Acknowledgment of Sources We extend our appreciation to the whistleblowers whose valuable insights continue to help uncover fraudulent operations and their associated payment processors. By sharing information, we collectively strengthen cybersecurity and transparency. Attempted Strike-Off and Concealed Leadership Recent developments reveal that NeoBanQ, following the steps of iPayTotal, attempted a voluntary strike-off from the UK Companies House registry. However, in both instances, creditors intervened, leading to the suspension of the strike-off process. Despite Billy Eldridge being listed as the official director and beneficial owner of NeoBanQ Ltd, insider sources suggest that he may be merely a front. Former employees have…
Author: Tom
Whistleblower Acknowledgment: We extend our gratitude to the whistleblowers who continue to provide critical insights that support the exposure of fraudulent operators and payment facilitators. Your contributions strengthen transparency across the digital financial ecosystem. The Role of Payment Facilitators in Online Scams Unregulated payment processors have long played a central role in enabling cybercrime. Without their services, many scams would be difficult to execute. These processors often work behind a veil of anonymity or with fabricated identities, particularly those that cater to the gray areas of e-commerce. NeoBanQ is one such processor reportedly redirecting merchants to another obscure entity: Charge.Money,…
Acknowledgment We extend our gratitude to the whistleblowers who continue to provide valuable insights. Their contributions are instrumental in uncovering illicit practices and questionable entities within the high-risk payment space. Together, we help foster accountability in the digital finance ecosystem. Company Overview: OpenUp and Its Operational Structure OpenUp presents itself as a financial services innovator, operating within the high-risk payment processing domain. The platform is run by Openup Consulting Services AsP, a Danish-registered firm. Corporate records indicate that Chestnut Investments Lda, based in Portugal, is the parent company. The sole listed director of OpenUp is Svetlana Ivanova. According to LinkedIn…
Introduction The high-risk payment processing sector continues to be plagued by controversy and dubious operations. Unfortunately, this space often serves as a haven for fraudulent players and questionable business practices. Several processors, including the defunct iPayTotal and its offshoots like Paypound and NeoBanQ, have left trails of financial damage. A new dispute has emerged, this time between Paypound and the Serbian payment provider BoomBill, along with Paul Schroeder and associated parties. Once again, merchant funds—totaling millions—appear to be at the center of the chaos. Accusations and Alleged Misappropriation In a recent blog post, Paypound alleged that BoomBill retained $2.5 million…
Background: The Dispute Over $2.5 Million The high-risk payment processing sector is once again at the center of a heated dispute. Paypound has recently alleged that its partners—BoomBill, XCepts, and Paul Schroeder—are responsible for withholding around $2.5 million that was reportedly intended for merchant payouts. Paypound published a blog post claiming that this amount was effectively frozen, rendering them unable to process payouts to clients. Following this publication, the situation escalated further. A LinkedIn post from Paypound attempted to clarify the issue, asserting that merchants were eventually paid, despite the alleged misappropriation of funds. Adding to the chaos, a press…
Whistleblowers Confirm Suspected Links Between OpenUp and iPayTotal Acknowledgment We thank the whistleblowers who have come forward with insider information, helping to expose payment processors and schemes operating in the high-risk financial sector. These contributions remain essential in the fight against online financial misconduct. Who Is Behind OpenUp? OpenUp (LinkedIn profile) is a high-risk payment processor operating under the name Openup Consulting Services AsP, a company registered in Denmark. Ownership leads to Chestnut Investments Lda, based in Portugal. The only officially registered director is Svetlana Ivanova. A search on LinkedIn revealed at least a dozen individuals allegedly connected to OpenUp…
Introduction to the Initiative Entrepreneur Ruchi Rathor, who previously played a central role in the now-defunct high-risk payment processor iPayTotal, has introduced a new project — RaiseMoney. This online venture is designed to help emerging startups find suitable investors more efficiently. The platform is operated by Payomatix Technologies Pvt Ltd, a company currently listed with a Black risk level on the industry tracker PayRate42. Platform Goals and Features RaiseMoney promotes itself as a straightforward solution for entrepreneurs seeking early-stage capital. The website offers tools for: Matching with investors Presenting pitch materials using customizable templates Building direct partnerships “Together we can…
A New Venture Emerges in the High-Risk Payments Landscape Ruchi Rathor, a well-known figure in the Indian high-risk payments space, has reportedly launched a new initiative called Pay Agency. Together with her son-in-law Yuvraj Singh and other family members, Rathor is believed to be based in Dubai, where the family continues to benefit financially from their involvement in numerous payment schemes. Over the past months, frequent complaints have surfaced involving companies such as PayPound, Payomatix, and OpenUp—all linked in various ways to Rathor’s network. The launch of Pay Agency appears to be the next strategic move targeting merchants in the…
Internal Struggles Surface at OpenUp.Finance The high-risk payment processor OpenUp.Finance appears to be facing internal challenges. Both current and former employees have come forward to Scam-or Project, offering insider accounts that shed light on operations within the company. These disclosures confirm that Ruchi Rathor, a well-known figure in the British-Indian payment industry, is among the key beneficial owners. On July 26, 2022, OpenUp.Finance publicly announced via LinkedIn the departure of three employees. Insider sources also revealed manipulative practices concerning Trustpilot reviews—employees reportedly receive a $5 incentive for arranging favorable customer reviews on the platform. Familiar Tactics: Fake Profiles and Review…
Investigative Request: SumoPay’s Role in High-Risk Transactions Acknowledgement: We express our gratitude to the whistleblowers whose disclosures continue to assist in exposing fraudulent activities and the entities enabling them. Their efforts are crucial in the fight against cyber-enabled financial crimes. Overview: SumoPay Under the Radar The Scam-or Project has long focused on exposing high-risk payment processors often implicated in facilitating cybercriminal operations. These entities serve as the financial backbone for many fraudulent schemes. In collaboration with industry partners, PayRate42 was established as a cyberfinance rating platform dedicated to identifying, reviewing, and rating high-risk payment processors. Today’s spotlight is on SumoPay,…