Suspicious, Troubling and Fraudulent P2P Platforms

S4F Risk Management @ Savings4Freedom
After so much troubling news in the European P2P Industry, it is crucial to collect and share a list of the suspicious, troubling and fraudulent P2P Platforms.

This year has been quite an experience to any investor. The European P2P industry is now reckoning with the impact not only of COVID-19 but specially with the break in trust that resulted from suspicious, troubling and fraudulent P2P Platforms. This lead to a number of ongoing criminal cases, with police investigations under way. In some cases, there are clear signs that at least some frauds are interconnected. The goal of this post is to share a update on a list of platforms I follow that I prefer to avoid.

Please let me know if I’m making any mistakes in the list below or if I should include additional platforms and why…

Suspicious and Troubling P2P Platforms

The following P2P platforms are operating, and serving clients, even if I would be very careful in investing in these. If situation improves, it will be great to remove them from this list in the future.

Fastinvest

FastInvest is one of the most controversial P2P platforms in Europe. Check the article below to learn more about my current perspective. Because of this post my FastInvest was terminated and I received the small amount still there. Based on available information, funds are still been paid, but many investors are ready to go to courts.

FastInvest: Time’s Up! A new investor legal action?
Risk Management
By July 14, 2020 3
After Kuetzal and Envestio scams, I decided to stop investing in FastInvest. Since April they limited withdrawals. Now investors are getting ready for action.

A group of investors started collecting information from all interested in proceed with a legal action. You can find the questionnaire here. And if you want to be informed on all the activity, my recommendation is for you to join the dedicated Telegram Group.

DoFinance

doFinance is Alfa Finance Group peer-to-peer loan marketplace. Since April there was a serious liquidity problem that lead to significant delays in withdrawals. This is a P2P platform in trouble and better to wait the normalization of market conditions before investing, making sure they are able to maintain operations until then.

If you want to be informed on all the activity, my recommendation is for you to join the dedicated Telegram Group.

TFGcrowd

I have a TFGcrowd account, but my stressful experience with other P2B platforms is leading me to reduce my exposure. Check the article below to learn why.

TFGcrowd: Unlikely Survivor
Financial Status

TFGcrowd: Unlikely Survivor

By June 24, 2020 0
Among the P2P platforms I want to reduce my exposure to is TFGcrowd. I don’t know if it is a scam, but I was not expecting them to

If you want to be informed on all the activity, my recommendation is for you to join the dedicated Telegram Group.

Housers

I avoid Housers entirely. From problems among founders to investors suing the company at Spanish courts, I don’t what to take part of it at all… a penalizing fee structure with many loan projects that were never concluded. Better to avoid.

If you want to be informed on all the activity, my recommendation is for you to join the dedicated Telegram Group.

NordVPN Internet Security @ Savings4Freedom

Fraudulent Platforms

Based on my personal assessment and losses, the following P2P platforms are fraudulent scams. Investor class actions have started and there are ongoing police investigations.

Kuetzal

Kuetzal is a scam. Nothing more to say… If you want to be informed on all the activity, my recommendation is for you to join the dedicated Telegram Group.

7 Lessons to Protect Yourself From P2P Scams
Risk Management

7 Lessons to Protect Yourself From P2P Scams

By January 6, 2020 5
Greed and herd mentality can go a long way to blur our capacity to detect P2P investment scams. Learn on how to avoid P2P investment frauds with prior

Envestio

Envestio is a scam. Nothing more to say… If you want to be informed on all the activity, my recommendation is for you to join the dedicated Telegram Group.

Suspicious, Troubling and Fraudulent P2P Platforms
Risk Management

Suspicious, Troubling and Fraudulent P2P Platforms

By September 9, 2020 0
After so much troubling news in the European P2P Industry, it is crucial to collect and share a list of the suspicious, troubling and fraudulent P2P Platforms.

Grupeer

Grupeer is a criminal case. If you want to be informed on all the activity, my recommendation is for you to join the dedicated Telegram Group.

Suspicious, Troubling and Fraudulent P2P Platforms
Risk Management

Suspicious, Troubling and Fraudulent P2P Platforms

By September 9, 2020 0
After so much troubling news in the European P2P Industry, it is crucial to collect and share a list of the suspicious, troubling and fraudulent P2P Platforms.

Monethera

Monethera is a scam. Nothing more to say… If you want to be informed on all the activity, my recommendation is for you to join the dedicated Telegram Group.

Suspicious, Troubling and Fraudulent P2P Platforms
Risk Management

Suspicious, Troubling and Fraudulent P2P Platforms

By September 9, 2020 0
After so much troubling news in the European P2P Industry, it is crucial to collect and share a list of the suspicious, troubling and fraudulent P2P Platforms.

Wisefund

Wisefund is a criminal case. If you want to be informed on all the activity, my recommendation is for you to join the dedicated Telegram Group.

Suspicious, Troubling and Fraudulent P2P Platforms
Risk Management

Suspicious, Troubling and Fraudulent P2P Platforms

By September 9, 2020 0
After so much troubling news in the European P2P Industry, it is crucial to collect and share a list of the suspicious, troubling and fraudulent P2P Platforms.

Conclusion

This year with all the financial upheaval it brought exposed suspicious, troubling and fraudulent P2P platforms. Those with weak financial capacity to cope with difficult economic times also are facing the challenge. This is also an opportunity for all investors to test and check examples of good risk management and customer service from a small number of platforms, making it clear that this asset class still needs a lot of work to be a reliable option, but it has a lot of potential for the future.

But something that I hope will be clear at the end of this text is that investing in P2P loans is not for all investors. Be aware of the potential benefits, but don’t forget the risks.

We, as investors, should do the same, as Killer Mike urged protesters to do in Atlanta: “plot, plan, strategize, organize and mobilize“. Then act!


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