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I've recently bumped on Entropay a company/web site that offers Prepaid Virtual cards, and what I would like to know is if this site and company are legit, or SCAM.

I've seen dozens of people complaining on forums and saying they had X amount of money on the card and their account got closed for no apparent reason and the money simply disappeared, they lost access to the account and money inside.

Seen as I'm considering this kinds of service and I'm not in the US (and I've never heard of prepaid virtual cards in my country - Brazil), would someone provide me with information or alternatives so I can make online purchases using related services?

Thanks in advance.

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marked as duplicate by littleadv, JoeTaxpayer, C. Ross Mar 26 '13 at 20:41

This question has been asked before and already has an answer. If those answers do not fully address your question, please ask a new question.

    
You might find this question relevant: money.stackexchange.com/questions/20771/… –  littleadv Mar 1 '13 at 23:24

1 Answer 1

up vote 2 down vote accepted

Virtual Credit Card: It there something like virtual credit card? Yes there is. We have banks in India HDFC and Kotak bank that allows you to generate a virtual credit card which could be used for payments on websites. These cards are one time use cards and will expire as soon as you use it once. The mail objective behind such virtual card service is to protect the actually card information to be shared on websites.

Take a look: Its call Netsafe and remember HDFC is a very reputed bank in India

enter image description here

Moving further about the company Entropay. Take a look at the website. Most of the information you need to know about the company starts from the website data:

Lets take a look at the contact us page: enter image description here

Any company that deals in financial services business has to be registered under financial services authority of the country they are doing business in. This company is based in Malta and should definitely be registered with Malta Financial Services Authority (MFSA). The company claims that they are registered with FSA under license registration number 540990. Sounds great everything is perfect but just to make sure I thought of taking a look at the MFSA website on the activity of the company. Here's a link:

http://www.mfsa.com.mt/

Under License Holder Tried searching for the company Ixaris Systems Ltd. and here is what I found:

enter image description here

There was no record of the company on the MFSA database. I even tried not searching and looking into the complete database but no such company on the list. By the way look I found Western Union there:

enter image description here

What I mean to say here is only one thing. Any company that deals in financial transactions need to be registered with the local financial services of the country they have their physical address in. If suppose western union is an american company with physical existence in 100 countries they not only have to be registered with Financial Services Authority in US but also in every other countries they have their physical address in.

I know many of you will still argue that it has a valid verisign logo which means it's a company with physical address and its been verified. But please remember its very easy to fool those verisign guys coz almost every verification is done online. Also the verisign information of this company shows its a company registered in UK not Malta. Just to be very sure again I also checked the FSA website of UK. There is no such company under FSA regulations even in UK.

I would want to give you the answer to your question very boldly but I had a bad experience today on this same website so I would rather allow you make the decision wether its a legit company or a SCAM.

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Thanks I've got my answer, too many unresolved variables for it to be legit or for me to risk going any further. Thanks one more time for the step by step information, so now I can try to verify other financial services on my own. –  claubervs Mar 2 '13 at 13:47

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