The UK Watchdog Financial Conduct Authority (FCA) has issued an investor warning against the Praxis Cashier scam client Profits Trade (www.profitstrade.com). According to information on the scam’s website, it is operated by the company ProfitsTrade Ltd in Dominica. The Praxis Cashier is facilitating this broker scam, with Klarna and LeaderPay also being offered as payment options.
Praxis Cashier System Ltd (d/b/a Praxis Cashier or Praxis Pay) of the Israeli Amit Klachtko is one of the most aggressive scam and cybercrime facilitators on this planet. Exact data on the market share of Praxis Cashier in the cybercrime market is still missing, but currently, 7 out of 10 scam brokers use Klatchko’s payment processor.
The broker scams are really bad for small investors and consumers. But worse, much worse are the facilitating payment processors that make fraud possible in the first place. It is time that the responsible authorities in Cyprus, Germany and the other EU countries finally take action against Amit Klatchko and his Praxis Cashier Ltd. There is enough evidence to issue an arrest warrant against Klatchko and close down his payment processor for good.