Broker scams LincolnFX, ZurixCorp, and its payment processors

LincolnFX and ZurixCorp broker scams and facilitating payment processors
Spread financial intelligence

The warnings

The UK Watchdog FCA issued an investor warning against the scam broker LincolnFX (www.lincolnfx.capital) in January 2020 and the Spanish regulator CNMV issued another warning in February 2020. The scam is operated by Lincolnfx.capital Ltd and a clone of an FCA-authorized financial institution. It’s still online on August 5, 2020. The FinTelegram Research team has received documents from some of the scam’s victims and thus has taken a closer look. Consequently, facilitating payment processors like Plus Exchange or Titan Payments as well as interesting connections have been identified.

The LincolnFX‘s scam is also performed via brokerage apps in the Google Play Store and Apple App Store. The LincolnFX platforms can be traced back to a company called “The Change Ltd.” Connected with The Change Ltd is the Australian Zurich Group PTY. Ltd which operates its own broker scam ZurixCorp under the domain www.zurixcorp.com. Lawyers in Germany have warned against ZurixCorp and The Change Ltd for some time.

Facilitating payment processors

This ZurixCorp scam broker again works with the same payment processors as LincolnFX. Both have implemented “The Change” and “Plus.exchange” as well as “Titan Payments” as payment options for its client-victims. Additionally, a platform called Paiid (www.paiid.io) is also listed as a payment processor, which in turn belongs to “The Change Ltd” according to its terms and conditions.

If you select the payment processor “The Change” in either scam, you will be led via the URL https://paymentspage.com/the-change/ to the Estonian payment processor Plus.exchange (www.plus.exchange). This crypto exchange and payment platform is operated by COINHI QN OÜ (see corporate information) with one of the worthless Estonian Crypto licenses.

If you choose Payments Titan, you will be directed to the website associated with the domain www.paymentstitan.com. Apparently it is a Polish payment processor operated by BDIKA SP. Z.O.O. purportedly licensed by the Polish Financial Supervision Authority (“KNF”) with number MIP53 / 2020. For bank transfers, BDIKA holds a bank account with the Lithuanian Epayblock UAB (IBAN LT023350090100022544). Epayblock is an e-money institution licensed in Lithuania which operates a payment platform under the domain www.epayblock.com.

  1. syfantos says:

    good work ,immediate action, we hope banks stop help them.
    without help banks it s impossible organize the frauds.

  2. Frank says:

    First of all, excuse me for my english, it’s a little bad. A few days ago some person contacted me through the phone and offered me the possibility of inverts
    in the financial markets. This person said me that she was working for a CySEC broker. The arguments who explained me were very convenient and this person suggested that I should open an account on titan payments.
    She indicated to me the steps to do this and she asked me for a number generated by my account. I passed this number to her. The next step was to deposit money in this account but I preferred firstly investigate a little about this. After read this article I understand that this payment processors are a scam and the Broker too. This person added me in her WhatsApp and still today Contact me.

  3. Cianek says:

    I felt a victim of fake broker in September of 2020. One of my transactions went to one of the banks described in your article – UAB Epayblock. Of course police gave up the investigation, so I had to make my own one and I also got to know that UAB Epayblock is led by polish company, but registered in Lithuania. I sent multiple e-mails to the Epayblock support in hope to get help with recovering my stolen funds. I also contacted my bank situated in poland with a complaint about the transaction. My bank claimed to have contacted Epayblock multiple times, but with no answer. I also haven’t received any answer from UAB EPAYBLOCK for over 3 months now and I’m afraid they could be cooperating with the thieves. Do you have any advise on how to contact the bank or its owners?

Leave a Reply

Your email address will not be published.