Merchants | FinTelegram News

Category: Merchants

April 30, 2024

Merchant Warning: Risks Associated with High-Risk Payment Processor Finvert

The High-risk payment sector is difficult. PayRate42, a prominent cyber rating agency, has issued a critical merchant warning against the anonymously operating payment processor Finvert. Due to its high-risk operations, Finvert has been included in the Red Compliance listing. Merchants and businesses are advised to exercise extreme caution when considering engagement with Finvert based on multiple alarming reports concerning their business practices.

December 4, 2023

Introducing Better Business Bureau: Understanding The U.S. Rating Agency!

In many lawsuits in the U.S. against financial institutions, Plaintiffs often make reference to the Better Business Bureau (BBB) and the customer complaints mentioned there. Most recently, we saw this in fraud complaints filed against Donald Kasdon and his now-bankrupt high-risk payment processor, T1 Payments. But what is the BBB, and can you rely on their information? We do think so; here is our review and assessment.

Merchants

October 22, 2023

PayRate42 Issued A Merchant Warning Against Merchant Pay Services!

PayRate42, the CyberRating Agency dedicated to rating fintechs and paytechs, issues a critical merchant warning against Merchant Pay Services. Their mission is to provide transparency for merchants and consumers, and it is crucial to safeguard businesses from unreliable payment providers. Due to complaints from merchants, PayRate42 has issued a warning against the payment processor. Be careful and share your experience.

May 3, 2023

Merchant Alert: Canadian High-Risk Payment Procesor ywallit pay Received Red Compliance Rating

CyberRating agency PayRate42 has added Canadian high-risk payment processor and merchant service provider ywallit Pay to its Red Compliance list. Some aggrieved customers informed the agency of the payment processor that payouts were not being made properly. The website does not provide details about the operator and its owners. Merchants should be very careful and avoid ywallit pay.

April 25, 2023

Merchant Alert: The Questionable Billing Services Of High-Risk Payment Processor Centrobill!

We ran a story yesterday about high-risk payment processor Centrobill, a payment processor for "adult-oriented content." This was given an Orange Compliance rating on PayRate42, which Centrobill felt was an attack. We were also suspected of not having done proper research in the comments to our report. Hence, here is an update on Centrobill's subscription billing activities via Cyprus-based Eurobill Tech Ltd. We are always grateful for criticism and information.

March 30, 2023

Merchant Alert: Payecards Downgraded To Orange Compliance!

The high-risk payment processor Payecard is operated via the UK-registered Payecard Global Ltd, controlled by Turkish citizen Halis Bayraktaroğlu. Payecard makes changing statements about the operating legal entities there and previously claimed to have companies in Switzerland and Germany. This could not be verified. Allegedly some partners terminated the cooperation. PayRate42 has placed Payecard on the Orange Compliance list. Merchants should be cautious.

March 21, 2023

Whistleblower Request: Let Us have Information About Vanished Gatwick Advisory Group!

Gatwick Advisory Group is an international corporate services firm specializing in high-risk merchants. The operator was the UK-registered Gatwick AG Ltd. On 23 February 2023, the UK High Court of Justice ordered the company to be wound up. The website has already vanished. On OffshoreCorpTalk and LinkedIn, merchants have shared their views on the scam qualities of Gatwick Advisory Group. We would like to know more about the operators of the now disappeared group.

February 15, 2023

Merchant Alert: High-Risk Payment Processor BitMatix Applied For Voluntary Strike-Off!

The high-risk payment processor BitMatix is part of Ruchi Rathor's network and is operated by her son-in-law Yuvraj Singh. Until recently, BitMatix IO Ltd in the UK was listed as the operator. On January 23, 2023, a voluntary strike-off request was filed by the company. As with the other UK companies in the network, Kryptova, and Paypound. The BitMatix website now states a BitMatix Inc. as the operator. We have not been able to find this company and advise merchants to be super-cautious.

January 24, 2023

Good By, Porn? High-Risk Payment Processor Payabl And Its Lost Adult Traffic!

The Cypriot high-risk payment processor Payabl had massive growth in 2022. The website visitors increased from less than 50,000 to over 340,000 in November 2022. Porn sites drove this impressive growth. Almost 50% of referral traffic came from porn sites like xHamsterLive or StripChat. However, over the last 28 days, Payabl's website traffic has dropped by a good third. Porn (referral) traffic has dropped to less than 17%. Apparently, xHamsterLive and StripChat are gone.

January 24, 2023

Merchant Alert: High-Risk Payment Processors Kryptova, Paypound, and BitMatix About To Vanish?

On January 23, 2023, a deletion request was submitted for the three companies Kryptova Biz Ltd d/b/a Kryptova, Self Pay IO Ltd d/b/a Paypound, and Bitmatix IO Ltd d/b/a Bitmatix. These high-risk payment processors are part of the network of Indian payment entrepreneur Ruchi Rathor and her family. In recent weeks, many complaints have been made, especially on LinkedIn, about these high-risk payment processors. The websites are online!

January 19, 2023

Merchant Alert: High-Risk Payment Processor OpenUp Works With Fake People!

FinTelegram has received extensive documentation from a former OpenFinance executive stating that Ruchi Rathor is the beneficial owner of the Denmark-based high-risk payment processor. The official shareholder is the Portuguese-registered Chestnut Investments - Unipessoal LDA, where Portuguese-based Russian Svetlana Ivanova is registered as a director. The documents also show that Rathor's various high-risk processors work with fake people. Merchants should be highly alerted!

January 18, 2023

Merchant Alert: New iPayTotal Joint Liquidators Report Missing Assets And Millions!

The Joint Liquidators of bankrupt iPayTotal, which belongs to the group of high-risk payment processors of the Indian group around the notorious Ruchi Rathor and the Pratap Singh family, submitted its second progress report on January 16, 2023. There is not much new information in it. The Joint Liquidators report no assets. Nine former customers (merchants) have filed claims of around $2.2 million. Millions vanished from the company into the pockets of the participating individuals.

Binance Chief Financial Crime Compliance Officer Denied Bail in Nigerian Case!

Think twice before starting to work for the world's larger crypto exchange. As Binance’s financial crime compliance officer faces money laundering charges in Nigeria, questions mount over the company’s compliance safeguards and the risks involved in its global operations. The denial of bail for Tigran Gambaryan and the ongoing legal battle could have far-reaching implications for the company’s future.

Fintech

Solaris Bleeds Cash and Jobs: Can This High-Risk Fintech Survive, Let Alone IPO?

Solaris, a German fintech and neobank, has a long history of compliance troubles. Moreover, its ongoing financial losses and regulatory woes doubt its long-term profitability, even as it sheds jobs and restructures for survival. A potential IPO, as rumored by the German platform Gründerszene, seems speculative at best in light of its deep-rooted issues with compliance and financial stability.

Breaking: The Binance-Like $3.1 Billion Money Laundering Settlement of TD Bank!

TD Bank, one of North America's largest financial institutions, has been hit with a historic $3.1 billion settlement over money laundering violations. This case represents one of the most significant AML enforcement actions in U.S. history, both in terms of the financial penalties imposed and the severity of the admitted misconduct. Only Binance, with its $4.1 billion settlement, was even larger.

Gotbit and Russian Executives Charged by U.S. DOJ and SEC for Crypto Market Manipulation!

Gotbit Consulting LLC, along with its Russian executives, has been charged by the U.S. DOJ and SEC for its role in a widespread market manipulation scheme. By using wash trades, Gotbit inflated crypto asset prices and volumes, deceiving investors and raising millions in illicit profits. The company’s fraudulent activities were executed across multiple jurisdictions, with key figures now facing extradition and prosecution.

SEC Charges Market Manipulators in Crackdown on Crypto Asset Fraud

The U.S. SEC has charged three market makers and nine individuals for manipulating the crypto asset market, generating artificial trading volumes and misleading retail investors. The fraudulent schemes created the illusion of active markets, prompting unsuspecting investors to pour money into manipulated crypto assets. The DOJ filed criminal charges against the scheme operators in a parallel transaction.