12/03/09. MyMBO Review and Payment Processor News

THIS PROGRAM STOPPED PAYING! PLEASE DON’T INVEST!

Hi everybody! Another busy day lies in store for money-news-online. The first thing I need to do today is tell you about a new autosurf I joined a few days ago. It’s called MyMBO and it will be the first of two reviews I will be posting today. Any regular readers will have already noticed that this is being posted a little earlier than usual so be sure and check back a little later when I will have more info on another new program that you might want to know more about. Of course there will always be the usual news round up from all the sites I am a member of too.

So let’s start with MyMBO. What’s it all about? It’s a brand new autosurf, by which I mean it has yet to complete its first cycle. But don’t worry, just keep an eye on my blog and I’ll keep you informed every step of the way regarding that. The first payments are due very soon now anyway. And it’s also based on the “classic” 12×12 autosurfing model with payouts on expiry that has proved to be so successful in the past when properly managed. Just to spell it out for anybody seeing this for the first time, what that means is that in return for investing your money in MyMBO. You will be paid a return of 12% of your investment every day for 12 days. In return you are asked to surf 12 sites daily and will receive your payment on expiry. Quite simple really. The minimum to invest here is $5, i.e the price of one ad pack, and you may have a maximum of 1,000 ad packs running at any one time, or $6,000 worth. As for payment options, MyMBO accepts all major e-currency accounts including LibertyReserve, PerfectMoney, SolidTrustPay, AlertPay (which I believe is still awaiting verification), StrictPay and now the recently added EvoWallet.

Security wise MyMBO is also solid enough. It’s hosted on a dedicated server, the importance of which can simply never be overstated in these times of almost daily malicious attacks on such programs. Hosting is by HushHosting by the way who are quite a reliable name in the business. And the script is the always dependable Neversay, tried and trusted I guess and lending a familiar appearance to the site.

And speaking of appearances, I quite like the design and layout of this one. Not usually of enormous importance past first impressions in my book but it does make the whole thing look a bit more professional at least and also a bit easier to navigate. Some observers have drawn comparisons with the Megalido website from last year but personally I tend to doubt it’s the same person behind both projects. Mind you I wouldn’t object if it was the same person though, if it meant that MyMBO would he even half as popular it would qualify as a runaway success. Most autosurfs have huge similarities anyway, and it will always be easy to randomly pick out any two sites and find something in common. I mean 99% of them use the same script, but does that mean anything? The admin also claims that this is his first attempt at managing a site, which is another similarity. That is the very same claim made by all admins in every site, lol! Nevertheless he does seem to be more than competent in the role and is so far doing an excellent job in managing the site and taking care of his members queries.

My own opinion is that MyMBO has everything in place to be a successful autosurf. I can quite comfortably see it running for a 3 month minimum and beyond. In my own experience by the way I know I always say that when it comes to new sites the quicker you get involved the more you will maximize your profits. In light of some recent closures though some investors might wish to just step back and observe this one until after the first or even second round of payouts are completed. If you want to be cautious then under these circumstances no one would blame you. It is your own money after all and ultimately your own responsibility. I would just remind you not to sit on the fence too long and make a decision. I am quietly confident that MyMBO could be a winner and the best time to join is at the start, but I will keep you informed when the first payments are made.

That’s it for the moment. I’ll be back a little later with another review and news from around the industry. For now though just a few words on some related news stories.

Payment processor news.

Ok, since I’m publishing twice today I decided to devote this first news section entirely to payment processors. There is really a lot I have to report. First of all, LibertyReserve has finally responded to the spreading rumors on many famous sites and forums regarding the insecurity of LR as a payment system. These rumors and speculations have already led to an enormous drop in LR exchange rates and some of the exchangers now provide you exchanges from LR to PM with 25% fee which is really ridiculous. In my opinion, such actions from LR competitors are really having a destructive affect and seeding waves of panic among LR customers already. In my humble opinion this panic is groundless and if you follow the crowd you will not gain anything except 25% and more of your LR balances lost on exchange rate. If you wish to believe these ridiculous rumors that is your choice but remember that no payment processor is 100% secure and you are risking even more when you are outexchanging your money from LR to say PM. By the way, this is the official position from LR administration regarding these speculations:
“Facts and Fairytales
Let us save you some time:
The following delusional remarks are fairytales:
1. Employees that are no longer with us
2. Employees, that have quit, died or got angry
3. Anything those “alleged” employees may say
4. 1 million dollars missing
5. Law suits are filed
6. There is panic some place and exchangers cannot out-exchange funds freely
7. API hacks, holes, loopholes, dust mites, microbes, viruses, etc.
Facts:
We work with same employees that we have worked with and all of them are happy to work with our company. LibertyReserve was also recognized recently as one of the best companies to work for in Costa Rica. As you see all of this information is generated solely by a single entity, that is connected or probably requested by a circle of our competitors. It is very easy to see who is connected to what, just look for similarities in hosting, DDOS protection, acceptance or promotion of a certain payment system. This information is also “confirmed” and verified by an unknown people from unknown places on forums that hide behind proxies who are in turn promote the same article. We know that our users will not fall victims of these childish and unreal allegations. This poor and unsuccessful attempt was put in place simply to create doubts. Some victims of phishing attempts got their accounts compromised and we are working with them to trace the funds and bring responsible for that to justice.
Bottom Line:
The only official source of information is still our blog. LibertyReserve is as strong as always and is not going anywhere. We have many plans to fulfill and are involved in many activities to promote culture, environment, safety, security and to make sure that our users have access to the same private and secure environment for their financial affairs they have grown accustomed to.
P.S. Again, and again – Do not click on any links.
P.P.S. Help Center will start working again after it was hit with a DDOS attack.”

It seems that the major competitor of LR – PerfectMoney – is enjoying the higher exchange rates with LR for the first time ever. Look what a good slice of panic can do to people’s common sense! Anyway, I’m not trying to say that PerfectMoney is a bad payment system. On the contrary it’s very good and safe and the best part of it – it continues its improvement. I just encourage you to diversify your e-currencies and therefore reduce the risks so some amount kept in PerfectMoney would not be such a bad move at all. In their latest update PerfectMoney administration introduced some new features that are making this payment system even more convenient to use. Such, it was announced of the implementation of the innovative e-Voucher system and sub-account. Please read this important update below to understand the new options having been launched for your convenience:
“Every new step taken in development of PerfectMoney payment system is a step towards the future, where there will be an ideal payment system for the settlement of payments on the Internet. This time among the good news for our customers will be a number of innovations and unexpected technological solutions introduced by PerfectMoney.
First of all we would like to announce an innovative solution introduced for our customers, e-Voucher. Using those virtual vouchers (each has its own number and activation code) you can make both deposits and withdrawals. Withdrawing money from the system you can create your own e-Voucher for any amount. Later you will be able to sell that voucher, exchange it for cash with exchange service or organize your own business to trade e-Vouchers. Such business will enable your customers to fund their accounts in PerfectMoney easily and with the minimum fees. E-Voucher makes deposits in PerfectMoney accounts very simple: you will just need to purchase a voucher for any e-currency from any Internet user and then activate it in the section “Deposit.”
Another innovative technology introduced by PerfectMoney system is an option enabling the account holders to send money not only to users’ accounts and e-mails but to their mobile phones as well. Receiving money to phone your payee will get an SMS message with the number of e-Voucher with its activation code. Further it is enough just to enter voucher data and your transfer will be deposited in his/her account.
Perfecting our system we have also got an opportunity to offer you a new account management tool – sub-accounts. Now you can create up to three sub-accounts with limited features for your main account that will allow your partners, contractors or your personal accountant to have an access to your accounts and to get the account statements. The sub-accounts can be created in section Settings.
Those sub-accounts help to increase the efficiency of money management, to keep books and to make your business more transparent.
Developing and improving PM we would like not only to implement our technological solutions but to cover your requirements, our dear customers. It is very important for us to know how you see PerfectMoney in future to add new features and improve our services. For that reason we have introduced a new section Feedback to enable each customer to leave suggestions or comments on PerfectMoney operation. Please help us to make our payment system better and more comfortable to manage finances on the Internet.”

One of the newest e-currencies on the market EvoWallet tries to attract the attention of the potential customers by holding different contests with good prizes. Well, it seems to be not a bad attitude to promote their payment processor especially if you consider such an enormous competition from others. The results were quite good already with more than 4000 members already. Anyway these are the rules of the new contest from EvoWallet:
“Hello EvoFriends, For this new contest we have decided to give you a variety of choices just for fun. You may chose to enter one or all !!
1) For all the designers out there: design an Evo Celebrate 4000 banner. Make it as exciting as possible.
1st Prize: $10 to your Evo account. 2nd Prize: $5 to your Evo account.
2) Refer 50 new Evo members (Business or Personal) and win a FREE EvoWallet Visa Debit Card (as well as the regular bonusses!) Please, no cheating on this as accounts will be checked !!
3) Add one of our Evo banners to any site with regular visitors, such as your blog, your website, your business, your favourite surf or monitor site and win $10. Once the banner is uploaded, send us the link to your site so we can check it out.
Here are some of the banners you can use:
http://www.evowallet.com/banners/evo88x31a.gif
http://www.evowallet.com/banners/evo88x31b.gif
http://www.evowallet.com/banners/468×60.gif
http://www.evowallet.com/banners/evo150.gif
4. Suggest an original EvoWallet slogan of 10 words or less. The best 3 entries will win $5 each.
Please send your entries to evoblog@yahoo.ca before midnight on March 18th. Be sure to include your EvoWallet ID number!! Prizes will be sent to your accounts after judging is complete, and no later than March 25th.
Have FUN and Good Luck, Your EvoWallet Team.”

Since StrictPay Debit card has been temporarily discontinued due to some issues with their card provider I decided to request a Visa debit card from SolidTrustPay. It should be a handy addition to my collection of debit cards, lol. I believe I will get my hands on it soon so I can’t wait and am really excited to see it! Moreover, I have just read on SolidTrustPay site that they are planning some enhancements to make their card even handier and more convenient to the online customers. Here are enhancements they are planning to introduce recently:
“INTERNATIONAL MEMBERS – We are very pleased to announce global funding of the STPay VISA debit card via your online bank account (see country list below). Funds added to your card can be used anywhere VISA is accepted, or transferred instantly into your STPay account! For full instructions, just click on the Add STP Debit Cards link in your members area, and then click on the World Wide Funding instructions.
COMING SOON TO THE STPay DEBIT CARD !!
– the EURO card (if you have a USD card, you can have both)
– member to member instant transfers
– SMS instant message notifications for completed transactions
– increased monthly balance limit of $9,999
Bank Account funding available in these countries: Australia, Estonia, Ireland, Norway, Spain, Austria, Faeroe Islands, Italy, Poland, Sweden, Belgium, Finland, Lithuania, Romania, Switzerland, Bulgaria, France, Malaysia, Singapore, United Kingdom, Czech Republic, Hong Kong, Netherlands, Slovakia, Denmark, Hungary, New Zealand, South Africa
Do not yet have an STPay card? It is the fastest,easiest and most cost effective way to move funds from your account balance into your back pocket! We even offer Emergency Funding where you can get cash on your card in under an hour (some restrictions apply).”

Finally, AlertPay payment processor which seems to lag behind their competitors in terms of launching their debit card. Recently they announced that AlertPay stopped accepting all credit card transactions and discontinued their agreement with MasterCard. Now AlertPay is in the process of looking for another reliable partner and I hope they will resume credit card transactions pretty soon. Here is the update:
“We have just received notice from our new credit card processor that we cannot process VISA or MasterCard credit card payments at this time. This problem has its roots in our relationship with MasterCard. To comply with their regulations, we kept credit card limits to a minimum, barred certain account types from receiving MasterCard payments, and have maintained a very good record with them. Yet they have suspended our account with them.
This recent issue started when one of our new merchants was in the process of getting their account verified, and received their first MasterCard payment yesterday. This payment was apparently in violation of card association rules and the agreement we have with our acquiring bank.
We received notice today that our account with MasterCard is suspended because of this one payment. MasterCard has the option of working with us to rectify the matter, yet they would prefer to end our mutually beneficial relationship. We process thousands of transactions a day, and because of this one payment, we now have another credit card outage to overcome.
Please note that we have a strict policy against these violations as stated quite clearly in our User Agreement. We try to prevent them from happening by closely monitoring the transactions we process. However, some pass under our radar. When a transaction violates our agreement with our banking and credit card partners, we do everything in our power to solve the problem. Unfortunately, Mastercard’s approach is not conducive to ours.
We understand that all of these issues are very frustrating for you, and we assure you that they are also very frustrating for us. We must ask you once again to please bear with us while we find a remedy for this issue.
We are now looking for a more reliable and proactive banking partner to provide merchant services for our members.
Thank you all for your patience and understanding.“