Thinking about registering a account with paysystems, but in the last step of the registration I had to give the following information:
-Photocopy Picture ID (driver's license or passport)
-Photocopy void check or bank statement (business or personal account). Make sure the document has your name on it.
If I send this application, they have the following thing from me.
1. My signature
2. My drivers license with my sosial sec. number on it.
3. My picture
4. My bank statement
When someone have this vital information, they could do just about anything. They could claim to be me in several situations, and even make loans with this info.
Or is this just usual? am I paranoid?
(Well, I have to be paranoid, because I've just read an article about that in the local newspaper, and the victim couldn't do anything to prevent it happening again and again).
I just find it unusual for them to request so much information if they're only going to send checks by air mail to me.
Yes and how would they track a person down if someone decided to screw then for thousands of dollars.
Remeber that they are effectivly loaning you the money from a card transaction and thats it actually Credit for you. They will still have expsure to any card transaction long after you've been paid. If things go bad at least they know who to chase.
You will always want to limit who you send that kind of information to... and always ask WHO will actually be handling it once it arrives and HOW it will be dealt with.
3rd Party Processors as well as true Merchant Account Processors limit their risk and exposure to fraud by requesting documents to help verify that YOU really -are- YOU.
This is one of the first lines of defense against losses due to merchant-perpetrated fraud, and the harder you make it to get past it - the more apt crooks will be to go somewhere else.
So I'm not surprised that they are asking for that information as it is one of the most important ways that they can protect their business.
CDGcommerce.com - Trusted Merchant Account Solutions since 1998
Many thousands of successful, growing businesses benefit from our expertise every day. You can, too!
We help merchants to eliminate gateway costs, reduce & mitigate fraud and achieve streamlined PCI compliance. Learn more today at http://www.cdgcommerce.com - we look forward to helping your business grow!