Forensic Accountant Mike McCall on Rethinking Security as Instant Payments Rise

The world of money is moving faster than ever. With virtual currency kiosks appearing in corner stores, peer-to-peer apps making payments seamless, and gift cards serving as near-instant transfers of value, speed has become the new norm. But with that speed comes risk. And some are moving just as quickly to take advantage of it. 

Michael ‘Mike’ McCall, founder of MPM Consulting LLC, a forensic accounting firm that investigates allegations of unauthorized financial activities, has seen this shift firsthand. A former FBI officer, with more than 35 years of investigative experience, McCall volunteers with a nonprofit organization for retirees. His mission remains the same as it was before: to protect the vulnerable and shine a light on these unauthorized financial activities. 

McCall explains that many of these bad actors thrive on urgency. Callers or emails arrive with alarming claims. Victims are then directed to move money instantly — often by purchasing virtual currency at kiosks that look nearly identical to ATMs or by buying thousands of dollars in gift cards. 

“The bad actors want to get you into what’s called the ether,” McCall says. “It’s a state of confusion and panic where you stop thinking clearly. That’s when mistakes happen.” 

He recalls hearing a story from one of his students, a 22-year-old woman who shared how her boyfriend, a recent college graduate, nearly fell for such a scheme. Pretending to be his company president, this person demanded $5,000 in gift cards for a staff meeting. Frazzled, he started following the instructions until his girlfriend intervened and reminded him to slow down and verify. “She stopped him just in time,” McCall says. “But that shows how easily even smart, capable young people can be caught up in this.” 

The rise of instant payments has fueled a variety of schemes, each preying on a different kind of vulnerability. Tech support bad actors, for example, often begin with a sudden call claiming that a virus has infected their computer. The caller pressures one to act quickly, such as handing over remote access or paying for unnecessary ‘repairs,’ before one has had a chance to think. 

Such issues have also been seen in employment. Here, job seekers are told they’ve landed a lucrative opportunity but need to purchase software, equipment, or training upfront. The promises evaporate once the payment is made by the job seeker. 

But this in charity affects people’s generosity. After tragedies or natural disasters, fake nonprofits or misleading crowdfunding campaigns pop up online, siphoning donations away from legitimate causes. 

Then there are impostors, which are often heartbreaking. McCall notes that counterfeiters frequently pose as grandchildren in trouble, calling late at night to say they’ve been in a bad situation, are in an emergency room, or are stranded abroad. The panic created in that moment can push someone to empty their savings without verifying the story. 

Even at home, people are not immune. Home improvement impersonators remain a persistent problem, with contractors offering to pave driveways or repair roofs, collecting large advance payments, and then disappearing. McCall emphasizes, “It can happen to grandparents, recent graduates, job hunters, anyone caught off guard.” 

While education is key, McCall believes that responsibility should also extend to merchants. He notes that some mom-and-pop convenience stores have removed virtual currency machines, and the latest notice might accelerate the process. “It’s a conscious decision to do the right thing,” McCall says. “The merchants have recognized that, for some customers, these machines were doing more harm than good.” 

Looking ahead, McCall suggests that retailers could play a role similar to mandatory reporters in healthcare or education. “If a cashier sees someone trying to buy $9,000 in gift cards while on the phone with a demanding caller, maybe that should trigger a report,” he says. “It doesn’t mean the transaction is denied, but at least someone else can step in and help.” 

So, what can individuals do to protect themselves? Slow down, says McCall. If someone demands an immediate payment, step away from your phone or computer. Take a break, get a coffee, and clear your head. Verify independently.  If the message claims to be from your boss, call them directly. If it’s from a regulatory body, use the official contact information from their website, not the one provided in the message.  

For McCall, rethinking security in the age of instant payments isn’t about fear; it’s about awareness, education, and compassion. “Manipulation thrives in silence and speed,” he says. “If we slow down, speak up, and look out for one another, we can protect not just ourselves, but our communities too.” 

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