Stormpay Controversy

Recently, StormPay started offering lower transaction fees, BUT only to those who sign up for NetIBA verification. NetIBA is a separate business entity, yet appears to be run by the same person.

The above picture shows the registered addresses of StormPay and NetIBA, only about 100 metres apart!

Now, signing up to NetIBA costs about $20 per year, which you have to pay via StormPay. NetIBA offers an affiliate scheme, in which you can earn $5 in commission for every referral purchase.

Now, for those who use StormPay, NetIBA offers a sizeable amount of savings on your transactions. The claim is that NetIBA verification increases the level of transparency to reduce fraud. The fact that they charge for the service, makes this a real cash cow for StormPay/NetIBA. Lower transaction fees allow StormPay to compete on some level with the other more established payment processors.
Now, when you have a verified StormPay account, it means that you've provided bank or credit card details to StormPay.

Now, the problems come when there is a credit card chargeback on your account. Say that someone sends you $10 via StormPay using a credit card, and shortly after asks for a refund. StormPay deducts the $10 from your account, AND ANOTHER $35 whenever there is a chargeback, and it is up to you to fight to get it reversed. For honest users of StormPay, this can be quite a shock.

Now, I recently came across a website, about one person's horror story with StormPay. Apparently, the above scenario occurred, and put the StormPay account into negative numbers. StormPay then TOOK the money from the person's bank/checking account, even though they can't do that without permission. The problem compounded, as the checking account was now in the negative, and the bank charged their own fee (Non Sufficient Funds fee).

Here's the link, read on:
http://www.mystormpaylawsuit.com/



Other sources:
http://server2.ihostphotos.com/show.php?id=20493
Thread on Ebay Forums
NoPaypal Forums
CNet Forums
http://hate-stormpay.blogspot.com/
whois info stormpay.com
whois info netiba.com


Other Posts on this blog concerning Stormpay

e-Gold Announcement

e-Gold has been the topic of much discussion on various forums lately, due to an article that appeared in Business Week concerning the usage of e-gold by cybercriminals. Activities such as money laundering, credit fraud and others were cited in the article, which led to much speculation and rumour on the Net. In fact, many people were talking about switching to alternative payment processors.

In response to the negative news, e-gold released a public announcement, explaining the recent events, and thus setting the record straight. The full text can be viewed at:

https://www.e-gold.com/letter.html


Other references:
https://www.financialcryptography.com/
http://www.businessweek.com/
http://www.fbi.gov - Operation Cyber Sweep

HYIP Strategy for the Cautious

This is a follow-up article to my previous post, 'Are HYIPs worth the risk?'

I am a HYIP newbie. However, I am a cautious investor and gambler. That being said, my foray into HYIPs is currently limited to small test spends below $10 (ok, it's more like $5).

Now, it doesn't take a genius to know that most sites claiming to be HYIPs are nothing more than ponzis. In fact, some of these sites have the word ponzi in their url name! Most of these sites use a standard script from the now defunct GoldCoders.com, which is apparently easy to hack. The script is now selling at really low prices from mirror sites trying to cash in on the scams.

Autosurfs are a bit different, in the sense that they require you to login daily in order to earn. But at the end of the day, these programs do depend on you bringing in new members in order to pay the high % returns.

Anyway, back to HYIPs.

Here's a few simple rules I try to follow:
1. Never invest more than you can afford to LOSE.
2. Test spends. Never put in too much initially. Get your initial spend back before investing with more. Alternatively, only invest with the profit from initial spends.
3. Avoid the 1-3 day programs. These don't last more than a week or two, except for a few that manage up to week 3 before collapsing.
4. Never join a ponzi that's more than 2-3 weeks old. Most start to buckle before then anyway.
5. Don't be greedy! I was, and got burnt (well, it was more like a slight paper cut really). Never again.

There are tons of online resources about HYIPs. The true blue HYIPs are few and far in between, and usually, they require you to invest real $, not the $1 minimum nonsense with most ponzis.

Now, the very meaning of HYIPs implies risk. But, compared to ponzis, true HYIPs are like the calm peaceful atmosphere of the countryside. If you find a good HYIP, share it with a friend. Or maybe, share it with me? :)


Updates:
Ponzi Gains and Losses
A Brutally Honest Ponzi

UK Targeted Sites

BritishRewards

As you may guess from the site name, this program is restricted to UK residents. If you're not living in the UK, don't bother.

Basically, you get paid for signing up to other sites & programs, clicking, searching, shopping and referring new members.

There is a NO MINIMUM Payout via Paypal, although there is an option to request £5 gift vouchers for Amazon, AmberConnect and FireBox if you prefer.

The referral bonus is £0.30 per referral. Not bad, eh?

Sign up Now!


MyShoppingRewards

This one offers £8 per referral, but only if they earn above £20 cashback. However, there is a separate affiliate program that pays a progressive % based on the number of people you refer - up to 50% of referral earnings.

Minimum payout is £20, payable by cheque.


RPoints

RPoints uses a point system, where 100 points = £1. Redemption via Paypal is a minimal £1.

"You can earn £5 each time someone becomes an active Rpoints member, and your friend gets £5 too!"

But... there's a catch. Notice the word 'active'. Firstly, you need to earn 2500 points. Oh, and so does your referral.


FreeFivers

Another program. Get £5 credited to your account for signing up. Minimum payout is £25. Referring new members gets you £5 when they earn £25. Very similar to the above. There is also an affiliate program, for those who want to generate even more revenue. Payment is via cheque, on a Net-30 basis.


For those who enjoy Online Surveys, click here.

MoraTraffic - Join an Under-Rated PTR

Earn between 0.25c - 1c per click.

MoraTraffic is currently having a referral contest up to 1000 members.

• The top 3 members with the most referrals will be the winners.
• The prizes are:
  • First Place - $100 (Pay by PayPal)
  • Second Place - $50 (Pay by PayPal)
  • Third Place - $25 (Pay by PayPal)

Not, here's the catch. MoraTraffic only accepts members from countries in the list: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Iceland, Italy, Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, United Kingdom & United States.

There is a Referral earning bonus of 15%.
Payout is a LOW $1 via e-Gold* Payout and No minimum PayPal** Payout (You may request your payment once per month).

*There is 5% processing fee for e-Gold payment and you need to send them a photo
ID that shows your name and address.
**You must have a verified PayPal account.

Only 32 members at the moment, so there's lots of time to get your own downline!

Sign up now!
http://www.moratraffic.com/pages/index.php?refid=gforce2