A good move to fight against Scammers

I would first like to personally thank our VIP client with the nickname 'Scam Buster' for giving us the required exposure in an e-currency industry as a whole. Not only did he help us with public discussions in forums but above all he has been handling a large portion of the replies from our Illegal Gold Coder script e-mail alerts.

Our administration has been extremely busy archiving scams and providing exceptional client support to VIP and FREE members. In the last month we have found literally hundreds of new scams most of which have recently gone offline.

SCAMwatch.biz is a service intended to alert clients about possible fraud. We are focused on prevention more than prosecution. We must all accept the responsibility for our own actions. If one understands the risks involved before making an investment or partaking in any transaction, then they should also be aware that the losses are their own mistake. This does not mean nothing can be done. You can attempt a court order to retrieve the funds, however most of the time this process is complex and very costly. The majority of users accept the loss, forget and move on to another questionable service.

We are different from all the listings/monitors and directories who claim they do not promote or endorse any websites, at the same time they may accept direct payments from owners of these services in question. The goal here is to achieve "PAID" status. This contradiction is no mistake. These listings are seeking referrals and cash payments for promoting a ring of high-risk services. If they say the websites have paid them 9 times out of 10, the listing/monitor/directory administration is one of the few who got paid with 'your' money. This provides a false illusion of due diligence and ironically people keep going back for more. Let us not forget the forums and groups dedicated to discussion. We have a strong suspicion these are the root of the endorsements and thus validating any lies portrayed on all other services - appearing to protect its clients but tailors to its advertisers. Our investigation team has identified over 450 questionable services dedicated to being paid for endorsing what most individuals would call outright fraud.

The oversight done by a third party who is not involved in perpetuating this cycle is required to illuminate a dark online industry. Government agencies are swamped with too much other type of cyber crime to waste tax dollars to get the money back. You greed by the terms of service, it was used at your own risk. Issuing currencies are being forced to police their service at the same time state in their Terms of Service: They are not responsible for investigations/protection directly, but will cooperate with the agencies that are. Yes, these issuing currencies earn most of their income from transaction fees derived from fraud, but so do major credit card companies. There has to be some type of complacency across the board, the currencies, listings and users collectively.

Profit Hunters Club has been dedicated to providing affordable and quality educational services. During its pre-launch phase, we emailed thousands of website owners involved with questionable endorsements. We informed them about the red flags all over their websites and that we will make it our secondary goal to provide services that pro-actively fight fraud. We asked if they would come forward and help us in any way they can. Only a small group of individuals had enough courage to see this endeavor to its inception. We have been independently funded since 2002 and uncovered astonishing research that will be released in the near future. In the summer of 2007 when Gold was on the move from $500/oz and on its way to $800/oz, we exchanged a portion of our e-Gold into Canadian funds. Our strategy was to hedge back into e-Gold. We had spent thousands of hours on market analysis and had independent research to further our theory for a bull market run in Gold. At the time when confidence in e-Gold was hitting an all time low, many exchange services declined all out-exchanges because they no longer wanted to hold e-Gold funds. We had to switch from our previous exchange service and find a new one. With the luck of the draw (even though this one had a phone number, a real physical address listed on their site and even a good reputation among some directories at the time) they never returned our phone calls and e-mails after we sent them our e-Gold funds. This had a critical effect on our operations. However, with revenge and a recent experience being a victim, SCAMwatch.biz was born.

When someone is cheated they need to speak up if they can't get even. Many will swallow their losses and move on, mostly due to shame or embarrassment. We want to assure e-currency users that they have a voice and people will listen. We want to assure e-currency users that even though e-Gold and Government agencies can't mend all mistakes made, SCAMwatch.biz services will help prevent a perpetual pattern from developing into widespread fraud.

To further dedication to our free clients, we have recently changed the number of disabled scams displayed in our archive from 50% to 500 of the most recent. Our team is identifying on average 200 new scams every few days. With this new change, our free clients are able to view more overall scams but still take the risk of missing vital warning signs that can save them time, money and emotional frustrations.

In the future we will accept more payment options for VIP Memberships and will be seeking cooperation with the issuing currencies. We feel that exposure to the heart of this industry is our best position to progress in our own endeavors. We wish you all a prosperous 2008 and beyond.

PS. Don't panic, profit!

Thanks for your support,
SCAMwatch.biz Administration
A Profit Hunters Club Service