Complaint Review: Perfectmoney

A fool and his money are soon parted, and this was the case with Perfectmoney.is (perfectmoney.com).

This company is used to as a merchant to make online purchases, where they'll take a cut (usually 5%).

The website looks cheesy enough, a header graphic of a guy getting out of a car with a suitcase and bodyguards around him. Perhaps the rumours of this being a Russian mob site are true, perhaps it's simply to make you believe that one day you'll be a rich millionaire needing security protection.

I can't speak for Perfectmoney's other services other than the Credit Exchange area. In this section members can give and take loans in US funds or Euros.

I live in North America and seeing so many Russian and Ukranian people requesting money immediately set off some red flags. Where were the North Americans? I felt like a fish out of water even wanting to loan money to these people. The interest rates were impressive though. Lend $1 and get back $3. Lend $10 and get back $15.

Most of the transactions you'll find are for mere dimes (.10 cents to $3.00 US). The reason people do this is to built up their Trust Score (TS). The TS is based on how many transactions you've conducted, the amount of personal information you have provided for your account and of course your ability to have repaid a loan on time. Think of it like E-Bay except you'd be selling 10 cent items for sake of feedback and only feedback.

The company (Perfect Money) is oblivious to this occurring, but as long as they take their cut who cares right?

So what the PerfectMoney members do is, borrow 50 cents and get a positive feedback (like Ebay's feedback) and build up their TS score. Then they go for the larger sums of money when you think you cn trust them... and it's bye-bye with your money.

I put in 31 loans over the course of three days, using an investment of $50. I was able to make a small profit off of these initial loans and saw .10 to $1.00 profit per loan. I kept the loans minimal at first, being uneasy about the process. Once I had the loans returned I would gradually up the money to about $5 or $10.

Well I put in another $50 into Perfect Money and lent out a total of $80 in small loans. I believe these are all the same people working as one, because every single one of my loans defaulted. EVERY ONE. Even the guys who initially began paying back my loans and had 180 positive feedbacks DEFAULTED. It was like they decided they could throw away all of their hard work invested into building up a high TS score.

Perfectmoney is a scam plain and simple. I will never ever invest in their Credit Exchange service nor use their ridiculous 5% fee transaction processing again.

I don't just talk the talk, I am uploading an image showing all of my loans gone bad.

Perfectmoney - so long as it's in our wallet and not yours.