Fintech | FinTelegram News

Category: Fintech

September 10, 2021

Introducing scam-facilitating payment processor NeoBanQ

NeoBanQ is one of the most aggressive scam-facilitating payment processors for credit and debit card processing. To name a few, Apollo Finances, Fortexo, ProfitMarket, ProAktivMarket, or StatusMarkets we have uncovered in the last few weeks. Often NeoBanQ works in combination with BridgerPay cashier. NeoBanQ is operated through an unregulated legal entity in the United Kingdom and controlled by Billy Eldridge. Since its launch in early 2020, the payment processor has facilitated dozens of major scams.

September 7, 2021

Introducing crypto payment processor Global DLT Exchange with Jubiter and Coindeck

Coindeck is a new high-risk crypto payment processor brand operated by Slovakia-based Global DLT Exchange S.R.O., which also operates Jubiter. The latter was the trade name of Estonian Jubiter Technologies OÜ, which was licensed until February 2021. After many scam involvements, the company lost or renounced its license. Jubiter was transferred to Global DLT Exchange S.R.O. but continued to surface as a scam facilitator. Frequently together with BridgerPay. Most recently, we also found both in the GoldBachInvest scam.

August 28, 2021

Introducing high-risk payment processor Paypound and its interesting legacy

Many high-risk merchants will painfully remember the Indian-British iPayTotal and OctaPay. The two high-risk payment processors had the same beneficial owners and vanished a few months ago. FinTelegram reported! According to our information, they had brutally ripped off a lot of their merchants. Among these merchants were also many operators of scams and cybercrime ventures that had stolen the money anyway. Paypound, a successor to iPayTotal and OctaPay, a whistleblower claims, has emerged and offers payment services to the high-risk segment. Or so it says.

August 6, 2021

Interesting! Nasdaq-listed GreenBox POS acquires notorious Bulgarian Transact Europe

GreenBox POS is a California-based FinTech company specializing in payment solutions on the blockchain. The company has been listed on Nasdaq with the symbol GBOX since February 2021 and currently has a market capitalization of around $450M. Transact Europe is a Bulgarian financial institution with an intense past in the largely fraudulent binary options industry. Transact Europe was one of the facilitating payment processors of Gal Barak and his Bulgarian E&G Bulgaria. GreenBox POS is to acquire Transact Europe for $30M in cash.

July 2, 2021

Notorious scam-facilitator Deutsche Handelsbank about to close down payment business

The notoriously well-known Deutsche Handelsbank has been in the FinTelegram focus over the last three years. Like ING's Dutch subsidiary Payvision and, until its collapse, Wirecard, the bank was a prime address for scammers and cybercrime organizations. Uwe Lenhoff, who died in prison in 2020, was one of the clients of Deutsche Handelsbank and used the bank to launder the illicit proceeds of his huge lotto scam LottoPalace. Now the German financial institution seems to be about to its dirty payment division.

June 26, 2021

Lithuanian compliance issue or why GlobalNetInt is grateful for its penalization

A penalty is usually not an occasion for gratitude. That would also make the purpose of a punishment absurd. Usually, one is grateful for a received punishment only if one is aware that one has gotten away well with this punishment and should actually have been punished much worse. A driver who is speeding while massively impaired by alcohol or other drugs certainly grateful is grateful if he is punished by the police only for speeding and not for the offense of driving under the influence (DUI). Similarly, GlobalNetInt (GNI) shows itself grateful for the penalization by the Bank of Lithuania.

June 23, 2021

Lithuanian Compliance Issue – Findiban website switched into maintenance mode

The Lithuanian Liudvikas Kulikauskas is the co-founder, CEO, and shareholder of GlobalNetInt (GNI), an e-Money Institution regulated by the Bank of Lithuania. Additionally, he and his wife Egle Kulikauskiene launched the payment processor Ifind MB d/b/a Findiban, which was apparently positioned as a high-risk payment processor, offering businesses a range of financial services, including SEPA IBAN account, white-label FinTech services, or credit card processing. Currently, the Findiban website is in maintenance mode and hence down.

June 18, 2021

SG Veteris and its crypto payment brands Koinal and Bitpace

Koinal (www.koinal.io) and Bitpace (www.bitpace.com) are two trading styles of SG Veteris Limited, a company that used to be registered with the Uk Financial Conduct Authority (FCA) as an agent until October 2020. After that, it was temporarily registered as a crypto asset business with the FCA but no longer is. While Koinal offers crypto exchange and payment services, including payments with credit and debit cards, Bitpace is focused on merchants offering them a crypto payment gateway to accept crypto payments from their clients.

Crypto Payments

June 14, 2021

Scam-facilitating Estonian crypto payment processor Tinkbit offline

As recently as March 2021, white-label payment gateway provider Akuratoco announced via press release that, in addition to Tranzzo and Connectum, it has also integrated licensed Estonian crypto payment processor Tinkbit OÜ d/b/a Tinkbit (www.tinkbit.com) into its portfolio. Surprisingly, today the website is down and producing the Error 1016 Cloudflare error message. Maybe it's just a short-term problem, maybe not. In recent months, Tinkbit has come to our attention as a scam-facilitating payment processor.

June 8, 2021

Bravo! Bank of Lithuania revokes license of Finolita Unio

As reported by FinTelegram, The Financial Times reported that German prosecutors suspect that more than €100M was stolen from Wirecard via the licensed Lithuanian e-Money Institution (EMI) Finolita Unio. Via this fintech, at least €35M was said to have flowed to fugitive ex-Wirecard executive Jan Marsalek and another €65M to the now insolvent company oCap in Singapore. Today, the Bank of Lithuania announced that the license of Finolita Unio had been revoked for violations of money laundering rules.

June 6, 2021

Investor warning against TradeLax broker scam facilitated by BridgerPay

The U.K. FCA issued an investor warning against the broker scam TradeLax (www.tradelax.com). The scam is allegedly operated by TradeLax Ltd, registered in St. Vincent and the Grenadines. On TrustPilot, Tradelax has been labeled as a scam for quite some time and has a 2-star rating with a "poor" trust level. As a payment processor have once again discovered the Cypriot-Israeli BridgerPay by Ran Cohen. Scam warnings against its merchants have never bothered BridgerPay.

May 27, 2021

James Scerri Worley, and the withdrawal of license of Money + Card Payment Institution Ltd

James Scerri Worley is a practicing lawyer in Malta. He was an official of Money + Card Payment Institution Ltd d/b/a epayzz which had its license revoked by the Malta Financial Services Authority (MFSA). The company did not possess enough funds to cover the minimum required by law and did not meet its governance requirements. James Scerri Worley being an integral part of the company, also faced other decisions by the Authority. MFSA decided that Money + Card Payment Institution Ltd should wind up its business.