It’s hard to get a sense of what happened between Bidify and the payment processor Towah. Starting around mid to early 2012, Bidify affiliates began reporting problems with getting their money out of the payment processor, who cited some investigation that could take “540 days” to get resolved.
The details of this investigation are sketchy and I don’t think Towah have ever actually clarified what it entailed. At least not in any great detail.
Regrettably the current situation between Bidify and Towah is rather extensive and due to sensitive information, there is unfortunately a limit to the amount of material we at this point can go public with.
Nonetheless what we are able to inform is that this is the result of two substantial incidents with Bidify;
The first being the changes made to the Bidify compensation plan, which led to a series of dissatisfied members who approached their banks and claimed to be victims of scam.
Shortly thereafter the second incident happened, where Bidify suffered a massive fraud attempt by the usage of multiple fraudulently credit cards.
The severity of these two events led to all accounts with our Cooperating Bank and Business partners to be frozen, and in the worst case scenarios it will be frozen for up until 540 days.
Thereafter a mistake was made in which allowed Bidify to keep running their compensation on paper, however the bank kept and still do keep the funds frozen, which in real terms means members are not able to use their existing Towah Funds.
Unfortunately we did not foresee the severity of these situations, and where therefore late in putting an end to the compensation payment made from Bidify to Towah Club Accounts.
Meanwhile Bidify affiliates were effectively cut off from the funds they’d invested into Bidify, as Bidify simply handballed the problem off to Towah and attempted to carry on business as usual.
Fast forward a year and a half later and other than Bidify changing its name to MyCenterBid, not much has changed. Echoing the furstrations of Bidify affiliates, now a British bank has also had enough. [Read the rest of this entry...]