Feb 19th, 2014 Archives

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Beware! ComoCredit has stopped paying! Do not invest there!

Hi everyone! I’m taking a break from the usual news round-up this evening, however there hasn’t been much to report and if there’s anything really urgent it will be on the MNO ShoutBox so you can keep an eye on that if you like. Anything else and we’ll catch up with it in tomorrow’s post, and as always my monitor will still be updated as usual. But what I do have for you today is the following interview I received just last night from the admin of ComoCredit. This is still quite a low key long term HYI program, though it should also be said that it’s still an almost brand new program as well which has yet to start a really more widespread and aggressive advertising campaign. When you look at the investment plans that ComoCredit are making available to online investors – these include 1.4% for 30 days, 1.5% for 45 days, 1.6% for 60 days, 1.7% for 90 days, and 2% for 180 days, all with your principal back on expiry – you can see that their first option has already completed its 30 day term (the program launched in mid January) so as more and more of the first members start to see a profit then you might start hearing a bit more about ComoCredit in the near future. Before we hear from the admin I’ll just remind you that if you like what he has to say and would like some further information on them then you can start with the original review of ComoCredit, first published on MNO here:

1. Hi Scott, please introduce yourself to the readers of money-news-online and tell us about your personal involvement in this project. Do you have any previous experience in managing online HYIPs?

Hello Paul and MNO readers. First of all I feel very fortunate for the opportunity to provide you this interview; should be interesting. Second, in short my name is Scott Fredie and I am vice president of ComoCredit. I have very wide experience in the investment industry itself, especially in the payday loan industry, however in the HYIP industry I have only been here for around six years.

2. What can you tell us about the history of ComoCredit? How long have you been trading and what are you hoping to achieve by the launch of this project? Are you operating alone at this point or do you have some assistant or business partner?

As you know the ComoCredit core business is based on the payday loan websites and recently other very lucrative businesses have joined our client portfolio, thus we are getting stronger. As I mentioned in the beginning I have had a very wide and long experience in the investment industry as such, especially in the payday loan business. With this project I am getting closer the people who have money to invest with huge businesses that need money to invest in other words it is kind of peer2peer lending, but not C2C, but C2B. We have a group of people in the client support in order to evaluate all the request that we get and lower the risk. Regarding partners and upper management I cannot provide you details about them, but in terms of numbers we have dozens of partners and there are more coming in.

3. In my review I suggested that having no information about your program on the home page can be counter-productive, and that having to create an account before being told what ComoCredit is about might make some potential members decide not to bother joining. How do you respond?

This was a huge discourse in the upper management, but at the end of the day we were willing to take the risk and it seems that it has paid off, due to additional safety for automatic cyber attacks and our investors can feel safer.

4. With that in mind then can you explain to less experienced readers how the process works? From the moment I decide to invest in ComoCredit to the moment I get my first payout, what happens? What do I do in order to deposit and get paid?

It is very simple and let me show you the work flow: go to ComoCredit register and log in using email, LinkedIn, Google or Facebook, then you can easily find the investment section. Fill in the form following the step-by-step instructions and you’re done. Also you can find income or compound charts in the user panel as well as precisely your daily income and precise data when you will get your principal. Additionally, you can withdraw your principal prior to maturity, however for this option there is a 10-30% commission charge from your principal, but not from the profit. To get paid, you need to log into your account and click withdraw section, enter amount and click withdraw button (it happens instantly). Of course, there is an opportunity to reinvest too.

5. Explain to us in detail about the investment plans you are offering investors? What are the minimum and maximum amounts to invest in each one and how long do they run for? Has any one plan been noticeably more popular than the others?

In short, minimum amount is $10 and maximum is $50,000 for 30, 45, 60, 90 and 180 calendar days. Our investment policy is based on the long-term principle: the longer you invest the higher return on the investment you get. Our daily income rate starts from 1.4% – 2.0% every calendar day. To our surprise the most popular plan is the one with highest daily income rate, which is 2.0% for 180 days, because after 50 days investors get 100% principal back and the following 130 days are guaranteed profit with principal back at the end. This plan is the most secure way to invest money and this is the reason why investors choose it. Second the most popular plan is the 30 day plan, because investors wanted to ensure our credibility and now they are reinvesting in the 90 and 180 day plans, because they received instant principal returns.

6. What payment processors are you currently dealing with? I said in my review that options were a bit limited. Do you agree with that and are there any plans add more? EgoPay will soon be joining PerfectMoney in closing all US accounts, and that will block a massive potential market for you. How will you deal with that and what alternative will you offer existing American members?

Currently, we are working with Perfect Money and EgoPay. Of course we are informed about the sad news regarding EgoPay and because of that in a weeks time we are adding Payeer. And when the BitCoin market value will stabilize we are adding them to our platform as well.

7. Online security is a huge concern for everyone these days. Tell us in as much detail as possible about the security features of ComoCredit. Are you on a dedicated server? What measures have you taken to protect the program from DDoS attacks and malicious hackers? What script are you using? Do you have SSL?

Indeed, security is a huge concern and we are working everyday to improve our platform’s security. Yes, we are on a dedicated server with high DDoS protection, cloud, GlobalSign and Comodo SSL. And,yes we have two SSL encryptions for maximum data protection. As one of the biggest industries’ platforms we have experienced several attacks, but none of them have had any impact on our platform’s availability, information integrity and confidentiality.

8. How have you been promoting the program so far? What advertising strategy are you using? How big a part have the existing members played in this? Are you satisfied with that level of support? Could anything be done to improve on this, or would you prefer to keep ComoCredit low key with slow and limited growth for now?

Currently we have most of the industry’s monitors and we are in several popular blogs with very good reviews about our platform. Judging from the traffic and investors that join the platform everyday, we do not see any reasons for a very aggressive advertising strategy thus to some extent we are still keeping relatively low profile.

9. What level of customer support do you offer members? How can they contact you if they have any issues with their investments? How important have the likes of Facebook and Twitter been? Are these intended for support/information or have they been any good for attracting new investors?

We are very fortunate about the success and amazing feedback that we receive and all is thanks to our investors. Currently, we have several thousands of registered users of whom more than a half are active investors.

With us registered users can communicate via support section, by email and we will respond in 12 hours time, but usually it is faster. Facebook and Twitter is not an indicator of a performance and considering that we keep a low profile for us it is very secondary how many likes in social media we get. Twitter and Facebook is mainly used to send important notices to our users if we have any, and in contemporary times there are no projects without FB and Twitter.

10. And finally, was there anything else you would like to say to readers that you felt wasn’t covered in this interview? Also please feel free to comment on the review of ComoCredit published on MNO. Is there anything there you though was unfair, mistaken, or in any way in need of clarification?

It was very interesting to answer your questions! ComoCredit would like to thank again investors that have invested and reinvested in the platform. Additionally, thank you Paul for the review that is published in MNO. I do respect your opinion regarding ComoCredit, thus to comment on that would not make sense, since you are an industry professional with long experience.

That’s about it for today, guys. Thanks a lot for reading and thanks also to Scott for taking the time to answer my questions. I hope it was in some way useful in helping you decide whether or not ComoCredit is worth taking a risk with in your opinion or not. As for the most important news events today which I’ll discuss in more detail tomorrow, unfortunately there’s been the collapse of Atlant (please do not invest there any more), a huge DDoS-attack on AlternativeEnergy which forced the website offline (it’s still not accessible at the time of writing), and the addition of SolidTrustPay to the list of payment processors accepted by BluOro (although only manually as it looks STP never approved the program’s payment button). More on that and any other important events in the industry can be read on MNO tomorrow, so stay tuned for that. The results of the poll on MNO TalkBack will be also drawn, so please take this final opportunity to vote, and I’ll see you all then!

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