My bank balance became near zero overnight.
And our whole Inventory was robbed by fraudsters.
It happened exactly 17 years back today 10th Sep 2003.
I lost everything that I have Invested.
Overnight some fraudsters used stolen credit cards to loot all my inventory. (Calling cards) from our website.
Calling cards are like real cash value stored in one secret pin like gift card.
I cried a lot and could not pull together for next couple of weeks.
I was 25 yrs old and working full time job and also had this e-Commerce website as my first startup.
The website sends calling card pins to customer’s email after receiving payment through Paypal.
All my inventory (Calling card Pins Virtual cash) are sent out to fraudsters emails.
So these fraudsters used stolen credit cards on paypal .
Paypal Initially sent payment success token to our website so our website sent out emails to customers fake email accounts with the pin number(cash value calling card pins).
Then Paypal realised and their system caught these transactions are fraud and Paypal email me.
By the time Paypal caught those transactions were done by Fraud credit cards our system already released the pins.Thus I lost all my money over night.
Two year later same startup bought me first exit and helped me see first 7 figured money in bank account.
I am sharing this true story with a hope to inspire some of those who lost their job. Or
Entrepreneurs who are facing challenges during this unprecedented times.
My two cents : Just hang on there with hope.
Every hurdle will pass by teaching us something.
Future will be brighter,Mean while let these tough times teach us some new lessons.
#inspiration #founder # #entrepeneurship # #founderstories #exit #serialentrepreneur #truestory