CGTA article on a Visa scam

There is a notable story for retailers in the current mailing of the Canadian Tableware and Gift Association (CGTA). It tells of a nearly successful scam on a Stratford firm, Bradshaws. Many will know of Bradshaws from their visits to the Stratford Festival. The gist of the tale is that a scammer tried to order a large shipment of goods using a Visa which appeared to be valid, but ultimately was found to be invalid. Fortunately, Bradshaws got wind of the problem before they shipped. The CGTA story is vague however on just how the transaction was performed. If a Visa is tendered through an established acquirer like Paymentech or Monex, the cash should be in the retailer’s account the next day. If the Visa is invalid for any reason, it would be rejected on the spot. This part of the story is not well explained. You can read the article here.