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Category: PayTechs

November 13, 2020

Investor Warning – JP Finance with BridgerPay and Coder54

The JP Finance broker scam has already been active for several months. It is currently operated with the domain www.jp.finance by Jean Pierre Technologies Ltd, which is allegedly registered in the Marshall Islands. As facilitating payment processors, we have identified the unregulated Cypriot payment processor BridgerPay from Ran Cohen and Voucher payment service Code54.

November 5, 2020

Praxis Cashier announced acquisition of IC Markets scheme as forex client

The unregulated Cyprus-registered Praxis Cashier System Ltd (Praxis Cashier) of Amit Klachko announced the acquisition of IC Markets (www.icmarkets.com) as a new Forex and CFD client. IC Markets is a globally operating regulated broker scheme established by Andrew Budzinski in Australia in 2007. Its different entities are regulated by Australian ASIC, Cyprus CySEC, and FSA Seychelles.

October 12, 2020

The PayTech Papers – Regulatory Challenge in Fighting Cybercrime

The revised Payment Services Directive (PSD2) to regulate payment services throughout the EU and EEA came into force in January 2018 and officially kicked-off the “Open Banking Era” with FinTech unicorns TransferWise, Revolut, Monzo, or N26 leading the pack. The number of licensed PayTechs in the EEA exploded as a study published in July 2020 shows. Unfortunately, the number of unregulated and therefore unauthorized acting PayTechs specializing in scams and cybercrime also exploded.

September 18, 2020

BridgerPay – A good and whitelisted Cypriot PayTech

We have identified BridgerPay as a payment provider of some broker scams in the last few weeks and subsequently put it on the Payment Processor Blacklist. We are of the opinion that without the intentional or negligent involvement of payment processors most of the scams would not be possible in the first place. FinTelegram wants to warn consumers, investors, and the payment industry about these bad payment processors via the blacklist. BridgerPay is no longer on it.

September 12, 2020

German BaFin’s first September warning – TradInvestor broker scam and BridgerPay

On September 11, 2020, the German regulator BaFin issued the first investor warning on the international side this month. Either Germany is free of scammers or BaFin is still shocked by the Wirecard scandal. Either way. BaFin warns against the broker scam TradInvestor, which is allegedly operated by Ez Education. This scam is connected to the TradoFX scam.

August 23, 2020

FCA warns against PumaTS-Leverate scam RoyalStox with Praxis Cashier

The UK regulator FCA has issued an investor warning against the scam broker RoyalStox (www.royalstox.com). This is operated by Marom Partners Limited on St. Vincent and the Grenadines. The scam is part of the Leverate and PumaTS network and connected to their Activ8 trading servers. It’s another full-blown scam from without any special features. The scam works with the payment processors Praxis Chashier and QubePay for crypto payments.

August 5, 2020

Broker scams LincolnFX, ZurixCorp, and its payment processors

The UK watchdog FCA and the Spanish regulator CNMV issued investor warnings against the scam broker LincolnFX operated by Lincolnfx.capital Ltd. It's still online on August 5, 2020. The FinTelegram Research team has received documents from some of the scam's victims and thus has taken a closer look. Consequently, facilitating payment processors like Plus Exchange or Titan Payments as well as interesting connections have been identified.

August 5, 2020

Investor Warning – FairBit broker scam, Praxis Cashier, and Estonian cypro payment processors

The UK regulator FCA issued an investor warning against the Forex broker Scam FairBit (www.fairbit.com) on August 4, 2020. The scam is officially operated by Gama Solutions Ltd. registered in St. Vincent and the Grenadines. The Scam lures with a super great Fair-Bit Trade engine that would generate large profits for the victims. Praxis Cashier is the payment processor, again.

August 5, 2020

Investor Warning – FairBit broker scam, Praxis Cashier, and Estonian cypro payment processors

July 30, 2020

Former Wirecard Head of Business Development now runs FCA-regulated Moorwand

The parallels between the German Wirecard and its UK Mini-Me Moorwand are remarkable. Both companies do and did their business primarily in high-risk segments such as porn, gambling, or online trading. They have accomplished quite a reputation for their laissez-faire KYM/AML/CTF approach. In March 2020, Wirecard's former Head of Business Development Luc Gueriane was appointed Chief Commercial Officer of Moorwand.

July 29, 2020

Notorious Moorwand provides agent license to Seedcamp payment startup Telleroo

There's Wirecard. The scandal surrounding the once highly celebrated German FinTech start-up is well known. The company turned into the gravedigger for the reputation of the German regulator BaFin. While Wirecard is for sure a class on its own but then there is also the FCA-regulated Moorwand. This UK e-Money Institution that has been involved in scams, cybercrime, and money laundering with various brands and partners for years. Strange though that the payment startup Telleroo operates with the Moorwand license.

July 27, 2020

Investor Alert – Payment Processor Mister Tango aka Secure Nordic Payments

In the last few weeks, we have noticed, based on reports of scam victims and whistleblowers, that more and more payments of scams and investment schemes are processed via MisterTango. The "MisterTango" brand is operated by Secure Nordic Payments UAB, regulated by the Bank of Lithuania. The company was fined by the Lithuanian regulator in October 2019 for non-compliance with money laundering (AML) regulations.