TS joined today and posted 2 related posts.

TS ex-employee?

In the payment processing industry, there is a niche market for high-risk merchants. It is very hard for them to get a standard merchant account because of their business risks and chargeback.

Therefore, you will see the existence of high risk merchant processors that charges high discount rate.

To answer your questions.

a) Is this company regulated by BNM? No.

b) Is this a scam? Plausible if they runaway with your money one day. But it is serving a need in the industry by charging higher rate. It has a business model that sustainable.

In normal payment gateway, you do no need to give bank login details to 3rd party. The payment processor will redirect to bank pages for processing and returns the transaction token once done.

Interestingly, what business are you in? Why do you need to use high risk merchant processor?

So you are doing Forex, and your competitors are using this payment gateway. You are very worrying about their clients. So you filed a report with BNM to protect them.

How do you accepting Forex payment from your clients? Do you mind to share?

I hope you understand that the Forex platform you are trading right now might has higher risk than this payment gateway.

Disclaimer: I have no relationship with the companies.

If you look at the API, it does not request for online banking login and password. Therefore, I believe it should redirect to bank site to perform the transfer request. Our banks are using two-factor login system. Therefore, keeping your login and password is not useful.

I can go into very technical investigation here, but I don't see any possible hacking activities yet.

Since you have lodged a report to BNM, why don't let them investigate on the matter.

Out of my curiosity, do you have the screenshot for 2nd and 3rd steps?

This post has been edited by mas1900: Feb 19 2019, 03:22 PM