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Square Merchants On Platforms Might Be Faked Entirely

Risk and Compliance teams of numerous platforms that provide Square as a payment provider and rely on its KYC/Risk assessment need to double-check Square-only accounts as they might be faked entirely.

Here are several quotes from the investigation conducted by Hindenburg Research:

"Our research indicates, however, that Block has wildly overstated its genuine user counts and has understated its customer acquisition costs. Former employees estimated that 40%-75% of accounts they reviewed were fake, involved in fraud, or were additional accounts tied to a single individual."

"To test this, we turned our accounts into “Donald Trump” and “Elon Musk” and were easily able to send and receive money. We ordered a Cash Card under our obviously fake Donald Trump account, checking to see if Cash App’s compliance would take issue—the card promptly arrived in the mail."

Hindenburg Research's article:


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