occur and ProPay is excited to lead the market.”

Zumogo is a new mobile payment technology allowing Smartphones to be used, not only as a payment device, but also as a social technology allowing merchants and consumers to communicate with each other in real-time. Additionally, the social m-payment platform allows the consumer to find merchants, contact them for information, and make payment all from the same device. Zumogo eliminates sensitive information from the transaction process, meaning no payment data is passed through the merchant’s system or stored on the consumer’s smartphone.

“ProPay is proud to have been named a finalist in the Utah Innovation Awards,” said Gary Goodrich, ProPay’s Chief Executive Officer. “Our company takes pride in offering products and services that help companies keep pace with technological trends in the market place. Our selection as a finalist for the Awards is a valuable recognition of our efforts and we are excited to bring Zumogo to the market.”

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There has recently been a rise in the rate of social networking or recruiting scams in which a fraudster attempts to dupe an unsuspecting individual into opening merchant accounts under the individual’s own name that can then be used to process stolen credit cards.

Due to the availability of information on many social networks it is relatively easy for a fraudster to find those people who are unemployed or need extra income to make ends meet. Once the fraudster identifies a target, the fraudster presents the target with an opportunity to make money quickly and easily. Essentially the fraudster will convince the victim to open one or more merchant accounts under the victim’s personal information and provide the victim with stolen credit card information claiming the charges are for software licenses or some other non-tangible product. The victim is told to process transactions through the victim’s own merchant account, keep a certain percentage of all sales, and then is asked to send the remaining funds to the fraudster via a money transmitter that is difficult to trace.
Clearly this creates a unique type of fraud to detect and prevent. Since the individual signing up for the account is truly who they say they are, few red flags go up during a routine sign up and identity validation process. However, these scams are certainly not undetectable. The key, as with most fraud scams, is to understand how it works. It is crucial that situations like these are detected and resolved quickly before the chargebacks come in and the victims find themselves owing funds they don’t have.

This, like many fraudulent situations, can generally be resolved through due diligence and a little common sense. Research any potential opportunity that comes your way, and make sure you verify its legitimacy. Remember, the old adage is often correct, if something seems too good to be true it probably is.