The launch of Payza online scams in the emerging nations of Bangladesh and Pakistan.

In January 2013, Payza sponsored the e-commerce week in Dhaka, Bangladesh which ran concurrently with Dhaka Start-up week. Firoz Patel spoke at both events about his role as Executive Vice President at Payza and outlined his company’s prospective launch in Bangladesh. No mention was made of the Payza online scams which could be introduced as part of his plan. During his brief stay in the country, he spoke at several events and hosted discussions about his vision for the future of e-commerce in this emerging nation. He held long talks with the Deputy Governor of the Bangladesh bank, Nazneen Sultana. He also spoke to a representative of the main television service provider, Ekushey.

He spoke of his hopes and thoughts about the introduction of his payment gateway company to Bangladesh and how he would help bring their e-commerce sector up-to-date and in line with the rest of the world. He outlined his intention to avail his company to this fledgling sector with the hopes of building strong bonds with prospective clients. What he didn’t talk about were the Payza online scams that would start as well.

As an emerging market, most of the country does not have access to the internet which could also be said for the majority of the western world just 15 years ago. No one had heard of Payza online scams either! With the proliferation of smartphones and tablet computers, it is hoped that this situation will improve with the advances made in mobile telecommunication systems. After his meeting with the main service provider he spoke of his anticipation that the entire country would have a strong internet service within the coming year. He also offered his help and expertise in the hope of avoiding the “teething” troubles often associated with such a step. Secretly gloating at thoughts of the raft of Payza online scams that would inevitably follow!

Firoz Patel emphasized a few of the following points whilst conducting his forums: -

1.    The younger generation is the key to the success due to their acceptance of new technology. This can be said for most countries and not just for Bangladesh. The younger generation embraces new technology more readily than their parents and computer studies are part of the standard curriculum in nearly all schools and colleges. This will help build a successful e-commerce sector for the intended online market place.

2.    Payza believes that the strength of any company lies within its customers which can be said for all merchants who conduct business over the internet. The system needs to be user friendly and accessible to the vast majority of the country for it to be effective. With the help of the telecommunication service providers, this will be more than a possibility in the coming months.

3.    Users need the confidence to use such a system and e-commerce should be intuitive and as simple as possible. Banks too need to know that their money will be safeguarded and they will not be susceptible to unnecessary risks. The public also needs the confidence to use an online payment system which is a whole new concept for most of them. Many of them will never have heard of the Payza online scams which have been happening throughout the rest of the world.

The challenges that face Bangladesh are: -

1.    Infrastructure. The process has to be in place which will allow the flow of money to enter and to leave the country. There are no data centres set up to process this information at the moment, but as part of the expansion plans, several centres are being built to redress this situation.

2.    Internet access is still spasmodic throughout most of the country, but the building of many new masts will change this situation within months.

3.    The shipping of products from the heart of the country to international destinations remains one of the biggest challenges due to the lack of existing infrastructure. Again, this is due to change within the coming months. The need for a payment processing company to enable payment for these products is what Firoz Patel is offering with his Payza online scams.

International trade is steadily increasing with these Asian nations due to the relatively cheap production costs of manufactured goods. These suppliers need a payment gateway that can accept and make payments with ease. Other companies such as PayPal have very strict rules and regulations and therefore cannot offer their full range of services to merchants in Bangladesh. Payza has been designed to skirt around these regulations and advertise themselves as the chosen provider for financial services. More opportunities will arise for their Payza online scams.

Throughout the world, there is no central body that controls or monitors the international movement of money. Dealing with so many countries and their individual restrictions currently makes it impossible to govern. This is an ideal situation for Firoz Patel to exploit with his Payza online scams which have happened so often in the past with devastating consequences for those caught up in his fraudulent dealings.]

Many Bangladeshis find well paid work abroad and send money home on a regular basis to help support their families back home. The only way this can be achieved is by using a company such as Payza to send regular payments over the internet. What they don’t realise is the risk they are taking and the possibility of becoming a victim of Firoz Patel’s Payza online scams.

The Patel brothers exploit the relative lack of education for most of these migrant workers and rely on the ignorance of the government to the rules and regulations of online payment systems. Bangladesh is not known to have a strong voice at the meetings held by the International Monetary Fund’s committee.

When Firoz visited the country in 2013 it was to these people that he gave his promise of help to. As has happened so often in the past, this promise will not be kept.
The accounts will be allowed to operate smoothly at first whilst confidence in this new way of making payments, grows. After a few short months, the emails will arrive stating a breach in the terms and conditions and the resulting freezing of the accounts until a resolution is found.

The victims who are low paid and often uneducated will have no idea how to challenge such a large international company. If they manage to seek help from a bank worker or government official, it is highly likely that they will be unable to offer assistance in the refund of the lost money. Some officials are known to be as corrupt as the Patel brothers and will be ignorant to the Payza online scams.

Rupees, Dollars or Euros, the Patels do not care what currency it is as long as their Payza online scams continue to dupe their customers out of their hard-earned cash.

Why do Payza online scams work so well in Bangladesh?

With such a well-documented history of their direct involvement with online fraud we can be sure that Firoz and Ferhan Patel will not miss an opportunity to launch their Payza online scams in the emerging Asian markets.

Brazil, Russia, India and China have been given the acronym of BRIC countries. It has been predicted that by 2050, these nations will control more wealth than the current wealthiest nations. China will become the world leader in the supply of manufactured goods. Russia and Brazil will become the major suppliers of raw materials, whilst India will lead the way in service providers. Amongst the next eleven countries predicted to play a bigger part on the world’s stage, is Bangladesh. It is towards these emerging nations that the Patels will turn their attention in the hope of launching their Payza Company and of the Payza online scams that will accompany it.

There is no single body or department that controls the international movement of money. It’s just too big an animal for one regulatory body to control. It is for this reason that the Patels are able to continue to operate their nefarious companies. Through constant name changes of company, Director or CEO, they manage to avoid detection for as long as possible.

There is an ever growing need to conduct international financial transactions because of the growing global markets. Manufactured items and services provided by these emerging markets need to be paid for. Legitimate companies such as PayPal or Dwollar have restrictions in place which prevent them from being able to offer a much needed service for these countries. This is where Payza steps in to fill the gap.

Many people from these countries find better wages and working conditions are offered by foreign companies and eventually find employment abroad. In keeping with their strong family bonds, these migrant workers send a percentage of their salary home, each month. To do this, they need a system that can offer such a service, Payza does just that. The Patels know full well that the top ranking officials are often corrupt and willing to turn a blind eye to wrongdoings if they themselves can make a financial gain from the situation.

This is exactly the type of market that is suitable for their latest Payza online scams.

Being of Indian descent themselves helps to instil confidence in their new customers who find it hard to believe that they could be swindled out of their money by a fellow countryman. As has happened so often in the past, the accounts are allowed to operate smoothly and without problems. 

Then the email will arrive stating the usual breach of terms and the freezing of funds that comes with it. Who can these uneducated people turn to for help when they have been caught up in one of the latest Payza online scams? Their government will not be a great deal of help as they too are often ignorant to the world of international finances.

The total lack of regulations that control the movement of money is the main reason why the Payza online scams are able to continue.