Walmart’s huge sales directly alerted the FBI, all because of a small oversight!

Have you heard of the FBI? Have you ever thought that we, who do cross-border e-commerce, will one day be involved with this department? You're right. Recently, there is such a company that has been involved with the FBI. This company can be regarded as the most unlucky company this year. Although some of its Amazon accounts were blocked, it is now suspected that the Walmart account has been changed to the payment account. This is like a commercial spy movie. The payment account is one of the most important risk control links for cross-border e-commerce sellers. After all, it is related to receiving money. All account password information is highly confidential and controlled by a dedicated person. At present, it is seriously suspected that it is theft by the company. Now even the FBI has intervened in the investigation.

When Tongtuo discovered that the payment account related to its Walmart store Sports Station was suspected to have been changed or transferred by an overseas principal and that it could not receive the money normally, it had already lost nearly 2.79 million US dollars. In order to recover the money, Tongtuo has also commissioned a local law firm in the United States to investigate. Due to the huge amount involved, the FBI has also stepped forward to investigate the matter. Finally, it was discovered that the payment account related to the Sports Station store was suspected to have been changed or transferred by an overseas principal, Xie Dan, so it could not receive the money normally.

Tongtuo Technology and its seven companies established in Colorado, USA, filed a civil lawsuit as plaintiffs in the Illinois State Court, requesting that the defendant Xie Dan repay $2,786,125 , and at the same time taking freezing measures such as TRO and PI against the defendant, and demanding compensation for all expenses and losses including attorney fees. The Illinois State Court has accepted the case, but has not yet made a judgment.

From this incident, sellers have to pay attention to their payment accounts. After all, this is one of the most important risk control links. Account operation and management requires the design of a very sophisticated and insured risk control mechanism to avoid financial and operational risks.

Now it seems that sellers also need a certain amount of reserves in the company's capital management. Here Xiao Ma Ge has also prepared a few points for everyone;

1. The account password is regularly modified and saved by specific personnel. This is the key. Generally, companies are managed by specific financial supervisors. For small companies, the founder can control it himself.

2. The payment account must be bound to the company's bank account, so that sales proceeds can be transferred to the bank account in a timely manner, thus avoiding a lot of unnecessary troubles and conflicts.

3. All key information and actions such as payment, withdrawal, change, etc. must be authorized by multiple managers. Although it seems a bit troublesome, it is definitely indispensable for risk control, so that the status of funds can be well understood.

The Tongtuo incident this time is telling many sellers that Walmart can also have a certain amount of financial savings, but risk control cannot be taken lightly. Because many sellers now only regard Walmart as a sideline platform, and do not take many issues and risk control seriously. After this incident, I hope everyone can pay attention to it.

Currently, Walmart's payment accounts include US cards and P cards. Payoneer currently provides Walmart with an exclusive solution for making payments to US merchants. The operation process is actually not particularly difficult. You only need to log in to Walmart's Seller Center (please note that only users with admin permissions can enter the financial settings page), click Settings and then select Payment Info below, and then you can see the binding interface.

After confirmation, your Walmart payment is set up, and the Walmart funds will automatically enter the Payoneer account, so that you can withdraw cash later. Walmart's payment cycle is every Tuesday, and it can be set to weekly or every other week depending on the seller. If you have already used Payoneer's US dollar payment account to receive payments from Walmart, you only need to use the login email and password of the Payoneer account to bind it to Walmart again.

In fact, it is not difficult, but each seller may have a different positioning for Walmart. However, through the Tongtuo incident this time, we can see that many big sellers have already begun to switch to Walmart, and their sales are also very good. It’s just that they may have been careless at the beginning, which led to this incident.