portrait of greed online ...
In my family, as an American, I was brought up with a standard
of "innocent until proven guilty" and I always like to give benefit
of doubt to everyone. While some actions are clearly beyond
the law, I believe it is always important to understand someone's
motives, even when they decide to break the law.
StormPay came online as a needed alternative to PayPal, which
then dominated online money transfers with increasingly heavy-
handed tactics. My 3-digit SP member number shows I joined SP
very early. My SP account has never been in trouble, but neither
have I had it connected to my checking account most of the time -
concerned about having my bank accounted raided.
When I joined StormPay I was aware of connections to shady
practices by those behind StormPay. I believed SP principals
would recognize an opportunity ahead of them to run a much
needed business that would serve everyone around the world.
Engaging in "experimental" money-making ventures would seem
foolish in face of the task ahead of them as a solid competitor to
help moderate PayPal activities.
Now, the history of StormPay seems to show something different.
We are aware of recent investigations into operations of IntGold
and e-Gold, and my understanding is that those services work in
cooperation with law enforcement when criminal enterprises are
using them. Criminals can "use" any service - unless they are
identified and barred. IntGold and e-Gold have integrity enough
to call for inspection of questionable activities.
StormPay integrity is compromised by its priority on collecting
fees over recognizing credit card and other fraud. As much
as I can determine, StormPay has yet to call for investigation
into activities of its subscribers, or of subscriber businesses
which SP claims are operating illegally.
The connection between StormPay and the preceding "TymGlobal"
Laptop Matrix, closed down by Tennessee State authorities in
2003 seems clear:
Stormpay: Administrative Contact: Inc.,
StormPay info@stormpay.com
1690 Golf Club Ln Clarksville, TN 37043 US 931-647-8750
http://www.tymglobal.com/laptop
TYMGLOBAL.COM - Administrative Contact: com, Allresell
info@beaverpay.com - Pmb 211
1960 J Madison St. Clarksville, TN 37040 US 931-647-8750
BEAVERPAY.COM - Administrative Contact: Gregi, Jim
easypay@mail.com - PO Box 211
160 Madison St Nashville, TN 37049 US 931-647-8803
Registration data from three years ago shows tentative
connections, but does not prove ownership.
"Consumers should be aware that the address used by this company
[TYMGLOBAL.COM] of 1960-J Madison Street is that of a private
postal service and not the physical location for the company. "
http://w3.ripoffreport.com/view.asp?id=77406&view=printer
The address StormPay is using in 2006 is also that of a private postal service, but ...
Nashville Better Business Bureau makes reference to TymGlobal and John McConnell it is Reliability Report:
http://data.middletennessee.bbb.org/commonreport.html?bid=2146166
A typical fraud StormPay has allowed is a so-called "chargeback
scam" which does not require use of a credit card. Let us say you
contract me to do some work for you online - build a website or do
research. Maybe I do not charge you up front, but soon as the
work is completed I submit my invoice to you for $400 and you
transfer $400 to my SP and we are straight. I receive about $370
after SP fees are subtracted (I already factored that into my price)
Although my StormPay account is verified and is "attached" to my
checking account, my practice is to keep only a small minimum in
my StormPay account - concerns about online theft, etc.
Two days after you make your payment to me, you decide you do
not like the work I did for you, so you file a complaint with
StormPay, accuse me of some failure to perform; in essence,
fraud, though I fulfilled my obligation to you on time. StormPay
reacts by removing $400 from my SP account - EVEN THOUGH
the balance in my SP account is only $375.00 (I had a previous
balance of $5) The other $25 StormPay takes from my checking
account - an automatic debit.
Now suppose I had made an equipment purchase and so am over budget for the month - my checking account with only a few dollars in it - and the $25 StormPay takes incurs an overdraft charge of $35. Now my StormPay account is empty and my checking account is overdrawn. My "customer" has gotten the work I did for FREE. Meanwhile, StormPay collected fees on both the original payment AND on the chargeback ... ... and my "customer" is free to steal from another merchant.
Researching StormPay recently, I have found a number of comments indicating one reason for StormPay popularity is its failure to go after those who use SP to steal - fraudsters are happy to make payments with StormPay because they know how easy it is to get away with bilking honest merchants.
Even worse, StormPay has used the Patriot Act to steal from
people around the world. I will write about that separately.
In the Spring of 2004, StormPay could not do business legally
with Tennessee residents:
" SORRY: We cannot accept any transactions to/from TN residents
at this time, due to State laws. However, StormPay is working
feverishly to correct this situation and hopes to have the matter
resolved very soon. "
http://www.sowpub.com/cgi-bin/forum/webbbs_config.pl/read/25534
The same was true in the Spring of 2005, and as of this writing I am not aware that limitation has been lifted. StormPay apparently cannot legally do business in its own state - "feverishly" or otherwise.
of "innocent until proven guilty" and I always like to give benefit
of doubt to everyone. While some actions are clearly beyond
the law, I believe it is always important to understand someone's
motives, even when they decide to break the law.
StormPay came online as a needed alternative to PayPal, which
then dominated online money transfers with increasingly heavy-
handed tactics. My 3-digit SP member number shows I joined SP
very early. My SP account has never been in trouble, but neither
have I had it connected to my checking account most of the time -
concerned about having my bank accounted raided.
When I joined StormPay I was aware of connections to shady
practices by those behind StormPay. I believed SP principals
would recognize an opportunity ahead of them to run a much
needed business that would serve everyone around the world.
Engaging in "experimental" money-making ventures would seem
foolish in face of the task ahead of them as a solid competitor to
help moderate PayPal activities.
Now, the history of StormPay seems to show something different.
We are aware of recent investigations into operations of IntGold
and e-Gold, and my understanding is that those services work in
cooperation with law enforcement when criminal enterprises are
using them. Criminals can "use" any service - unless they are
identified and barred. IntGold and e-Gold have integrity enough
to call for inspection of questionable activities.
StormPay integrity is compromised by its priority on collecting
fees over recognizing credit card and other fraud. As much
as I can determine, StormPay has yet to call for investigation
into activities of its subscribers, or of subscriber businesses
which SP claims are operating illegally.
The connection between StormPay and the preceding "TymGlobal"
Laptop Matrix, closed down by Tennessee State authorities in
2003 seems clear:
Stormpay: Administrative Contact: Inc.,
StormPay info@stormpay.com
1690 Golf Club Ln Clarksville, TN 37043 US 931-647-8750
http://www.tymglobal.com/laptop
TYMGLOBAL.COM - Administrative Contact: com, Allresell
info@beaverpay.com - Pmb 211
1960 J Madison St. Clarksville, TN 37040 US 931-647-8750
BEAVERPAY.COM - Administrative Contact: Gregi, Jim
easypay@mail.com - PO Box 211
160 Madison St Nashville, TN 37049 US 931-647-8803
Registration data from three years ago shows tentative
connections, but does not prove ownership.
"Consumers should be aware that the address used by this company
[TYMGLOBAL.COM] of 1960-J Madison Street is that of a private
postal service and not the physical location for the company. "
http://w3.ripoffreport.com/view.asp?id=77406&view=printer
The address StormPay is using in 2006 is also that of a private postal service, but ...
Nashville Better Business Bureau makes reference to TymGlobal and John McConnell it is Reliability Report:
http://data.middletennessee.bbb.org/commonreport.html?bid=2146166
A typical fraud StormPay has allowed is a so-called "chargeback
scam" which does not require use of a credit card. Let us say you
contract me to do some work for you online - build a website or do
research. Maybe I do not charge you up front, but soon as the
work is completed I submit my invoice to you for $400 and you
transfer $400 to my SP and we are straight. I receive about $370
after SP fees are subtracted (I already factored that into my price)
Although my StormPay account is verified and is "attached" to my
checking account, my practice is to keep only a small minimum in
my StormPay account - concerns about online theft, etc.
Two days after you make your payment to me, you decide you do
not like the work I did for you, so you file a complaint with
StormPay, accuse me of some failure to perform; in essence,
fraud, though I fulfilled my obligation to you on time. StormPay
reacts by removing $400 from my SP account - EVEN THOUGH
the balance in my SP account is only $375.00 (I had a previous
balance of $5) The other $25 StormPay takes from my checking
account - an automatic debit.
Now suppose I had made an equipment purchase and so am over budget for the month - my checking account with only a few dollars in it - and the $25 StormPay takes incurs an overdraft charge of $35. Now my StormPay account is empty and my checking account is overdrawn. My "customer" has gotten the work I did for FREE. Meanwhile, StormPay collected fees on both the original payment AND on the chargeback ... ... and my "customer" is free to steal from another merchant.
Researching StormPay recently, I have found a number of comments indicating one reason for StormPay popularity is its failure to go after those who use SP to steal - fraudsters are happy to make payments with StormPay because they know how easy it is to get away with bilking honest merchants.
Even worse, StormPay has used the Patriot Act to steal from
people around the world. I will write about that separately.
In the Spring of 2004, StormPay could not do business legally
with Tennessee residents:
" SORRY: We cannot accept any transactions to/from TN residents
at this time, due to State laws. However, StormPay is working
feverishly to correct this situation and hopes to have the matter
resolved very soon. "
http://www.sowpub.com/cgi-bin/forum/webbbs_config.pl/read/25534
The same was true in the Spring of 2005, and as of this writing I am not aware that limitation has been lifted. StormPay apparently cannot legally do business in its own state - "feverishly" or otherwise.
posted by JamesB at 9:00 AM
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