The I Works scam continues to haunt CardFlex. In December 2010, the FTC charged I Works with scamming consumers out of more than $275 million via deceptive “trial” memberships for bogus government-grant and money-making schemes.
The FTC says the I Works credit card processing deception took in more than $26 million in illegal credit and debit card payments through the Visa and MasterCard payment networks. Three of the defendants have agreed to settle the FTC’s charges.
i2c, Inc. announced that it is partnering with CardFlex Japan, a wholly owned subsidiary of Tay Two Corporation and licensee of CardFlex, Inc., and Shinsei Bank to launch a new prepaid card in Japan. The card will bear the brand of Tay Two Corporation, a leading Japanese retailer of games, videos, music and books with more than 100 retail locations across the country. i2c will serve as prepaid processor, CardFlex Japan as program manager and Shinsei Bank, working closely with its holding company APLUS Co., Ltd., as BIN sponsor for the program. The Tay Two Visa prepaid card will provide Japanese consumers with a new payment option that combines the flexibility of cash with the convenience of card payments. Consumers will be able to load money onto the cards online and via mobile app and make payments online or in person anywhere Visa debit cards are accepted.
Tax accounting publisher ClientWhys has launched the “CardFlex MasterCard Debit Card” program targeted to
independent tax accountants. The “CardFlex Prepaid MasterCard” is issued by Palm Desert Bank and provides
independent tax accountants with a product for unbanked and underbanked clients to eliminate costly check
cashing fees, international transfers and cash dependence. ClientWhys will compensate the tax professional a marketing fee based on
the net revenue produced by each card. The compensation will vary based
on the volume of users. Upon approval of the tax practice, ClientWhys
will ship a set of CardFlex debit cards to the tax professional’s
facility. A simple web portal allows them to activate the card while the
client is in the office. This allows the tax professional to load their
client’s refund as a direct deposit on the card.