V-Coin: New Digital Money Start Up From Costa Rica

In July a number of press releases and bulletin boards were talking up a new online currency named V-Coin.

This new business is an online payment service. Its a closed system and like e-gold all transactions are final, but the digital dollars cannot be exchanged by third party agents so it appears all transactions go back and fourth with the SA company. This type of business does not offer much protection from fraud, default risk and other problems we have seen plague the industry in the past few years.

Its appears that customer deposits are held by the Central American International Trust Company S.A. out of San Jose, Costa Rica.

Not to change the subject, but there are two ways I would use the word ‘Trust’ in a sentence. First would be to show confidence in a product or person, “I trust her judgment when it comes to decorating.” The second use would be to describe a legal Trust such as “Belize Sun Real Estate Trust”, signifying that this business was a set up as a legal Trust. However, using the word “Trust” in a company name, without the legal benefit of actually being a Trust or administered by a Trust, might be considered by some as inaccurate or misleading. The ‘Central American International Trust’ is NOT an offshore Trust and I can’t find anywhere it says client funds are administered by a Trust. I could always be wrong….

One very basic good point can be found in section 3.1 of the User Agreement as shown below.

3.1.1. All VC$® in circulation shall be backed 100% at all times with unencumbered United States Dollars. VC$® is payable to User, on demand, subject only to the conditions specified in this Agreement.

I suppose its always good to know if I deposit $1000 USD into V-coin, management is not pulling an EMO and making half of that disappear or practicing fractional reserve. 100% USD backing, that’s a good thing, any proof? Costa Rica is a an impossible place for a foreigner to litigate a financial loss.

The Good Stuff

For both personal and business merchants opening a new account and sending funds are both free operations. You are charged a low fee when you receive funds and across the board for both merchants and individuals that fee is: 0.35% + VC$0.35 per transaction. V-Coin is convenient and similar to PayPal by the fact that you can email VC$ to anyone who is not yet an account holder. That potential new client can then sign up and receive your funds into their new account.

Are V-Coin accounts anonymous? No, (a good thing) the sign up requires all the usual name and address information plus ID numbers. From their user agreement…

2.2. Identifying Information. User must provide Issuer with valid and accurate identifying information as determined from time to time by Issuer.

Can someone using V-coin reverse my transaction like PayPal? No…

2.4.1. User agrees that all Transfers initiated by User are final and not reversible.

Will V-coin freeze my account for no reason? I don’t think so…

4.5.1.2. Issuer will Freeze or remove a Freeze from an V-Coin® account, if ordered to do so by an order from a court or arbitration body of acceptable jurisdiction, as determined by Issuer.

Does V-coin offer a merchant directory for additional exposure to users? Yes….from a recent post,

“V-Coin also offers a marketplace, much like a shopping mall for member merchants to promote their online businesses which accept payment in V-Coin at no additional charge.”

You may hear a bit of sarcasm coming though my writing in this post. I’m not real excited about V-coin and I would not at this time recommend using them. Here’s why….there are now many other proven online currencies available with strong track records. For a new entry to succeed it should clearly target a market and be descriptive and obvious for those users.

• Are you targeting gambling?


• Will your best customer be funding a V-coin account with his credit card?


• Is it possible to use a local cash option to fund a V-coin account?


• Can I exchange your digital money for another like Webmoney or Pecunix?


• What banking relationship do you support? US?


• What is your AML policy?
  

  Its not enough anymore just to create an online payment system. You can’t reinvent the wheel. There are dozens of other payment methods now available and most of them are popular, regulated financially stable and transparent. My question is, “How will V-coin compete with these other services?”

  
  

Why would I use V-coin over Webmoney, NETeller, PayPal etc.?

Their web site needs to be very clear in showing visitors, the advantages of V-coin are……1,2,3 and right now I don’t see that anywhere.

From their web site, as an initial visitor, I can’t even tell how I am supposed to get my national currency deposited into a V-coin account. Hopefully, they will work on their marketing strategy in the future and have great success. I’ll check back.

These are my personal opinions expressed here and remember I have not yet used this service, so remember its a new company….be sure to take my opinion with a grain of salt.

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UK Banks May Not Consider Small Credit Card Fraud A Crime

There is a great UK news source I often read called the Guardian Unlimited. About a month ago they ran a story entitled, “Card fraud ‘being decriminalised’. The title naturally caught my eye. I don’t use credit cards and don’t own one.

For many years now I’ve just used digital currency I like the benefits such as NO chargebacks or card fraud. Digital currencies like Webmoney, Loom Gold, Pecunix, e-gold and others do not allow ‘in house’ charge backs or reversals. All sales are final.

As a merchant, I can’t think of a better way — than digital currency — to conduct business and not have to worry about fraudsters around the end of each month. As a consumer, no chargebacks can make shopping online a bit tricky, however if buyers investigate their merchants and read the return policies, these no chargeback limitations should not pose a problem for most people. This type of trust between merchant and consumer should only build confidence as any business grows online.

Now, on the other side of the isle are all the credit card fraudsters. Stealing money and merchandise from both merchants and card holders. Who pays for all that theft and loss? Consumers do! Higher transaction fees, higher merchandise prices, insurance, interest charges and that list goes on and on….

So what happens to the whole credit card merchant system, when no one cares to prosecute the thieves anymore? Well….that day is already here.

The Guardian story revealed that due to new laws, the police in the UK are no longer accepting direct reports from credit card victims. Under the new regulation which began in April of this year, its now the responsibility of the bank to determine which credit card crimes will be passed on to the police for investigation. They are allowing the little fish get away and just passing the cost on to consumers.

If your UK Visa card gets used by some fraudster, it might not even get reported to the police as a crime! I suppose if the fraudulent charges are not large enough, ah they will just consider it a CODB (cost of doing business) and pass it on as a higher monthly charges or fees. Amazing!

Last year in the UK, over £430m ($880+mil USD almost a Billion Dollars) went missing because of credit and debit card fraud. That means one in every three UK cardholders is the victim of credit card fraud. I suppose it is now so widespread that the police are simply overwhelmed and don’t want to handle such a large case load. Critics of these new UK regulations are saying that the banks are trying to sweep that figure under a rug by now under reporting the misuse and thefts.

This is amazing situation when a banking or financial authority does not report a crime but passes that cost along to consumers. The police spokesman confirmed that discretion had been handed to the banks to ensure the police could concentrate on cases “more likely to result in a positive outcome”.

“Tory e-crime spokesman James Brokenshire said: “The Government clearly hasn’t got a grip on this issue or an appreciation of the seriousness or scale of the problem.” Sandra Quinn of Apacs (the UK payments association) said the police had not been investigating minor cases before the new rules - which the banks had not requested - came into place. “Unfortunately the police don’t have the resources to investigate all types of card fraud,” she said, adding that hundreds of cases are being reported every month.”

Unfortunately, I cannot find the original story from Thursday June 21, 2007 2:23 AM, the link is now dead, but its available here at money.aol.co.uk and but Dave also mentions it over at Digitaldebateblogs.

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GoldNowBanc Issues Gold Grams on Loom.cc

GoldNowBanc is now operational and the new auto-account link should be up at the GoldNow site within a day or so. To register, you’ll need a valid email address. If you cannot wait for the autolink, ask them to manually generate a new account.

Open Letter To The GDCA Regarding e-Bullion

Dear Mr. GDCA President,

I have been writing and blogging lately about the possible or alleged recent issues regarding e-Bullion. I feel, as do many readers, it is important to determine whether these possible issues are rhetoric, a few unhappy agents or possibly big events that will effect the industry as a whole… I now see that the GDCA has posted a warning regarding e-bullion at: http://gdcaonline.org/content/news.html

In that warning it states that :

“….E-bullion.com closes and/or freezes accounts without any court order or reasonable justification, sometimes freezing customer funds forever.”

• Please present proof of these events by showing the closed account documentation and any correspondence with e-bullion regarding that account and its closure.


• Please comment on why e-bullion closed the account or accounts, any justification e-bullion presented or did not present.


• Please provide your opinion as to why e-bullion has taken this action.


• Please provide evidence of e-bullion seizing or freezing account holder funds and not returning them as stated in your comment/warning above. Who had their funds ’stolen’ or has stated they had funds seized?











• Please show me the evidence of a rumored investigation by the USSS, because I heard a rumor they were going to be bought by Donald Trump. Rumors are not fact and have no place in an industry ‘warning’ without supporting information. Provide me these facts or the person openly commenting about an ongoing investigation being conducted by an agency of the US government.


• Please provide me copies of any complaints from users that the GDCA may have received regarding e-bullion for the past two years.


• Please include e-mail or other documentation so these can be verified by me.


• Please provide me any exchanger opinions or complaints which you have documented regarding the policies and terms now in use by e-bullion.

You should know that I have already been in touch with Mr. Joseph Hamilton, CISSP Chief Technical Officer, e-Bullion.com, on several recent occasions regarding these stated rumors.

Its my firm belief that resolving any problem whether minor or serious can be accomplished by logical discussion and clarification of facts, not rumors and flaming.

I would appreciate it if you can comment here below this post at your earliest convenience, whether you can or will produce the above requested material to me via email. All other comments and questions are welcome. Feel free to remove any personal or financial information from these documents. After hearing from you, Mr. Hamilton of e-bullion will again be contacted for his comments, he is available and reaching me just fine.

Thanks and I look forward to hearing from you soon.

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Egold News

Marketiva accept e-gold deposit

Good news, Marketiva accept e-gold deposit after 1 week suspended.
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E-Gold now has a blog !

After several weeks without any news. Now, E-Gold has a blog.

“Hi, I’m Douglas Jackson and this is the first entry of the e-gold blog.”

Most readers will know what I am talking about because over the last decade getting casual comments out of the e-gold organization has been darn near impossible. Perhaps this silence was for a good reason. This blog is truly a new and warm addition to the community. Its a well needed social add-on and I urge all readers to visit and comment. [detailed]
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Q&A with e-gold Founder

One of these days, hopefully soon, I'm planning to do a talk radio interview. In preparation I recently met with a radio journalist to familiarize her with e-gold. We decided to record our discussion...
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autosurf

An autosurf is a type of online advertising program. Autosurfs are traffic exchanges that
automatically rotate advertised websites in one's Internet
browser. Therefore, they are capable of bringing a large amount of traffic to the advertised
websites. Members earn credits for each site that they view, which can then be spent to advertise members' sites by adding them
to the autosurf rotation. Sites may additionally be added by external advertisers who pay the autosurf operators.

Concept

Autosurfing is a unique form of advertising: normally, advertisers pay intermediaries to display advertising to their target
audience, and the advertising is presented to the audience in places where they are likely to see it, such as in public places,
or packaged with entertainment. In this sense, no money changes hands between the audience and the advertiser.

In comparison, autosurfers are paid to view pure advertising (that is, advertisers' websites) for a certain amount of time
(usually, less than 30 seconds). Interested viewers can pause the surf timer or open any site in a new window, giving themselves
more time to peruse an ad. If the viewer is not interested and does nothing, the surf timer will restart after the specified
period of time and a new site will be loaded into the browser. The surf rotation requires no feedbacks of any kind; in contrast
to manual surfs, paid to read email or paid to click sites.

Autosurfing allows members to promote websites of their own choice, according to a system of credits earned by surfing.
Members usually earn credits in a fixed ratio to the number of sites they view. Member-promoted
websites may or may not be their own websites. If not, they are most often the members' referral page at another autosurf or an online money-making program. This is because many
autosurfs are structured as pyramid schemes: members may earn a commission for each site
that their referrals view, and are therefore encouraged to build a downline.

As autosurfs are run from websites, online payment processors are used for members to upgrade
and withdraw their profits. The most popular form of e-currency used is e-gold or
e-bullion. StormPay was a very popular payment processor
until February 2006 but has now converted to an auction site.
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HYIP EarthRiches.com

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7/27/2007    03:15	Payment Received	83431040	Gold	+2.912338	4674995	1,937.87 USD	665.40
	From: EarthRiches.com
7/27/2007    11:39	Payment Received	83448564	Gold	+0.278576	4674995	183.86 USD	660.00
	From: EarthRiches.com
7/29/2007    14:08	Payment Received	83519270	Gold	+0.218658	4674995	144.38 USD	660.30
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7/29/2007    14:13	Payment Received	83519407	Gold	+0.412252	4674995	272.21 USD	660.30
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7/30/2007    14:24	Payment Received	83556775	Gold	+0.812360	4674995	538.27 USD	662.60
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7/31/2007    08:00	Payment Received	83590224	Gold	+0.575349	4674995	382.78 USD	665.30
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8/1/2007    03:00	Payment Received	83624631	Gold	+0.625636	4674995	415.36 USD	663.90
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8/2/2007    01:22	Payment Received	83668288	Gold	+1.093190	4674995	727.19 USD	665.20
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8/9/2007    04:13	Payment Received	83943045	Gold	+2.317540	4674995	1,560.40 USD	673.30
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8/10/2007    11:21	Payment Received	84003468	Gold	+0.643828	4674995	425.57 USD	661.00
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8/11/2007    02:55	Payment Received	84028495	Gold	+1.011994	4674995	680.06 USD	672.00
	From: EarthRiches.com

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Hyip

Our referral program pays 10% of spends made by persons you refer directly to your e-gold account. EarthRiches.com/?2560591

Save and get profit
Pay you 205% after 5 days
Trade Investmen Forex

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Look My cashout History

7/27/2007    03:15	Payment Received	83431040	Gold	+2.912338	4674995	1,937.87 USD	665.40
	From: EarthRiches.com
7/27/2007    11:39	Payment Received	83448564	Gold	+0.278576	4674995	183.86 USD	660.00
	From: EarthRiches.com
7/29/2007    14:08	Payment Received	83519270	Gold	+0.218658	4674995	144.38 USD	660.30
	From: EarthRiches.com
7/29/2007    14:13	Payment Received	83519407	Gold	+0.412252	4674995	272.21 USD	660.30
	From: EarthRiches.com
7/30/2007    14:24	Payment Received	83556775	Gold	+0.812360	4674995	538.27 USD	662.60
	From: EarthRiches.com
7/31/2007    08:00	Payment Received	83590224	Gold	+0.575349	4674995	382.78 USD	665.30
	From: EarthRiches.com
8/1/2007    03:00	Payment Received	83624631	Gold	+0.625636	4674995	415.36 USD	663.90
	From: EarthRiches.com
8/2/2007    01:22	Payment Received	83668288	Gold	+1.093190	4674995	727.19 USD	665.20
	From: EarthRiches.com
8/9/2007    04:13	Payment Received	83943045	Gold	+2.317540	4674995	1,560.40 USD	673.30
	From: EarthRiches.com
8/10/2007    11:21	Payment Received	84003468	Gold	+0.643828	4674995	425.57 USD	661.00
	From: EarthRiches.com
8/11/2007    02:55	Payment Received	84028495	Gold	+1.011994	4674995	680.06 USD	672.00
	From: EarthRiches.com

Omnipay Update

June 21, 2007 OmniPay Africa had planned to become operational, conducting both in and outexchanges by June 18th. It now appears this service will be delayed several weeks. Establishment of OmniPay Africa has been on-going, designed to facilitate a remote and sophisticated payment capability to the majority of mankind underserved or excluded from traditional banking and constituting it properly is imperative. The complexities of making OmniPay Africa fully operational in an accelerated manner have been greater than originally anticipated causing this delay. We assure you we are working diligently to bring OmniPay Africa online.
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E-Gold Loses Hearing On Seizure

The seized assets shall remain frozen. That’s the e-gold that was seized and sold for cash, all 1MDC account gold included.

MINUTE ENTRY ORDER denying [35], [36] Defendants’ Motion to Vacate Seizure Warrant and to Modify Restraining Order and Request for an Evidentiary Hearing. For the reasons stated at the June 21, 2007 hearing, in open court, the Defendants’ Motion is hereby DENIED. This is a final appealable order. See Fed. R. App. P. 4(a).
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SECRET SERVICE MIAMI FIELD OFFICE ARRESTS MEMBERS OF ORGANIZED ELECTRONIC CRIME RING IN SOUTH FLORIDA

(Miami, FL) – The United States Secret Service today announced the recent arrests and indictments of four members of an organized fraud ring in South Florida. In all, the individuals – identified as Miguel Alegria, 46, of Hialeah, FL; Raynier Pupo, 22, of Miami, FL; Ariel Montero, 32, of Aventura, Florida; and Javier Padron-Bravo, 35, of Aventura, FL – have been charged with aggravated identity theft, counterfeit credit card trafficking and conspiracy.

In a coordinated operation between the U.S. Secret Service’s Miami and Nashville Field Offices earlier this year, Miami Electronic Crimes Task Force agents arrested Julio Lopez, age 30, and Lopez’s girlfriend Anett Villar, age 26, both of Hialeah, FL, after receiving warrants for their arrests from the Nashville Field Office in an online carding investigation. Julio Lopez had used the screen name "Blinky" and had been identified as trafficking counterfeit credit cards and identifications for years over the Internet.

As a result of the initial investigation targeting Lopez (aka "Blinky"), evidence was discovered of an organized fraud ring of Cuban nationals, which included Alegria, Pupo, Montero and Padron-Bravo, operating in South Florida. These individuals were sending large amounts of money via E-Gold accounts to known cyber criminals in Eastern Europe in return for tens of thousands of stolen credit card account numbers. The stolen credit card account numbers were then used to counterfeit credit cards in “plants” throughout southern Florida.

As a result of these arrests, more than 200,000 credit card account numbers were recovered in connection with the ring’s activity, which was responsible for fraud losses of more than $75 million. Additionally, agents seized two pick-up trucks, $10,000 cash and one handgun in connection with the case.

“This case demonstrates the potential for online criminals to inflict significant damage on a global scale, but this investigation and the resulting indictments and arrests should serve as stark reminders to cyber criminals that law enforcement will continue to pursue them wherever they are,” said Special Agent in Charge William Sims of the U.S. Secret Service’s Miami Field Office.

This investigation is just one example of the U.S. Secret Service’s cyber-initiatives to combat financial fraud and identity theft. These initiatives are designed to disrupt activity on criminal web forums, where the suspects openly engage in the sale of stolen and compromised credit card information, false identity documents and malicious software that enables criminals to obtain access to victims’ computers.

The U.S. Secret Service has taken a lead role in cyber crime investigations and, through a nationwide network of Electronic Crimes Task Forces, has established partnerships in both the law enforcement and business communities to protect the nation’s critical financial infrastructure.
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e-gold is...

Since this blog is going to be all about e-gold, a natural place to start is with a succinct definition of e-gold. I promise to offer a succinct definition... but I am not going to stop with the succinct version.

A proper exegesis of e-gold requires some elaboration. [I like that word exegesis. It will be a struggle not to overuse it. I'd love to hear Eddie Izzard ad lib with "exegesis". I'm also fond of "explication".] e-gold entails subtleties, with ramifications that I regard as profound and important. For example, I think the concept of "base money" is interesting and would be a useful construct for anyone with an interest in how financial systems work. In discussing e-gold, the idea of base money is a building block that will facilitate precise discussion of multiple topics ranging from efficiencies that mainstream banks will eventually realize via an embrace of e-gold to the holy grail of a monetary system that is automatically self-regulating vis-a-vis quantitative money supply.

If a person already has a good grasp of monetary principles - the nuts and bolts of central banks, banking in general - it is relatively simple to describe how e-gold is similar to and in what respects it differs from contemporary and historic models. Most people, however, have a pretty vague sense of what US dollars are or how the Fed works. Stick with the e-gold blog and I believe you will also gain a better grasp of dollars, dalasi, rubles and the various other legacy brands of money.

I anticipate a number of entries will be devoted to fleshing out monetary jargon, the terms of art that have specific meaning and connotation in a monetary theory context. Often it will be possible to hyperlink to existing definitions [for instance the reference to "indirect exchange" below], but at times the terminology will need to be developed or extended in an e-gold specific context [e.g., "primary dealer"].

To proceed (with haiku-like brevity):

e-gold is a service that mobilizes the value of gold for payments via the Internet.

Preview of a more fully elaborated definition:

e-gold is a medium of indirect exchange, constituting a liability of e-gold Ltd., denominated in weight units and backed 100% by the net gold content of physical bullion held in appropriate custodial arrangements. e-gold is also a book entry settlement platform directly accessed by end users, and therefore usable as a payment mechanism. e-gold is designed to serve as the base money of and settlement platform for an alternative global currency that can be variously referred to as e-gold or AUG.

Coming soon:

Someone recently told me that it confuses people when I refer to a quantity of e-gold as a liability. Along this line, I've encountered gold bugs fond of reciting that gold is an asset that is no one's liability... and going on to draw the non sequiturial inference that money based on gold isn't anyone's liability either?! Clarity on the liability topic matters and we should talk about it.

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Goldex.net stop e-gold outexchange

DUE TO OMNIPAY'S SERVICE SUSPENSION UNTIL JUNE 18, WE ARE FORCED TO SUSPEND ALL EGOLD OUTEXCHANGE TRANSACTIONS, INCLUDING TRANSFERS FROM EGOLD TO BANK WIRES, CHECKS, OTHER ONLINE CURRENCIES AND TO THE DEBIT CARDS

WE REGRET WE HAVE TO TAKE THIS ACTION HOWEVER IT IS A CONSEQUENCE OF FACTS TOTALLY BEYOND OUR CONTROL


ALL PREVIOUSLY ENTERED ORDERS ARE BEING COMPLETED ACCORDING TO THE SCHEDULE PRESENT ON THE SITE AT THE TIME THE ORDER WAS ENTERED

REGARDS

GOLDEX ADMIN

Marketiva suspended E-Gold deposits

Marketiva has temporarily suspended E-Gold deposits, until the situation with E-Gold exchangers clears. According to an announcement, it could be on or after June 18, and we are hoping to resume accepting E-Gold deposits then. We are currently unable to convert E-Gold to currency in our bank account.

Omnipay Update

June 21, 2007 OmniPay Africa had planned to become operational, conducting both in and outexchanges by June 18th. It now appears this service will be delayed several weeks. Establishment of OmniPay Africa has been on-going, designed to facilitate a remote and sophisticated payment capability to the majority of mankind underserved or excluded from traditional banking and constituting it properly is imperative. The complexities of making OmniPay Africa fully operational in an accelerated manner have been greater than originally anticipated causing this delay. We assure you we are working diligently to bring OmniPay Africa online.

E-Gold Loses Hearing On Seizure

The seized assets shall remain frozen. That’s the e-gold that was seized and sold for cash, all 1MDC account gold included.

MINUTE ENTRY ORDER denying [35], [36] Defendants’ Motion to Vacate Seizure Warrant and to Modify Restraining Order and Request for an Evidentiary Hearing. For the reasons stated at the June 21, 2007 hearing, in open court, the Defendants’ Motion is hereby DENIED. This is a final appealable order. See Fed. R. App. P. 4(a).

Signed by Judge Rosemary M. Collyer on June 22, 2007. (cdw)

SECRET SERVICE MIAMI FIELD OFFICE ARRESTS MEMBERS OF ORGANIZED ELECTRONIC CRIME RING IN SOUTH FLORIDA

(Miami, FL) – The United States Secret Service today announced the recent arrests and indictments of four members of an organized fraud ring in South Florida. In all, the individuals – identified as Miguel Alegria, 46, of Hialeah, FL; Raynier Pupo, 22, of Miami, FL; Ariel Montero, 32, of Aventura, Florida; and Javier Padron-Bravo, 35, of Aventura, FL – have been charged with aggravated identity theft, counterfeit credit card trafficking and conspiracy.

In a coordinated operation between the U.S. Secret Service’s Miami and Nashville Field Offices earlier this year, Miami Electronic Crimes Task Force agents arrested Julio Lopez, age 30, and Lopez’s girlfriend Anett Villar, age 26, both of Hialeah, FL, after receiving warrants for their arrests from the Nashville Field Office in an online carding investigation. Julio Lopez had used the screen name "Blinky" and had been identified as trafficking counterfeit credit cards and identifications for years over the Internet.

As a result of the initial investigation targeting Lopez (aka "Blinky"), evidence was discovered of an organized fraud ring of Cuban nationals, which included Alegria, Pupo, Montero and Padron-Bravo, operating in South Florida. These individuals were sending large amounts of money via E-Gold accounts to known cyber criminals in Eastern Europe in return for tens of thousands of stolen credit card account numbers. The stolen credit card account numbers were then used to counterfeit credit cards in “plants” throughout southern Florida.

As a result of these arrests, more than 200,000 credit card account numbers were recovered in connection with the ring’s activity, which was responsible for fraud losses of more than $75 million. Additionally, agents seized two pick-up trucks, $10,000 cash and one handgun in connection with the case.

“This case demonstrates the potential for online criminals to inflict significant damage on a global scale, but this investigation and the resulting indictments and arrests should serve as stark reminders to cyber criminals that law enforcement will continue to pursue them wherever they are,” said Special Agent in Charge William Sims of the U.S. Secret Service’s Miami Field Office.

This investigation is just one example of the U.S. Secret Service’s cyber-initiatives to combat financial fraud and identity theft. These initiatives are designed to disrupt activity on criminal web forums, where the suspects openly engage in the sale of stolen and compromised credit card information, false identity documents and malicious software that enables criminals to obtain access to victims’ computers.

The U.S. Secret Service has taken a lead role in cyber crime investigations and, through a nationwide network of Electronic Crimes Task Forces, has established partnerships in both the law enforcement and business communities to protect the nation’s critical financial infrastructure.

What is WebMoney?

WebMoney is a powerful hardware and software system that enables
Internet users to conduct safe transactions in real time using
WebMoney units (WM-units). Special software - WM Keeper -
is used to manage the movement of WM-units.

The
system offers several types of WebMoney units and purses for
them:

WMR – equivalent of Russian Roubles (R purse),

WMZ - equivalent of US Dollars (Z purse),

WME - equivalent of Euro (E purse),

WMU - equivalent of Ukrainian Hryvnias (U purse),

Also, there are two special types of units, WMC and WMD, which
represent US Dollars in credit transactions.

Purses
of the same type should be used to transfer WM-units (the
system does not allow for transfer of non-matching types of
units into the purses; for example, if you need to transfer
WMR units into a WMZ purse, you will first have to exchange
WMR units for WMZ using one of the WebMoney exchange options).

Currently,
WMR transactions are underwritten by "WMR" LLC that
represents WebMoney Transfer in Russia. WMZ and WME transactions
are underwritten by the Amstar Holdings Limited, S.A. WMU
transactions are underwritten by the Ukrainian Guarantee Agency.

It
is easy to join WebMoney Transfer. All you need is to download
a WM Keeper client on your PC and register with the system
by accepting terms of use and receiving a WM-ID. During the
registration you will have to provide and confirm your personal
information.

WebMoney
Transfer has verification system. Each user has the so-called
WebMoney passport. A WebMoney passport is a digital certificate
based on personal data provided by a WebMoney member.