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. JP Finance is a typical white label “Scam-as-a-Service.“
In the last few weeks, we have received information from whistleblowers that BridgerPay continues to facilitate forex, CFD, and crypto scams as a payment processor despite claims to the contrary by founder and CEO Ran Cohen. The BridgerPay KYCU/AML compliance procedures evidently are inappropriate for a payment processor focused on the high-risk segment.
It should be noted that scams like JP Finance are easily recognizable and are only possible because there are payment processors like BridgerPay or Praxis Cashier that accept them as clients. Which is strange. A PayTech allegedly working with artificial intelligence, such easily recognizable “Scam-as-a-Service” implementations should be easy to identify. Should they not?