UK’s FCA Issues Warning Against SolidTrustPay Essay Example
The Financial Conduct Authority (FCA), formerly known as FSA, has cautioned against SolidTrustPay, a Canadian payment processor. Despite claiming to be a secure and legal payment processor on its website, SolidTrustPay is frequently utilized by fraudsters and HYIP Ponzi schemes like Bannersbroker, Uinvest, and the now-defunct Zeek Rewards Ponzi scheme. The administrator of SolidTrustPay, referred to as "Amanda," is well-known in the HYIP Industry. Nonetheless, recently SolidTrustPay encountered payment issues when Technocash, used for processing Bank Wire and Bank Transfer transactions, was shut down for aiding money laundering and providing financial services to fraudsters during the Libertyreserve crackdown.
The Financial Conduct Authority (FCA) has cautioned against the services of SolidTrustPay, stating that they lack authorization to offer or promote financial services in the UK. Several states in the USA have also issued similar warnings. The full statement by the FCA can be accessed below.
Exer
...cise caution when engaging with this unauthorized company, as we have reason to believe they have been providing financial services or products in the UK without our official authorization. Educate yourself on safeguarding against fraudulent activities.
In the UK, authorization by us is mandatory for all firms and individuals offering, promoting, or selling financial services or products.
Nevertheless, certain companies operate without our consent, and some even resort to deceptive practices like share fraud.
Attention: This company is engaging in unauthorized business activities in the United Kingdom, specifically targeting individuals.
The URL for SolidTrustPay's website is www.solidtrustpay.com.
It is strongly advised to only interact with financial companies authorized by us and confirm their authorization through the Financial Services Register, which provides information about firms and individuals regulated by us, both currently and in the past.
If there i
a company that falsely claims to be on the Register but in reality, it is not, please get in touch with our Consumer Helpline at 0800 111 6768.
Extra precautions must be taken to protect oneself from unauthorized companies.
If you give money to a company that is not authorized, neither the Financial Ombudsman Service nor the Financial Services Compensation Scheme (FSCS) will provide protection if there are any issues.
If you believe that you have been contacted by an unauthorized company or have been scammed, please contact our Consumer Helpline at 0800 111 6768. If you have received any offers regarding the purchase or sale of shares, we advise you to use our share fraud reporting form.
Learn more ways to report an unauthorized company and find out the necessary actions to take if you have been a victim of a scam.
The information source is located at http://www.fca.org.uk/news/warnings/solidtrust-pay-ltd.
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