AI vs. The Payments Industry

In this episode, James Shepherd sits down with Allen Kopelman, CEO and co-founder of Nationwide Payment Systems, for an in-depth look at the rapidly growing threat of identity theft and merchant fraud—and how AI is making these scams more sophisticated. Allen explains how scammers are using stolen identities, manipulated documents, fake websites, and business profiles to open merchant accounts and execute massive bust-outs, often leaving innocent business owners on the MATCH list for fraud they never committed. James and Allen also discuss the warning signs agents should look for when evaluating internet leads, how merchants can protect their identities and online business profiles, and what agents and ISOs can do when a legitimate merchant gets caught up in identity theft. The conversation also covers excessive chargebacks, illegal products, fraud on platforms like Stripe and Shopify, transaction velocity controls, and why agents need to be more vigilant than ever as AI gives fraudsters new tools to exploit vulnerabilities.