Background of the Finotive Scam
Scam-Or Project has previously issued two warnings concerning the fraudulent broker Finotive (www.finotive.net). The Austrian Financial Market Authority (FMA) has now also released an investor alert against this entity. The scam is reportedly managed by VT Group Ltd, based in Cyprus.
Identified Co-Operators and Payment Processors
Investigations have revealed that Harmonte Group LLC, registered in St. Vincent and the Grenadines, acts as a co-operator of Finotive. This entity is listed as a merchant with PayTechno.
The payment gateways involved include:
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PayBox (also known as BoxiPay)
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PayTechno
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PayCent
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iPayTotal
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NeoBanq
This reflects a recurring pattern where the same processors facilitate multiple fraudulent operations.
Connection to Finexics Scam
During a simulated deposit attempt on Finotive using PayTechno (www.paytechno.com), Harmonte Group LLC was identified as the receiving merchant. This same group is also behind the Finexics scam, operating through websites such as:
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www.finexics.io
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www.finexics.com
Both scams appear to belong to a single fraudulent network.
Role of Slinqo Group Ltd
The Finexics scam is reportedly co-managed by Slinqo Group Ltd, a company allegedly registered in Cyprus, alongside Harmonte Group LLC. However, Scam-Or Project believes that both VT Group Ltd and Slinqo Group Ltd are shell entities with no real operational presence in Cyprus.
Previous Regulatory Warnings
In December 2020, financial regulators issued warnings against Finexics, highlighting its risks to investors (see report here). Both Finotive and Finexics are white-label scams, created and maintained by the same criminal organization.
Payment Processors Involved
|
Scam |
Payment Processors |
|
Finotive |
iPayTotal, PayNetEasy, PayTechno, NeoBanq |
|
Finexics |
iPayTotal, PayNetEasy, PayTechno, NeoBanq |
These processors continue to enable and support the fraudulent activities of these broker scams.
Call to Action
If you possess any information or have been impacted by these scams or their payment facilitators, please contact us. Scam-Or Project is committed to exposing illegal operations within the financial sector.