Nexway, a multinational payment processing firm, has recently been reprimanded by the US authorities for allegedly helping tech support scammers cheat money from unsuspecting consumers. According to a complaint filed by the Federal Trade Commission (FTC), Nexway and its subsidiaries breached the law by knowingly processing fraudulent credit card payments on behalf of scam outfits like “Tech Live Connect” and “Premium Techie Support”.
The scam involved the perpetrators using deceptive pop-ups on victims’ computers to trick them into believing their device was infected by a virus, and that they needed to pay for a “fix”. FTC’s complaint alleged that Nexway’s officers had knowledge of these activities, and enabled the scammers to access the credit card system evading detection for a longer period of time.
Tech Live Connect and other fraudulent companies associated with Nexway have been scamming victims since at least 2016, as evidenced by the YouTube video posted by Jim Browning showing the workers entrapping victims into paying hundreds of dollars for a service they did not need.
The FTC initially ordered Nexway to pay $49.5 million, but the payment processing firm was able to negotiate it down to $650,000 – if it agreed to a set of court orders to stop payment laundering, and monitor clients for illegal activity.
In conclusion, Nexway has been exposed for helping tech support scammers dupe consumers into paying for unnecessary services, and although the firm has been reprimanded, the scammers largely remain at large.
Key Points:
1. Nexway has been reprimanded by the US authorities for allegedly helping tech support scammers cheat money from unsuspecting consumers.
2. The scam involved the perpetrators using deceptive pop-ups on victims’ computers to trick them into believing their device was infected by a virus, and that they needed to pay for a “fix”.
3. Tech Live Connect and other fraudulent companies associated with Nexway have been scamming victims since at least 2016.
4. The FTC initially ordered Nexway to pay $49.5 million, but the payment processing firm was able to negotiate it down to $650,000.
5. Although the firm has been reprimanded, the scammers largely remain at large.