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High-risk payment processors

January 24, 2023

Guest Post: The Background Story Of Vanished High-Risk Processor OctaPay!

New information on the infamous iPayTotal Group. Back in 2020, iPayTotal was busy dealing with its clients, internal conflicts, and politics. The situation got a little out of hand. Sen Kugan, former director iPaySolutions, hired a bunch of his friends from India and Sri Lankan origin since he is a Sri Lankan. Out of the many employees FinTelegram mentioned in its posts already, who led to the downfall of iPaytotal Group and the reason for the formation of OctaPay? Here is the story!

August 16, 2022

Investor Warning Against Damkonet Broker Scams

The German regulator BaFin has announced an investigation into the Damkonet broker scam. The operator is allegedly Damkonet Ltd., registered in the Marshall Islands. Potential victims can lose their money via credit and debit cards, where we discovered Texcent as the payment processor. Damkonet is a typical white label scam that is not even particularly well done. Please stay very far away and save yourself from losing your money and misusing your data.

February 14, 2022

Attention! Another warning against broker scam Soloprime!

Lately, we reported that the German BaFin has announced investigations against the scam broker Soloprime (https://soloprime.co) attacking consumers in English, Italian, and German. The Austrian FMA issued another warning against the scam. The website does not provide information about the operators or the competent jurisdiction. However, we are sure that the Cypriot-Israeli high-risk payment processor BridgerPay of Ran Cohen has this information. The VISA merchant service provider facilitated the scam with API and card processing services until recen

February 11, 2022

Attention! Stay away from Soloprime facilitated by BridgerPay!

The German regulator BaFin has announced investigations against the scam broker Soloprime (https://soloprime.co), which attacks English, Italian, and German consumers. The website does not provide information about the operators or the competent jurisdiction. However, we are sure that the Cypriot-Israeli high-risk payment processor BridgerPay has this information. The VISA merchant service provider supports the scam with API and card processing services.

October 5, 2021

Attention! Another warning against Finomarkets broker scam!

We have already warned against the Finomarkets (www.finomarkets.com) scam several times. A few weeks ago, the Spanish regulator CNMV warned, and now the UK FCA issued an investor warning. The Finomarkets website does not specify an operator or a competent jurisdiction. Coinicash is the facilitating payment processor for credit and debit card payments with Texcent and AdvCash, who process the payments. Victims’ deposits are represented and miscoded as purchases of cryptocurrencies on the Coinicash exchange.

September 18, 2021

Wellington Holdings, Solid Invest, and the huge Capital Letter scam network

It is indeed a huge scam network. Scams will typically either take offshore companies or simply invent fake companies. Only rarely, they are operated by companies in Europe as is the case with the Capital Letter scam network. Capital Letter GmbH, registered in Munich, Germany was the operator of several large scams until the end of 2020. In addition, two other companies also registered in Germany, Brunnlitz GmbH and Tokkata Software GmbH, participated in the scams. All three companies are operated by Ukrainian individuals; all received warnings from regulators.

September 15, 2021

Alert! Wellington Holdings scam facilitated by SysPay, Coinicash, and AdvCash

The Swiss regulator FINMA has recently issued an investor warning against the Wellington Holdings scam (www.wellingtonholdings.com). The scam operators do not disclose any information about the legal entity or persons but give Bleicherweg 10 in 8002 Zurich, Switzerland, as the address. This is bullshit, says FINMA. As a payment processor, we once again found SysPay, regulated by the Maltese regulator MFSA, in criminal collusion with Coinicash and AdvCash. We also noticed this combination most recently in the Cento GX scam.

September 13, 2021

Investor warning – FinoMarkets facilitated by Coinicash, AdvCash, and Texcent

Spanish financial markets authority CNMV issued a warning against FinoMarkets on September 13, 2021. The scam's website does not specify an operator or a competent jurisdiction. However, we have again Coinicash acting as a payment processor for credit and debit card payments. Coinicash is again facilitating in its capacity as a registered merchant with Texcent and AdvCash, who actually process the payments. Victims' deposits are apparently represented and miscoded as purchases of cryptocurrencies on the Coinicash exchange.

September 2, 2021

Investor Alert! Don’t fall for the LondonFX broker scam

The LondonFX (www.londonfx.com) broker scam chased us today via the Bitcoin Loophole fraud campaign. As usual, when we registered with Bitcoin Loophole, we were also automatically registered as a future victim of LondonFX and redirected to its payment page. According to the information on the website, the scam is operated by Platinum One Ltd in Bulgaria. The terms and conditions state the Marshall Islands as the competent jurisdiction. Victims can lose their money via credit and debit cards, whereas we found TexCent as the payment processor.

June 15, 2021

Daily Marketing Alert – Fraud campaign BitQT promotes AlgofGain broker scam

We have issued a warning against the broker scam AlgofGain on May 18, 2021. Currently, the scam is promoted via fake news articles on the website https://yucosmos.com praising the fraudulent BitQT campaign on Best Invest News. They are attacking German-speaking consumers. The scam has built an extensive collection of supporting payment processors via its BoxiPay cashier. On Trustpilot, AlgofGain now has only a 2.8-star rating with a "Poor" trust level. Do not fall for BitQT and AlgofGain.

May 18, 2021

Investor Warning – Estonian broker scams AGKapital and AlgofGain and their facilitating payment processors

Currently, the two related broker scams AGKapital and AlgofGain, are being promoted via various fraudulent marketing campaigns. What is special about these two scams is that they both work with the BoxiPay Cashier (operated by PayBox) and the same list of payment processors. Among them the usual suspects like iPayTotal, NeoBanQ, or PayCent but also others like the Turkish RHG Partners, Bitngo, or ikajo. The scams claim on their websites that they fall under Estonian jurisdiction. Many of their payment processors do too!

March 17, 2021

Investor Alert – Broker scam Fitrex is still active

We have received notice from whistleblowers that the broker scam FitRex (www.fitrex.eu) is still active. The scam is operated by the offshore entity Irkasio Holdings Ltd, St. Vincent & the Grenadines, and Irkasio Systems OÜ in Estonia. The UK regulator FCA issued an investor warning against the scam in February 2021. Karin Therese Hallkvist is registered as the sole director of Irkasio Systems in Estonia. We found NeoBanq, and Texcent as facilitating payment processors.

Paxum Bank: The Offshore Bank for the Porn Industry!

Paxum Bank, an offshore financial institution based in Dominica, has found itself at the center of controversy due to its connections with high-risk industries and recent revelations about its relationship with the embattled Tate brothers. Specializing in serving the adult entertainment sector, the bank has become a key player in providing financial services to businesses often shunned by traditional banks. However, this niche focus has also drawn scrutiny from regulators and investigators.

Tate Brothers Case: The Misogynist Influencers Used Offshore Accounts to Launder Proceeds from Sexual Exploitation!

New evidence suggests that the influencer Andrew Tate and his brother Tristan Tate used offshore accounts, including Paxum Bank, to conceal profits from their controversial webcam business. The Tates are facing serious charges, including human trafficking and money laundering. This case highlights the need for robust AML/KYC practices, particularly for payment processors in high-risk sectors like adult entertainment.

UK FCA Charges First Individual for Operating Illegal Crypto ATM Network for Money Laundering!

The UK Financial Conduct Authority (FCA) has charged London-based Olumide Osunkoya with running an illegal crypto ATM network, marking the first case of its kind in the UK. As crypto ATMs are increasingly used for money laundering, the FCA's crackdown on unregistered operators underscores the need for strict regulatory compliance. The ATM scheme allegedly processed £2.6 million in crypto transactions.

Public-Listed Crypto Exchange Coinbase Has to Face Shareholder Lawsuit Over SEC Risks!

U.S. crypto exchange Coinbase must face a shareholder lawsuit accusing it of downplaying regulatory risks, specifically the chances of being sued by the SEC. While a U.S. judge dismissed parts of the case, the key allegation of misrepresenting regulatory risks will proceed. This case underscores the importance of transparency in the crypto sector, where regulatory uncertainties continue to loom large, particularly in the U.S.

U.S. Regulator SEC Charges Seven Public Companies for Violating Whistleblower Protection Rules!

The U.S. Securities and Exchange Commission (SEC) charged seven public U.S. companies with using agreements that restricted employees from reporting securities law violations, resulting in over $3 million in penalties. The SEC takes strict action against organizations and individuals who seek to contractually restrict whistleblowers' rights. The regulator needs insiders to disclose financial wrongdoing and compliance violations.