New Insight! Here's How Credit Card Companies Plan To Track Your Guns & Ammo Purchases!!

Published on September 13, 2022
Duration: 3:47

Credit card companies like Visa, Mastercard, and American Express are authorized by the ISO to code suspicious firearm and ammunition purchases. Algorithms are being developed to identify these transactions, such as large ammo quantities or multi-gun buys. Suspicious purchases may be blocked and reported to the Treasury's FinCEN, which then forwards information to the FBI and ATF. The speaker advises against using these cards for gun and ammo purchases.

Quick Summary

Credit card companies like Visa, Mastercard, and American Express are now authorized by the ISO to code suspicious firearm and ammunition purchases. Algorithms are being developed to identify these transactions, such as large ammo quantities or multi-gun buys. Suspicious purchases may be blocked and reported to the Treasury's FinCEN, which then forwards information to the FBI and ATF.

Chapters

  1. 00:09ISO Authorizes Credit Card Tracking
  2. 00:34Defining Suspicious Activity
  3. 00:45How Merchants Will Enforce Coding
  4. 01:11Algorithm Development for Suspicious Purchases
  5. 01:18Examples of Suspicious Purchases
  6. 01:30Consequences: Blocking and Reporting
  7. 01:40Reporting to Treasury's FinCEN
  8. 01:47Forwarding to FBI and ATF
  9. 01:54Simplifying the Process
  10. 02:11Reiterating Suspicious Purchase Criteria
  11. 02:19Purchase Blocking and Reporting Chain
  12. 02:29Privacy Concerns
  13. 02:40Speaker's Advice on Card Usage
  14. 02:56Algorithm Developer Mentioned

Frequently Asked Questions

How are credit card companies planning to track firearm and ammunition purchases?

Visa, Mastercard, and American Express are authorized by the ISO to code suspicious firearm and ammunition purchases. Algorithms are being developed to identify these transactions, which could include large ammo quantities or multi-gun buys, and potentially lead to blocking and reporting.

What constitutes a 'suspicious' firearm purchase according to the new system?

Suspicious purchases are being defined by algorithms and may include buying large amounts of ammunition in under 30 days, purchasing multiple firearms at once, or making very large financial transactions specifically at gun stores.

What happens if a firearm purchase is flagged as suspicious?

If a purchase is flagged as suspicious, credit card companies have the capability to block the transaction. This blocked transaction can then be reported to the Treasury's Department of Financial Crimes Enforcement (FinCEN).

Who receives the information about suspicious firearm purchases?

The Treasury's Department of Financial Crimes Enforcement (FinCEN) is developing a system to forward information about suspicious firearm purchases to federal agencies, specifically the FBI and the ATF.

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