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Todd: since the thefts appear to have been made possible due to the negligence of Global Payments, do you believe that victims can have legal recourse against Global Payments to get reimbursed if the money is not otherwise recovered?
A class action suit against them, which I understand to be a publicly traded corporation, should be possible.
What, Me Worry?
GlobalPay processes transactions through the ACH network. There is a method for consumers to dispute ACH transactions through their bank. This dispute has a 100% chance of succeeding as long as the consumer initiates it within 60 days of the transaction. Basically the consumer bank tells the originating bank (i.e. GlobalPay's bank) to get fucked because the ACH transfer wasn't properly authorized. The casinos are the ones that are going to have to get reimbursed by GlobalPay if they aren't able to claw back the Venmo withdrawals.
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