Christmas Credit Card Fraud

Mike tells a story about discovering massive credit card fraud on Christmas morning during the early days of JM Bullion.

"We started getting big orders out of nowhere and we didn't change anything, so we were very confused. We were getting big credit card orders, repeat customers over and over. For about 2 months this goes on, we're getting like 30 or 50 grand revenue a month.

Then literally on Christmas morning, my partner texts me asking if I'd seen the checking account. I pull it up on my phone Christmas morning with my family around - we're negative $40,000. All of it was fraud, every single order was credit card chargeback fraud. We just didn't know anything about this stuff.

We had so many moments like that along the way where it was really just two kids figuring out how to run a gold business. There were a lot of pitfalls that we fell into and fortunately didn't kill us. I had to put more money in - I was pretty much on the ropes at this point. This was it, this was going to work or it wasn't."