According to Xoom, a one-time $30.8 million charge in corporate cash was sent to overseas accounts by unknown assailants, the money transfer provider said in its annual filing to the Security and Exchange Commission. This is alarming, especially because large corporate accounts were once thought to have been secure from hackers. Xoom has been popular, specifically with demographics who transfer money overseas to friends and family. While customers may not be directly affected, everyone should monitor their accounts, as Xoom is an app-based transfer method.

Xoom Is The Newest Target For Fraudsters

While Xoom is a great way to send money overseas, and domestically, the app-based technology is relatively new, and prone to hacking. Alternative payment processing systems are all too aware of these challenges, as they are the only processors in the USA who deal with merchants that have a higher risk of fraudulent activity, such as Xoom and companies that are operate specifically with an app. While other companies also have the “high risk” title, app-based hackings have been in the news as of late. If you have an app-based company, you need to take extra care with the operations of your business. From your employees on up to your bookkeeping and alternative payment processing services, you need to make sure that everyone has your best interests in mind.

One reason you need an alternative payment processor is because of fraudulent charges. With a mainstream payment processor, if you incur too many fraudulent charges, they can drop your account. This leaves you without a way to accept plastic card payments, which is how virtually 100% of all app-based payments are made. You need to make sure that your processor is up to the task. Very few are, but one of the best is eMerchantBroker. With, your app-based company will get all of the pluses of a mainstream merchant account, without the extravagant fees and risk of having your account closed at a moment’s notice. Everyone should have the ability to process plastic card payments, and is the best bet for your app-based business.

About the Author:

Hello, I’m Blair Thomas and I’m an electronic payment expert and the co-founder of from Los Angeles, CA, the #1 alternative payment processing company in the country.  I enjoy hiking, dining and discovering new music. When I’m not working in the electronic payments industry, you can most likely find me producing and writing music. Add me to your circles at Google +