Wednesday, December 28, 2005

December 28 Updates

Scam Sites:
http://www.oplinvest.com/, (ip: 65.39.204.36). Payment problem reported.
http://www.130inv.com/, (ip: 70.86.181.2). Payment problem reported.
5dayspay.com, (ip: 67.15.54.27). Payment problem reported.
fromzerotomillions, (ip: 72.36.165.218). Payment problem reported. The statement on its website stated as "WE´LL BE BACK SOON". Maybe they are withdrawing the funds from e-gold before members sent out complaints to e-gold. That was the tactics for many older scammers.

News from 12Daily Regarding e-gold Issues and Solution:
We want to take this time to address what we have found to be a continuing concern regarding one of our payment processors, E-Gold.

As many of you have witness over the course of recent months, and more specifically recent weeks, E-gold has been experiencing a great deal of technical difficulties. Their site was not functional at least 5 days during the month of December, significantly affecting our business functionality.

As a major client, we have also been very disappointed at their lack of communication with their members during these technical difficulties. In addition there have been an alarming amount of hacked E-Gold accounts which have taken up a great deal of our staff’s time trying to sort and manage for our members.

Even more disturbingly, we are finding that 90% of the cheaters and referral scammers who have stolen thousands of dollars from 12daily Pro over recent months, utilized E-Gold as their payment processor with us. This is obviously because E-Gold is much less stringent about ID verification and because all E-Gold transactions are final, thus making the scammers very difficult to catch. These instances have significantly damaged our E-Gold reserves.

Given all of these issues, we feel that it is in the best interest of 12daily Pro and all of our members to:

1) state of official current preferred payment processor as StormPay
2) finalize an offering for another alternative payment option for our members

The first of these has already taken root, as many members have taken advantage of StormPay’s offering of lower rates for NetIBA members. The latter, an alternative payment option, will be announced and available in January.

In the meantime, because of continuing issues with E-Gold mentioned above, from today forward, we will be changing our terms regarding E-Gold. As you will find, many programs have begun charging a % fee for all E-Gold withdrawals from their program. Instead of such a fee, 12daily Pro will instead be lengthening the amount of time we may need to take to pay pending E-Gold withdrawals.

From today, Dec. 27, all pending E-Gold payments (including those currently pending) will be paid within 10 business days. This new term will apply to any pending withdrawals that expired on December 18 and beyond.

We hope that this will allow us some flexibility to deal with loss of E-Gold revenue from cheaters and scammers, to better, protect members account withdrawals from E-Gold hackers, and to give us room to navigate when E-Gold experiences extended technical issues. We anticipate we will be able to maintain an average payment time of approximately 4-8 days, but the extra days will allow us needed flexibility given the E-Gold issues we face on a daily basis and those that arise unexpectedly, as as happened recently.

To understand this better, you need to also understand that due to the volatile nature of the payment processor and its tendency to be hacked, though we follow every possible security precaution, the fact we do not keep large amounts of reserves in E-Gold for security reasons. We do not want to put your money at risk unecessarily. Thus, E-Gold's stability is paramount to our payment cycle. They have not been stable of late, so we must make necessary adjustments.

Please note that this will in no way affect Stormpay pending withdrawal payment times. We will continue to meet and exceed our 7 business day payment term for Stormpay. In fact we are currently paying on the 4th business day with this processor, a full 3-4 days ahead of This is clear evidence that the issue here lies with the stability or instability of the payment processor.

We have made this decision based on what we feel is best for the long term stability of our program and for the success of our members. Our terms state that we may have to change the terms of service of our program from time to time in order to maintain a strong and solid foundation. We do not do this arbitrarily, but to insure the success of the logenvity of the program for all existing and future members.

Thank you in advance for your understanding.

Charis
12daily Pro Admin

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