A new financial company called Finmore has caught people’s attention because it seems a lot like TranzactCard, which doesn’t exist anymore. Even though the people who sell it say it’s not the same, there’s a lot of proof that Finmore is just a renamed version of TranzactCard. This makes people wonder if it’s really legit and if they might be trying to trick people.
TranzactCard’s Collapse And Finmore’s Emergence
Following concerns about its business model and allegations of misrepresentation, TranzactCard faced scrutiny and ultimately ceased operations. Shortly after, Finmore surfaced, initially presented as a “merger” with TranzactCard. However, inconsistencies in these claims quickly emerged.
Is Finmore Legit?
Several factors cast doubt on Finmore’s independence from TranzactCard:
- Recent Domain Registration: Finmore’s website domain was registered just a week before its launch, contradicting claims of a pre-existing entity.
- “Licensing” Explanation Debunked: Statements about Finmore “licensing technology” from TranzactCard lack transparency, with ownership of Finmore remaining undisclosed.
- Seamless Downline Transfer: TranzactCard downlines appear to have been directly transferred to Finmore, raising concerns about data privacy and consent.
- Branding Similarities: The Finmore FBO signup form bears a striking resemblance to its TranzactCard counterpart, further fueling suspicions.
- Website Code References: References to TranzactCard’s policies and procedures were found embedded in Finmore’s website code, suggesting a direct copy-and-paste operation.
Potential Implications And Concerns
These similarities raise significant concerns:
- Deception: If Finmore is indeed a disguised TranzactCard, this constitutes a continuation of the alleged deception employed during TranzactCard’s operation.
- Bait-and-Switch: TranzactCard DBOs who invested $495 could be victims of a bait-and-switch if Finmore cannot guarantee access to promised financial services without US bank partnerships.
- Legality: The lack of transparency around ownership and potential data transfer practices could raise legal questions.
Transparency And Disclosure Needed
Until Finmore addresses these concerns through actions like:
- Publicly disclosing ownership
- Presenting a verifiable licensing agreement with TranzactCard, if one exists
- Addressing data privacy and consent regarding downline transfers
- Clarifying the status of financial service partnerships
The shadow of TranzactCard and its controversies will continue to hang over Finmore, casting doubt on its legitimacy and raising ethical concerns. It remains to be seen whether Finmore can establish itself as a distinct and transparent entity or fade away like its predecessor.
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