FCA warning against scam broker BimFX24 with payment processor BridgerPay

FCA warning against BimFX24 broker scam with BridgerPay
Spread financial intelligence

A few days ago, the UK watchdog FCA issued an investor warning against the broker scam BimFX24. This is allegedly operated by a BIM LLC registered in St. Vincent & the Grenadines. Allegedly registered at the notorious Company Builders Wilfred Services address, the facilitating payment processor is once again the Cypriot BridgerPay of Ran Cohen who repeatedly asserted that BridgerPay would not accept scams. And time and again, BridgerPay is exposed as a scam facilitator.

High-Risk Payment Processors Report

It is always amazing how often scammers use a customer’s data (a/k/a victim). We wanted to register with BimFX24 for our review, but the scam broker already had our data in the database and greeted us with “Welcome back.” Apparently, our data was reused by another scam we have already reviewed. Actually, many of these SVG broker scams are part of the same network.

Without the intentional or grossly negligent payment processors’ involvement as facilitators, these scams would not even be possible. This is why we monitor high-risk payment processors like BridgerPay or Praxis Cashier of Amit Klatchko so closely. In this context, we recommend reading the entry on BridgerPay on the High-Risk Payment Processors Report (HRRP) here. It is one of the red-listed payment processors.

CategoriesCompliance FCA

Leave a Reply

Your email address will not be published. Required fields are marked *