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AlertPay CEO Blasts E-Gold
In a recent interview on NoBS Hyip Blog 1, Alertpay CEO Firoz Patel blasted the founders of E-Gold.
| Do you have any views on the recent Egold indictment case?
Yes actually. Egold brought this upon themselves. With their lax rules and controls, their system was being used for all kinds of fraud and money laundering. I think that Egold should be split up into 2 entities. One for the issuance of Egold as ecurrency and the other to control the transfers and transactions. If they cannot do that, then there is no point in having Egold anymore. The rules on the international marketplace are changing greatly. There needs to be controls in place to stop thieves and criminals from using these services. Also there must be controls in place for thieves to be frozen or punished when a complaint is given to Egold. Since they don’t care about what happens with the Egold, some legitimate people get fraud monies, but many illegitimate merchants are able to get away with murder (figure of speech). We have lost money as well in the process, but we have never allowed that to affect our members. |
I find this response rather callous and ignorant especially considering Alertpay emerged in 2005 and has existed to serve the autosurf community which is intrinsicly ponzi and pyramid schemes. I’ve yet to see any real, legitimate businesses using Alertpay as a processor. The first time I remember Alertpay surfacing was in the now defunct ponzi scheme / autosurf AlertPayPro. It seems every other ponzi surf program and some hyip’s are using Alertpay as a payment option.
What is Alertpay?
Alertpay is a payment processor or money transmitter that is based in Montreal Canada. Alertpay is *not* a DGC (Digital Gold Currency) and their funds are not backed by gold. Alertpay is not licensed to do business in the United States. This information was also revealed in the NoBS interview with Mr. Patel (as evidenced below).
| As for what happened to EMOCorp and any others, these companies had to be licensed since they were located in the US doing business in their own state as well. AlertPay will need to get licensed in every US state that requires it, but for now, we do not need to for 2 reasons.
1. Either it is not required since we are not located in the US and/or 2. We are not doing enough business in the particular state and there are minimums before even applying for a license. For now we are compliant with Fincen (in USA) and Fintrac (in Canada) which governs and regulates money laundering and suspicious transactions. |
It is worthy to note that Alertpay actually does come into compliance with Fincen and Fintrac policies for “Ascertaining Identification” and “Record Keeping” because Alertpay does require verification before large amounts of money can be transferred through their system. It is also worthy to note that Alertpay has an impeccable and exemplary record with the BBB (Better Business Bureau)2 much as E-Gold and unlike Paypal. Alertpay is also extremely transparent and has phone numbers and address published within one click of the landing page on their website. As an Alertpay account holder, I had to call their support one time and the phone was answered by a very professional support person who effectively handled my situation in a few minutes.
Regarding the necessity of Alertpay to become licensed in the United States (in all 50 states) as a money transmitter, a quick glance at Paypal’s BBB3 record reveals that payment processor (Paypal) which is almost 10 years old is only licensed in 8 states as of July 2007.
Quite possibly, Alertpay has the design an implementation to make it a competitor to the giant Paypal in the payment processor field but comparing Alertpay to E-Gold is not unlike comparing apples to oranges.
Sources:
1 http://hyipblog.nobshyip.net/2007/06/29/interview-with-alertpay-ceo-firoz-patel/
2 http://www.bbb-bec.com/main.cfm?p=421&l=en&CategorieID=291&MembreID=855&page=1
2 http://www.bbbsilicon.org/commonreport.html?bid=210387
by mishas
ALERTPAY is a SCAM!!! Don’t deal with it!!!
I will tell you my story.
Now I have over $1200 on my alertpay account and my account has been suspended by alertpay.
My letter to Alertpay suppport:
—
Hello support,
my account has been suspended.
I’m verified customer and I have over $1200 on my account.
Please tell me WHY my account has been suspended and WHAT must I do unlock my account?
—
And there was a reply from Alertpay:
—
Thank you for writing in to AlertPay Customer Support with your concerns.
My name is Erik and I will be happy to assist you further.
this account and your previous account were suspended because you kept
creating test transactions and trying to fool/fraud people.
Thank you for making AlertPayTM your way to pay!
—
So, 1. if test transaction is fraudlent, WHY AlertPay allowed it?
2. If they blocked my account why don’t they want to give me my money back.
3. If I wanted to cheat someone wouldn’t I want to take all my money from this before?
4. As it was said before my account is verified. The procedure of verification is rather difficult - you need to provide all your data. Do I look like a fool who would risk his account with all my data trying to cheat someone ?
Conclusion: so I come to a conclusion that alertpay is scam because they try to find reasons not to pay me my money.
by C4G
You bring up a good point that I was unwilling to touch in my initial blog post. Alertpay’s policy of freezing accounts. Similar to Paypal, I’ve heard numerous horror stories about people who have had their accounts frozen unjustly and had no rapport from Alertpay regarding the freezing of funds..
I can’t comment on Alertpay users outside the US or Canada but if you are a US citizen getting your money back is as simple as filing a suit in your local small claims court. If Alertpay is DBA (doing business as) an online entity in your jurisdiction, Alertpay is solely responsible for sending a representative to the hearing or else your money will be awarded to you by the judge.
I know, I sued Paypal and won not only my frozen funds back but court costs and damages. Watch for my next post about Paypal.
and….
Power to the People. It’s time we all stood up for what is right and not what we’re told is right.
by Vaas
I have noticed a lot of foolish froad amonst bulletin boards where poeple are requesting ecurrency exchanges. eGold in particular. I see that much laundering is going through Paypal, presume this because of the threads i have read about offers. Nonetheless, If not eGold, there will be another channel. Thats the real point. You cannot stop the money laundering. better luck trying to stop the means of income at its original point, that way they don’t have any money to launder.
by DragonFyre
Thanks alot, I have Dugg and Stumbled it.
by Zapper
I too got some money in AP. But now that i`m unable to set my e-gold number, i have probably found the reason behind this.. Sad that i wouldn`t be able to meet my client`s expectations owing to the hold…
by Chris Dermott
Until recently I hadn’t heard of AlertPay, until I was forced to join same (on July 17th) in order to transact a payment with an organisation (based in the US) - who used them as a payment intermediary. Having opened an account, gone through the nausea of verification and (via bank transfer) deposited a substantial amount into same - I then found that although I could see the money in the account I couldn’t get access to it??
So I sent AlertPay an E Mail asking why - no response! Another four E Mails later - the last of which threatening legal action, I finally got a return E Mail consisting of a very lame apology and no excuse as to why it took ten days to get to this point. Now bearing in mind that the cash in the account is clearly visible, the agent then asked me to send a copy of my bank statement showing that the money had been sent by my bank - duh!!!!!!
This I’ve done, along with an advisory to AlerPay indicating that the deadline for payment (with the US organisation) is August the 1st. It’s (now) the 30th of July and nothings happened, I.e. no further E Mail responses and the cash is still stuck in the account!!
In all my experience, I’ve never had the misfortune to deal with an organisation run with such ineptitude and incompetence. Their service is utterly abysmal and it’s blatantly obvious that they don’t give a damn about their customers. If this company had been based within the UK, the Financial Services Agency would have shut them down a long time ago - I’d have had more luck dealing with Al Qaeda!
What a way to run a business!
Unfortunately the US organisation I was dealing with didn’t use PayPal - if they had, then my transaction with them would have been concluded on day one - done and dusted!
Do yourself a big favour and steer well clear of this TIN POT company.
by C4G
Chris,
Sorry to hear about your misfortunate dealings with AlertPay. I’m suprised they haven’t been shut down already. They are primarily used as a payment processor for ponzi and pyramid schemes. I would definitely question any merchant who requires payment via Alertpay because there’s definitely something wrong is a company can’t accept Paypal or payment by credit card or debit card.
by ImGood
I don’t know why you guys are having problem with AlertPay). I have withdrawn about $300 via checks in mail since last year.
Unlike PayPal’s automatic *robot* answers, AlertPay answers all of my emails. I never had any problem (not even once!) that couldn’t be fixed with AlertPay.
To be honest, I like AlertPay very much than PayPal. PayPal is the worst for me and still is because of stupid chargebacks.
Until PayPal clean up their acts, I will stick with AlertPay.
by C4G
Sounds like somebody commenting here is on the payroll for Alertpay??? I beg to differ with the statement that Paypal needs to clean up their act. Excuse me? Paypal has hundreds of millions of customers worldwide. What does Alertpay have? A few thousand? Alertpay jumped into the game through the Hyip and Autosurf community using them because they have no regulations against ponzi schemes accepting funding through them.
Paypal = Legitimate
Alertpay = Fraud
by Tim
I am beganing to wonder if Alertpay is not just an email harvester, or at least doing that on the side. I tried to register multiple times with them and can’t even get through the form. No answer to emails.Only found the contact us area once. I’m probly lucky.
by DG
Paypal are not as perfect as some of you try to make out. I live in South Africa and they happily allow us to use them to pay merchants anywhere in the world, but will not allow us as merchants to accept money. AlertPay do allow us to do both. So the comment above implying that any company the requires AlertPay is dodgy is not correct. The irony is that one of Paypals founding members is a South African. So he expects to be trusted but does not extend that trust to others