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VC Merchant Systems Scam

This morning I recieved a call from 602-513-8500 asking for my mother, who has been deceased for some time. Any call to cell phone asking for her is an automatic scam, based on previous experiences she had with fraudulent telemarketers and advance-fee fraud operators.

The pitch started out claiming that they are with Visa/Mastercard/Amex/Discover, that a rep in "my" area just retired and that there is now a slot open. They ask if the victim is interested in making money from home. They promise that no sales are involved.

These people are promising their victims a guaranteed monthly income of $5,000 for 6 months, plus 50% of the processing fees after 30 days. They claim to be able to reduce merchants' credit card fees to 1.5% down from 7%, and the victim would get 50% of that. However, the agent (i.e. the victim) must refer businesses to the home company, so obviously the "opportunity" involves a lot of cold-calling.

There's a 3-minute audio presentation filled with a lot of gobbledygook which is supposed to be "exciting." After the audio presentation, the call is transferred to a "closer."

Then they cut to the chase and say that the merchant license is $995.00, of which they will pay $500.00 (which the victim never needs pay back) and the remaining $495.00 is deducted from the first commission check. It's all very confusing, even for someone who has not lost their marbles. They then begin pushing for the victim's credit card number, at which point I terminated the call.

They provided a toll-free number of 866-311-0703, which is answered by "VC Merchant Services." There is a website for a company of this name, but I'm not sure if it's related - it looks dicey all by itself, though.

This is a very smooth scam, please warn your loved ones about it and teach them *never* to give credit card or banking info to someone that calls them out of the blue.


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Comments

secoh
Mar. 20th, 2012 05:55 pm (UTC)
You might get a kick out of this! I know I did.

http://www.news.com.au/money/money-matters/no-jail-for-mum-who-scammed-scammers/story-e6frfmd9-1226300309065

No honour amongst thieves!
deckardcanine
Mar. 21st, 2012 02:16 am (UTC)
My parents taught me the rule of never agreeing to anything financial over the phone, no matter what company or how apparently legit.

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