TranzactCard suspends DBO recruitment
TranzactCard has suspended recruitment of new Digital Branch Owners. I believe this also affects referral of new “retail” card members.
As per a big clunky announcement on TranzactCard’s website…
…the stated reason for the suspension is preparation for “a complementary suite of products and services this coming week”.
Taken at face value this doesn’t hold up. An MLM company doesn’t need to disable recruitment/referral to add or remove products.
Even in a badly coded environment these are two distinct modules.
Given the vague “complementary suite” wording, I suspect TranzactCard is scrambling to offset ongoing delays due to undisclosed banking issues.
We’re now a month into 2024 and, after the Bangor Bank announcement in December 2023, there have been no further updates – just stalling.
I suspect overall TranzactCard recruitment/referral has tanked (there’s no point signing anyone up with nothing to show), but even then that doesn’t explain why recruitment/referral has been taken offline.
I suppose we’ll find out in the coming week whether the “complementary suite” and recruitment/referral are in fact related.
Another possibility is TranzactCard’s thus far undisclosed data breach. Earlier this week an individual or group of individuals claimed to have hacked details attached to ~32,000 TranzactCard accounts.
To the best of my knowledge this breach has yet to be disclosed to TranzactCard DBOs or members. As per the FTC, here’s what’s supposed to happen when a company learns of a data breach.
TranzactCard’s continued failure to publicly disclose its data breach and response plan, could result in a regulatory response.
Back in 2018 the SEC fined Altaba (formerly known as Yahoo!) $35 million for “failing to disclose [a] massive cybersecurity breach”.
Although it runs contrary to TranzactCard’s regulatory disclosure requirements, quietly trying to address the breach is more plausible for disabling recruitment/referral than the addition of products.
Update 4th February 2024 – TranzactCard has collapsed. On February 3rd it was announced the company is rebooting as FinMore.
Man, you just can’t make this stuff up!!!
I agree that the company is now in scramble mode and feels it must give the DBO something to appease them and string them along as long as possible! Insane how some people are still promoting this crap!
I’ve seen several comments in TranzactCard related facebook groups about problems with credit card transactions getting processed.
The “Founders” special ended with January but exceptions were made for members with processing errors.
I didn’t think much more about that until I saw this article.
Why would a recruitment driven scheme decide to stop recruiting? Safe assumption, they didn’t. The decision was made for them.
Could TranzactCard’s recent hacking issues, 32K+ compromised customer accounts complete with credit card numbers, have some effect on their continuing ability to bill customer’s credit cards?
This is supposition on my part but I don’t believe TranzactCard would stop accepting member payments if they had any choice in the matter.
As of a few days ago, I still had people recruiting me and telling me exciting new programs were in the works! SMH! I’ve called it from the beginning. I told my friends I’d wait to reconsider once they officially opened, which was supposed to happen in November. I’m not holding my breath!
Just more garbage, I came in the 1st month and have ask for a complete refund. Because we’re not getting what we paid for..
So far I have yet to receive the refund or even an answer back.
I wish the Ag would just come in and shut their doors and do a call back.
The word “tranz” … just like trans … a delusional religion.
TranzactCard DBO and Member enrollment is back without the recruitment bonus for DBOs. It looks like the Income Opportunity commission is paid in Z-Bucks. I wonder, are Z-Bucks taxable?
They scammed 150,000 people. Then there processor shut them down. No Bank will touch them and now they changed there name and starting with a 100 percent new program called Finmore and guess what one of there products are Cannabis.
I have in Direct Sales for over 40 years and this Bull Shit is getting old.
I also have been threatened by some of the top guys. They threaten me with this attorney Kevin Grimes who is a VP in the original scam. So now we have MLM attorneys joining the scams lol.
I am/was in TranZact.., I asked my sponsor if they’d addressed the 32k accounts and I sent her the breachedforum link, to which she replied “That’s all bs. I have no idea.
They are announcing more additions Saturday.” (Like I care.)
“You can’t believe everything you read.” (No kidding.)
A little later, “They have been targeted many times due to the banking format. They are all over it and this is just daily stuff they deal with. I’m not worried about it at all.”
I guess the green flavored Kool aid is super strong.
Seems they are rebooting as “Finmore” because of the Tranzact reputation being so trash.
@Raymond
Grimes is in Thompson Burton. AFAIK they don’t have anything to do with TranzactCard.
Looking into the Finmore announcement now. Article up soon.
Just saw a post on tranzact card from a dbo. Said he can’t login to website.
Someone posted back that check his email as the name has changed to Finmore. What a joke.
Sadly Oz, Kevin Grimes is wrapped up in TranzactCard. Or should we say FinMore now.
As Vice President? That seems awfully odd.
I know KT is adamant about Thompson Burton not being intertwined with their clients as far as marketing and/or direct involvement goes.
It made no sense to me either . But Kevin Grimes is an affiliate of the now debunk Teanzactcard as of Saturday yesterday it is now Finmore.
Totally different pricing. All new names and they told as of Friday night over 150,000 people joined Tranzactcard.
They have stopped recruiting till there new program is ready. They said they plan on having a bank. lol.
I sent a message to them about refunding the 150,000 people they scammed before starting there new one.
I joined ant right away knew I had a bad feeling I requested a refund back within five days.
It took me 30 days but I did get my refund. Thank heavens in November. I’m glad I did.