Be alert of fake shell companies opening accounts

One of the fraud “experts” the OBA follows is Frank McKenna’s https://frankonfraud.com. On May 16^, he warned of high-value incentives for American consumers to become “merchants” with a marketing video from IBO-Core.

The site has a list of shell company names for sale in America.  Most of the names follow a pattern. They include the words “MARKETING,” “AD SERVICE,” “DIGITAL,” or “ECOM STORE.”

Bankers should be monitoring for new accounts opened by consumers using these keywords.

These accounts are “ghost companies” that high-risk merchants use to hide their own high-risk activity.