A decade ago, cyber criminals were scheming to resell stolen credit card and personal data over the Internet, the government was cracking down on what it deemed to be deceptive marketing practices and technology was pushing payments in ever new directions. Sounds much like what's happening today, doesn't it.
Online bazaars providing a venue for the purchase and sale of stolen credit card numbers and other personal information were gaining traction among residents of the former Soviet Union. Without divulging their real names or whereabouts and using online money transfers, as many as 2,000 registered users per site were able to obtain cards, individually or in bulk, to resell later.
In response to a Federal Trade Commission complaint alleging Certified Merchant Services engaged in "unfair and deceptive practices related to the marketing of credit and debit card merchant accounts to small businesses nationwide," the U.S. District Court for the Eastern District of Texas assigned a permanent receiver to oversee CMS.
Paymentech (now Chase Paymentech Solutions LLC) and E4X Inc. partnered to deliver an end-to-end multicurrency solution that would enable e-commerce merchants to sell online in multiple currencies and process payments in consumers' local currencies, thus eliminating borders for Internet transactions.
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