With consistent successes like this, I just couldn't hold it in any more and want to share. I work with a team of talented security analysts, developers, and tech ops that came up with a solution that prevents MITM payments--which protects the accounts of our sellers at Wall of Coins. (
https://wallofcoins.com). Here's a live chat email from a customer....
I need a Helpo 2 last deposits desapear from my account 49 and 24.95
I'll admit our (current) weakness: the fraudulent buyer was able to obtain the bank deposit instructions. Usually, the buyer will simply never receive the SMS code if our Security Intelligence Layer sniffs up clear risk. Here's the first part of my response to the seller:
Hi *****,
Don’t worry—our security intelligence layer picked both of these up and the coins were never released.
I don't mean to throw other cash-based systems under the bus, but honestly... I'm here to show off a little (from our hard work!) and VENT. I'm fed up hearing about traders getting scammed, getting their bank accounts closed down, etc. and these cash-based exchanges not doing anything about it.
When it comes to fraud prevention experience, direct inside knowledge of USA banking relationships and operations, and a high level of security, Wall of Coins is simply (and sadly) unmatched. I invite all traders who've used Wall of Coins to share their experience. Please be safe and cautious if you ever decide to sell coins for cash online!
PS: all traders are given a bitcoin address where their coins are *always* stored in, allowing the seller to see that we are still holding their coins (and not running a partial reserve). We've been doing this for over a year...why aren't more cash-based exchanges doing this??
