19 October 2009
February 07 - While some online gambling authority sites appear more than happy to endorse YouTeller.com as a suitable replacement for NETeller (search Google news for "YouTeller" and you`ll see what we mean), we tend to be a little more cautious and dare one say responsible on behalf of our readership. The latest news about YouTeller does not exactly fill us with confidence.
YouTeller is set to launch in March as a new private E-Wallet solution, and claims to be a licensed small E-Money Issuer that is certified by the British Financial Services Authority (FSA). But a recent investigation would appear to prove otherwise and the company is already under investigation by the FSA.
Any company that promises that you can send money for free! and receive money for free! is probably too good to be true!
Is YouTeller a scam? Who knows at this point. YouTeller is a trademark of a company called Seed Capital Ltd. Seed Capital is indeed listed on the FSA website as a small E-Money issuer. The only problem is that if you dig deeper you`ll find that the FSA-listed Seed Capital is in turn owned by Oxford Technology Management and they have never heard of YouTeller!
So the Seed Capital Ltd that owns YouTeller is not the same Seed Capital that the FSA has heard of, and all of that reeks to high heaven as far as we are concerned.
There is a Latin phrase that comes to mind here: caveat emptor, or "buyer beware" an imperative that we would all do well to heed right now.
The sudden vacuum in the payment processing industry leaves all of us extremely vulnerable to scams and fraudulent operations that make false claims. Please exercise extreme caution before you take the plunge and hand over all your personal details to some new E-wallet or virtual debit card.
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