Lamda EC or Lamdagroup Lamda EC, Lamdagroup.com, lamdaec.com, Cyprus Merchant processor scam credit card fraud payment processor review Limassol Cyprus Internet

We chose Lamda as a payment processor for our online shops in June 2012 and processed with them until end of July.

Their implementation of gateway was totally unprofessional, their so called technical support "kazi harun or roshid' was unable to get their own code connection from backend to their acquiring bank in order and the whole support and setup was more like a trial and error. I strongly believe that their tech support was hired from a freelance job employment platform - maybe even with less qualification than that. 

They initially started to pay out, however after a month of processing without a single chargeback they froze our account with around 12K USD + Holdback in it and claimed that for compliance reasons and future audits they need various new papers. We submitted these as best as possible but they refused to open the processing again or pay out the remaining funds.

Meanwhile they changed their url from LAMDAEC.COM to LAMDAGROUP.COM

They do not reply to several emails by us and our agent to address the outstanding fund and holdback issue. This and after some online investigation leads us to the assumption that Lamdagroup is a Cyprus based Offshore registered Scam Card processing company. Likely a single or 2 persons behind this whole fraud. Even they act like emails come from several persons, background is probabaly a russian or cyprus scam that runs a few other sites as network, with the aim to acquire online shops, have them start processing for a month or a bit longer and then freeze their accounts and keep the funds. 

They are an offshore company registered in Cyprus, Company Reg Number: ΗΕ 204061 As a payment processor claiming to handle your processed funds safely this itself should make you wonder. We are now compiling all info and emails and will be hiring an internet fraud lawyer in Cyprus to hold the Company Liable.