Olena Vakulenko’s Finmax frauds involving many websites and domains related to Binary Options, Forex, and CFDs have been operating since at least 2016. Investors have already received a lot of warnings from various authorities and review websites. Still, at least two websites—FinmaxFX (www.finmaxfx.com) and FinmaxBO (www.finmaxbo.com)—are being used by the scammers. Olena and Oleksandr Vakulenko, two Ukrainians, organise the frauds using a number of legal organisations in Lithuania, Vanuatu, Seychelles, and St. Vincent and the Grenadines. Praxis Cashier, which uses Comercial Global Payments and the Spanish Redsys as payment processors, is still operational as of right now, in spite of all scam alerts at FinmaxFX.
Olena Vakulenko’s Payment Processors
Praxis Cashier, Redsys, and Comercia Global Payments are involved in Finmax scams.
According to a test deposit on FinmaxFX that was completed on March 1, 2021, debit and credit card payments there are routed through Praxis Cashier to Commercial Global Payments (www.comercialglogalpayments.com) and Redsys (www.redsys.es).
Following some elegant routings, the Spanish digital marketing company LIVADAKI 2004 S.L. d/b/a livaplay is listed by Comercial Global Payments as the merchant that Finmax client-victims are depositing money with on the final payment page.
As of right now, the remaining payment processors that were listed a few weeks ago (refer to this report) are not in operation.
The Company
- Oleksandr and Olena Vakulenko, two Ukrainians, are thought to be the Finmax Scam’s beneficial owners. Right now, we’re not sure how the two are connected.
- Olena Vakulenko is the CEO of Lithuanian Softcast UAB d/b/a Media24 (www.bluemedia24.com) and the registered creator of Max Capital Limited in Vanuatu. Email signatures presenting this company as the owner of Finmax websites are actually from Gatelinas UAB in Vilnius.
- The beneficial owner of Morris Processing Ltd., which was registered in London, United Kingdom, in 2015 was Oleksandr Vakulenko. The beneficial owner was also listed as IK Partners Ltd, a St. Vincent and the Grenadines-registered company, until 2017. In January 2019, Morris Processing and IK Partners became the subject of an investment notice from the German regulator BaFin.
In February 2019, Max Capital Limited was established with a capital of $2,000 and registered with the VFSC under company number 41072. The corporation is permitted by the Financial Institutions Act and the International Bank Act to conduct banking operations. That is what offshore regulators do, and there is no value to their regulation!
Olena Vakulenko’s FinmaxFX (As Claimed)
With its award-winning platform, Olena Vakulenko’s FinmaxFX is a well-equipped CFD market maker broker that provides leverage on more than 400 tradable instruments. Traders will find that Olena Vakulenko’s FinmaxFX meets all of their demands on the MetaTrader 5 (MT5) with ease, and that a large portion of the value it offers to customers is in the form of free extras like deposit bonuses of up to 100%, analyst coaching via live webinars, and professional daily market reviews. Advantageous trading circumstances, such as commission-free spreads starting at 3 pip and 200:1 leverage, then assist traders in implementing their methods in active markets.
This broker is governed by the VFSC and IFMRRC and is owned and run by Russians. These are the Vanuatu Financial Services Commission and the Financial Market Regulation Center, respectively. Because of this, FinmaxFX takes precautions to use technology that safeguard clients’ money and data, and more than 20,000 active accounts testifies to the broker’s function as a secure custodian. They also value a variety of other innovative benefits, such as the broker’s FinInvest portfolios, which are intelligently diversified holdings of stocks, commodities, and other assets. In the end, FinmaxFX is a good option for novice and seasoned traders alike who seek a dependable array of features and benefits supported by informed and approachable customer care.
Praxis Cashier (As Claimed)
Praxis Cashier supports the majority of card issuers and integrates with nearly all PSPs. Praxis Cashier handles payment processing without the need for a third-party processor, unlike other alternatives. With the help of this program, you may take payments from any major credit card company and accept a wide range of payment options. Using PraxisPay has a lot of benefits. The program is simple to use and offers customizable payment management settings. You can select the payment option that best suits your business needs and set restrictions for each customer and VIP level. Furthermore, you may set up BIN country rules and credit card regulations directly in the back office software. Praxis will automatically route all of your transactions to the top-performing payment service provider once you’ve configured your payments. You might wish to think about the Praxis Cashier for larger firms. Brokers can get a complete payment processing solution from our hosted payment page. The organisation offers a comprehensive multilingual support service and works in Spain, Cyprus, and Ukraine.
Wind-Up- How to Prevent Fraudulent Payment Processing in High-Risk Sectors
Scams involving payment processing have become a common hazard for companies in the modern digital age, particularly those involved in high-risk industries. These frauds have the potential to cause large financial losses as well as harm to a company’s reputation. Businesses must exercise caution and take preventative action to be safe from these frauds. This post will discuss doable strategies to shield your company from fraudulent payment processing in high-risk sectors.
Recognizing Scams in Payment Processing
Scams involving payment processing aim to trick companies into sending false payments or divulging private financial information. Scammers frequently target high-risk industries because they believe these enterprises to be more vulnerable, such as adult entertainment, online gaming, and tech assistance. Getting caught in one of these scams can have disastrous effects on your brand reputation, legal ramifications, and financial damages.
Advice on How to Spot Payment Processing Fraud (such as Olena Vakulenko)
Select a Trustworthy Payment Gateway
Choosing a trustworthy payment processor is the first and most important step in preventing payment processing scams. Investigate various suppliers in-depth, go through client testimonials, and evaluate their experience in the field. Seek out reputable businesses that have experience working with high-risk sectors. Strong security precautions are in place at a reputable payment processor to shield your company from fraud.
Watch Out for Incredibly Low Prices and Promises
Businesses are frequently lured in by scammers with promises that look too good to be true. If a payment processor offers astronomically low fees or makes remarkable claims, proceed with caution. Reputable suppliers provide fair and competitive pricing while having an understanding of the difficulties faced by high-risk sectors. If a deal looks very good, do your homework and properly investigate the supplier before accepting it.
Examine and comprehend the contract.
Before signing up with a payment processor, carefully read and comprehend the contract, including all terms and conditions. Fees, termination policies, and dispute resolution processes should all be carefully reviewed. Ask the provider for clarification if any sections seem unclear or cause you concern so that you are aware of your rights and the extent of the services provided.
Put Strict Security Measures in Place
Make sure your company has strong security measures in place to ward off frauds. This entails putting encryption technologies into practice, upgrading software often, doing vulnerability analyses, and utilising secure payment methods.
Check the Customers’ Identities
Ensuring the legitimacy of clients is essential in high-risk sectors to stop fraudulent transactions. Adopt strict Know Your Customer (KYC) policies and investigate new clients’ backgrounds in detail. To verify the veracity of the customer’s identity and reduce the possibility of frauds, request legitimate identification documents, proof of address, and other pertinent data.
Track and Examine Transactions
Analyse and track transaction trends on a regular basis to spot any unusual activity. Make use of fraud detection tools that are able to identify odd or fraudulent transactions. Keep an eye out for any abrupt or notable shifts in the amount of payments received, excessive chargeback percentages, or anomalous purchasing trends. Investigate and deal with any possible fraud indicators as soon as possible.
Keep Up with Trends in Scams
It’s critical to keep up with the most recent developments in payment processing scams because con artists are always changing their strategies. Participate in forums and discussion groups, stay up to date on industry news, and network with other high-risk industry businesses. By pooling your information and experiences, you may prevent scammers from succeeding and keep one step ahead of them.
Olena Vakulenko: Conclusion
Scams involving payment processing represent a serious risk to companies in high-risk sectors. You can prevent your company from becoming a victim of these scams by adhering to the advice provided in this article. Always pick a reliable payment processor, exercise caution when dealing with promises that seem too good to be true, carefully read and comprehend contracts, put robust security measures in place, confirm the identity of your customers, keep an eye on transactions, and keep up with scam trends.
Sustaining your company from fraudulent payment processing schemes necessitates ongoing awareness and training. Prioritize security, take the initiative, and always be wary of deals that seem too good to be true. You can protect your high-risk company, uphold client confidence, and guarantee sustained success in your sector by doing this.
