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Payment Processor Problems in Costa Rica - 06-09-09 |
June 9 - Since the Unlawful Internet Gambling Enforcement Act was passed in the United States, the online gambling industry is finding it more and more difficult to find reliable processing companies to conduct their financial business with.
Instead of operating through a regulated industry, companies are forced to put their money into the hands of processing companies that may or may not be shady.
The latest news of a scam is sweeping Costa Rica where many online gambling groups are headquartered.
A Canadian based processor, operating under the name Smart Banking Systems is said to owe many of these sites literally millions of dollars and there are signs that its owner, Ben Waldman, has dropped out of sight.
An extremely angry operator in Costa Rica said: "Waldman provided the platform for another individual to screw everyone down here and their mother! He went through the whole crowd and then disappeared."
Another said: "I am owed several hundred thousand dollars from this scumbag!"
Smart Banking Systems certainly looked impressive at first glance. Claiming to be "Tomorrow's ATM and Credit Processing Technology Today," the group also said that it was involved in the processing of merchant point of sale card transactions through a number of top credit cards, and that they had placed ATM's in several retail locations.
"Please get the message out about these pariahs," said one operator who was duped. "Everyone...needs to know."
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