The series of events lately in the TranzactCard business operations suggests its collapse. A lot of its users are intrigued about these recent events in the TranzactCard and also want to know about the future of it.
As a result, we will briefly discuss these occurrences that point to the possible collapse of TranzactCard in this post.
TranzactCard Collapsed
A data breach was reported in the corporation in January 2024, following Bangor Bank’s December 2023 denial of its partnership with TranzactCard and TranzactCard’s claim to be Bangor Bank’s new US partner bank.
A person known as “Aleksey_Petrov” was spotted selling 48,000 credit card data that had been submitted to TranzactCard, according to a post from January 28 on BreachForums. But until the BreachForums post, the breach was either unfounded or not mentioned in the media.
This breach included email addresses, user names (DBOs and customers), card details, purchased gift card details, phone numbers, passwords, IP addresses and many more which was really concerning for all TranzactCard users.
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TranzactCard Hangs DBO Recruitment!
TranzactCard halted hiring new Digital Branch Owners (DBOs) in February 2024. This occurrence served as a clear warning sign that it was about to fail because the halting of DBO recruitments seemed completely nonsensical.
In a statement, TranzactCard informed users that this week’s suspension was due to the launch of a complimentary portfolio of products and services. It doesn’t seem right to disable recruitment in order to add or delete products.
This was the point in time that suggested an indirect collapse, as the majority of MLM businesses always employ some sort of lies to conceal the departure and collapse of their operators rather than collapsing outright.
The ruse that led to TranzactCard’s collapse was the halting of fresh DBO recruitment. TranzactCard’s demise was most likely caused by a decrease in Tranzact recruiting and referral overall.
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TranzactCard Reboot as FinMore
Even after the incidents that pointed to TranzactCard’s collapse, the company’s story didn’t end there. Under a new name and branding, FinMore. TranzactCard joined the market and appeared to be a replica of the TranzactCard business concept.
On the other hand, FinMore was positioned as a third-party company that just partnered with TranzactCard and as having “licencing technology” from TranzactCard.
Given that FinMore and TranzactCard have the same business model, it will be interesting to watch how FinMore develops going forward, given how TranzactCard collapsed and returned as FinMore.
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