What Is Smashfund About? Beware, Scam Warning!

I accidentally came across “Smashfund” whilst reviewing another site this weekend and it automatically raised some alarms for me. I have seen this type of scam in the past and this seriously ticks all the scam boxes! For this reason I thought I would get to work right away and post an early warning about the possible dangers involved here. So, what is Smashfund about and why should everyone be a little cautious before joining?

What Is Smashfund AboutProgram Name – Smashfund
Website – smashfund.com
Price – $149 per month. (Free until July 2016)
Scam Status – 90{d2eff4ffc6f088af4aeb84fd6552e69a5f8b1d820a5bd3da75f23c87cfbb7bfb} Scam
My rating – 1/10

Smashfund is claiming that they will only be launching in July and that you can join for free and invite as many people to do the same before then. You will only be charged the monthly fee of $149 from July.

Why It Looks So Scammy, The Warning Signs!

You have probably already seen some reviews giving Smashfund ten out of ten ratings. These reviews are from people who have already joined this organisation and because they are invested, they desperately want to believe that it is going to work for them. Let me explain why I believe it won’t…..

Warning Sign #1, Pyramid Selling Type Scheme….

Smashfund Pyramid SchemeThis is a scheme that is dressed up as both a crowd funding organisation and a social platform all in one. Don’t be fooled by this as it is just to distract people from the underlying fact that this is just another blatant pyramid scheme.

I noticed this right away when I first visited their website. They are boasting about “Smashfund’s proprietary network algorithm” which automatically creates a network of people that you are connected to every time you invite a new member. They claim that you will get paid $50 for every person you invite and an additional $4 for everyone who subsequently connects with your invited people. They call these viral connections.

If that’s not a pyramid scheme then I really don’t know what is!! The sad thing is that some people will probably make some money in the beginning at the expense of others. It will most likely collapse eventually as pyramid schemes always do. I suspect that most people won’t get paid out in the end either.

 

Warning Sign #2, Card Details….

To confirm my suspicions I needed to get access to the members area. To join I was asked to give credit card details. This is where I started becoming very suspicious! Why would I need to give card details for something that is being offered for free? Surely if they are only going to launch in July they will only need my card details at that time. Anyway, I used a card from an account that I operate to test out scams. It has no money in it so no risk for me!

Guess what I found on the inside. Not surprisingly very little at all!! The most alarming thing of all is that there is no way to manage my account. That means no option to cancel or even change credit card details. At this present moment there is nothing you can do on the website at all other than watch a VERY vague introduction video of the owner trying VERY hard to explain VERY little at all. Have a look at this introduction video for yourself.

So  to sum it up, I have handed over my payment details to an organization that I know NOTHING about and who can pretty much do whatever they like with my money. Sounds like a recipe for disaster if you ask me!!

 

Warning Sign #3, The CEO Already Has A Lawsuit Against Him!

With my suspicions growing at an alarming rate, I decided to do some digging to find out more about the founders of Smashfund. The founder and CEO is a guy by the name of Rob Towles. I simply did a Google search of his name and surprise surprise, his name popped up in the results as follows “Efusjon – Pyramid Scheme Alert”!!

It would appear that our intrepid CEO already has a lawsuit against him for a pyramid scheme operation back in 2009/2010!! All the more reason for me to now believe that this is a dangerous organisation to get involved with.

 

Warning Sign #4, The Website is Practically Blank!

Smashfund ScamFor an organisation that is boasting about being the first ever crowd funding and social network all built in to one, the members area is a joke! At this point in time you can’t even edit your own profile!! I would like to have shown you a screen shot of my members area so you can see for yourself. I suspect though that if I do that I will be slapped with a copyright claim. That’s because I think Smashfund has something to hide!

Admittedly, they have said that they are only launching in July. However, I still would of thought that there would be more that you can do in the meantime. They are asking people to invite friends and make connections but there are no facilities to even see who you are connected with. How then can they call this a social network?

There is also nothing whatsoever explaining how the crowd funding platform is going to work. There are no facilities in place for this either. It is just a blank canvas at this stage. That gives me the impression that they are either very unprepared or have no intention of doing this at all!

 

Warning Sign #5, The Bait….

Your typical online scam will offer an incredible profit potential in a short period of time. This is a text book case because Smashfund is offering potential earnings of up to $64 000 per month! Damn that sounds good!!

On top of that they are using Facebook as a comparison by making you imagine how rich you would be now if you just made a dollar out of every person who joined Facebook from when they first launched. Yay, I’m going to be a billionaire!! Well sadly, Smashfund is definitely looking nothing like Facebook at the moment and the website speaks for itself!

A quick question to ask yourself too, surely with that level of income there will be tax implications? Of course there will. That means that there should really be an account section for details such as where you live, your date of birth, tax id numbers etc. Smashfund has nothing like this! All you are asked for when you join is your name, email address, card details and that’s it. Something is just not adding up here.

 

People Claim To Have Already Earned Some Money At Smashfund!

Is Smashfund A ScamWell this is not even possible! This program only launches in July and it is free to join until then. So how can anyone have already earned some money when there is none! They may have invited some people and be showing a credit on their dashboard, but this means nothing until the monies have actually been received.

Taking in to account all the warning signs, I will be very surprised if anyone gets paid out at all! Having said that, this is just my opinion and I can’t say anything for sure until such time as there is some hard evidence to support it.

 

Oh Dear, I Have Already Signed Up! What Must I do Now?

If you have already joined Smashfund and are only just reading this now, I would take the following precaution. Make sure that your related account only has enough credit to pay for the first month at Smashfund ($149). This is because you do not have an option to cancel your account or change your card details if you are not satisfied after joining.

Nobody knows how the system is going to work even if it does end up being legit! You must be prepared to be charged the monthly fee of $149 no matter how many connections you have invited. If you are not prepared to pay any money then you need to cancel you card immediately. Hopefully there will be a way to cancel your account in the future.

 

Lets Sum Some Things Up, The Good and Bad!

 

Advantages

  • I could be completely wrong about this and you could end up earning a fortune! (yeah right!)

Disadvantages

  • They are promising unbelievable potential earnings (too good to be true)
  • It looks suspiciously like a pyramid scheme
  • There is absolutely no control over your account and payment options
  • The CEO’s name is already tarnished

 

What is Smashfund About, My Conclusion….

I hate being pessimistic! However, there really seems to be too much pointing towards Smashfund being the start of another huge internet scam. I hope I am very wrong about this and that it turns out to be legit. I will be keeping a watchful eye and will update this article as and when things happen.

 

Update – 9th June 2016 (Changes To Website)

beware of pyramid schemeAs promised here is an update with some changes that have been made to the Smashfund website. At last they have now added a section where you can edit your account setting. However, is this actually a step in the right direction?

Well not really! They have provided the ability to change your personal information, password, email address and payment info. The problem is that when I go to payment info, the only option is for me to add MORE credit cards! The card that I signed up with is not even showing as an option. This is just raising even more red flags for me. So this is currently where I stand:

  • Personal Information – Allows me to edit my name, phone number and address. This is the fist time an address has even been mentioned. Here is the snag – they only have address options for Canada and United States. I live in Zimbabwe, so does this now mean that I am not eligible to take part? There was no mention of this when I first signed up. Something smells very fishy here! I mean this is tipped to be the next big social media platform as big as Facebook. Oh but sorry, it’s restricted to only two countries. Really!! I don’t think they are going to think twice about billing me $149 in July regardless of where I live.
  • Payment Info – allows me to add two MORE credit cards. I still cant cancel or change the card I signed up with though!
  • Account – There is still no option for me to cancel my account if I want to.

Update – 20th June 2016

It would appear that the developers from Smashfund have been reading this post too! I just signed in to my account and I can now change my card details. This is the FIRST positive thing that I have seen so far. However, there is still no way for me to cancel my account. No other changes to the website at this point.

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I would love to hear your opinions on this topic. Please leave any comments, feedback or questions in the section provided below. I have a feeling that there could be a heated debate brewing!! Thanks for reading this article. I hope that it helps.

 

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Comments

What Is Smashfund About? Beware, Scam Warning! — 18 Comments

  1. Ok, Gary, I have to ask. Did you get your money back from these crooks? I hate site that do not let you manage your own account. Then you have to contact the bank…yada….yada….to get disconnected. You are spot on. They do fit darn near every trait of a scam. Mainly, lots of money in a short time. Based upon what you said, I believe I’ll pass.

    • Hi Warren. Thanks for your comment. To be honest….I saw the writing on the wall long before I paid any money in to this scheme! 

      Since then I have heard many rumours about things that are not quite right Smashfund. However, I can’t say if they are true or not because I am no longer a member there. 

      My only advise is that you tread very carefully there!

  2. Hi Gary

    I had never heard of Smash fund and your review certainly makes the case not to go near them. My curiosity did get the better of me and I did visit their website.
    I think since you reviewed this they have beefed up their website a lot more. However, I still wouldn’t join them, their whole website just looks a bit unprofessional and I checked their traffic stats with a couple of tools and it seems like they are really tanking. Like you said too many red flags with this company.
    Thanks for the review

    • Hi Minhaj, I appreciate you taking the time to comment. 

      Like you said, it just feels like something is off with this company. My advise to anyone reading this is simply to tread lightly. I’m not saying that it is definitely a scam but in my opinion there are problems here. 

      Thanks again 🙂

  3. I’ve been seeing and hearing quite a bit about Smashfund of late, some good and some bad. After reading your review I see you are one of many rating it as a scam.

    It certainly sounds like there are quite a few red flags attached to it and looks like just another typical pyramid scheme.

    Thanks for helping confirm my suspicions about this bogus company.

    • Hi Darren

      Thanks for commenting on this page. I have now been locked out of my account at Smashfund so I can’t even see what nonsense is happening on the inside now!

      All I do know for now is that there are already many disgruntled people who are not receiving what was initially promised. That doesn’t sound good for an organization that is just i its fourth month of operation.

      Gary

  4. WARNING WARNING … Do not Smashfund.
    I got out of Smashfund and fortunately did not lose money but I ALMOST did. As soon as the company started taking funds, almost all of my contacts quit.
    It took me about a month to get out and they in fact drafted another payment from me without my permission. They did finally refund it.
    It was a nightmare. Their first payment processor seems to have been a company run internally by them but it didn’t work and we couldn’t get our funds. Then they switched to Paypal and said they sent our funds but the money never arrived. Finally, they sent us what we had earned, that covered what we had first invested.
    The weird thing was that people dropped like flies from my contacts. At first it said I earned $550 but they were only paying me $250 … and then that amount dropped to $150… Then there are fees for them to process payments to members so I ended up getting $140-something.
    They kept my contact information from me so I could never verify what happened to my money or my contacts in the system. They would just vanish. Customer Service was no help in creating transparency.
    All sorts of hoops to jump through to get out once you are in.
    Even when I deleted my card number, they still charged it in the system.
    Just a very bad experience, sad to say.
    Wish I had better to tell you but I strongly encourage you to consider yourself forwarned about this enterprise.
    I would never do this again, under any circumstances.

    • Hi Leelo

      Thank you very much for sharing your experience at Smashfund.

      This is the very reason why I wrote this review! Please be warned everyone who is reading this….Smashfund is a SCAM! Make no mistake. They make it sound all rosy in the beginning but as soon as you are in the system you are trapped. This comment from Leelo is absolute proof of that.

      I have had a very similar experience so far. Luckily, I only opened an account for test purposes and cancelled the card immediately after joining so I only lost one months subs. From the inside though I can already see the crack appearing. All I can say to anyone reading this is get out now while you can.

  5. Have you actually talked to Rob or any of the founding members to truly understand what this platform will do for people? Because I have. It’s a shame that you are using fear and misinformation as a tactic to get people to sign on with you.

    • Hi Tina

      I’m sorry if I have upset you. Please understand that I am just expressing my opinion about Smashfund. If you read through all my content you will see that I mention that I hope I am wrong about this and it turns out to be legit. For me there are just too many signs pointing towards this being another pyramid scheme. My intention is to simply warn people to be cautious here so that they do not get caught up in one of the MANY scams that are out there.

      As for you so called tactic, all I am merely suggesting an alternative way to earn some money online that I know is legitimate! I am not forcing anyone to do anything!!

      Gary

  6. Great job!
    I’ve been looking into this myself – I heard a lot of “hoop-la” about this so decided to investigate on my own.

    You are so right! I went to their site and came to the same conclusion you did. I wouldn’t touch this with a ten foot pole!
    Even his video presentation makes me suspicious.
    Very shifty indeed. Will be interesting to see what happens to dear Mr. Towles when July comes and goes.

    Beware everyone!

    • Thanks for your comment Joanne.

      I am also very interested to see what happens when July comes and goes. I just hope that not too many people are getting caught up in this. I am trying to warn as many people as possible.

      Gary

  7. Thanks for your honest and thorough review of Smashfund. I’ve come across a couple of other reviews that present this site as a on-in-a-lifetime opportunity to make an extremely good income on the ‘never before seen’ combination of ‘crowd funding’ and a social network.

    The many warning signs you’re referring to, should seriously raise a big, red flag to anyone who’s considering joining Smashfund. Personally, I despise all those shine, once-in-a-lifetime income opportunity websites that are nothing but pure, illegal pyramid schemes disguised as ‘the best thing since pockets and sliced bread’.

    The fact that the CEO has kind of a ‘shady’ past, and that you actually have to provide your credit card details at signup even before the site has launched, doesn’t exactly increase any kind of trust.

    I agree with you that everyone and anyone should stay as far away from this as possible..

    • Hi Kim

      I am pleased to hear that you agree with me on this one!

      I know that there are many people out there who have already joined Smashfund and are expecting to earn huge incomes over the coming months. I really hope that I am wrong about this and it works out for them. However, I have my doubts and I honestly think they are going to be seriously disappointed.

      Thanks for commenting Kim. I will be letting everyone know how this whole thing pans out.

      Gary

  8. Yeah that’s the thing about these pyramid schemes is that you won’t be able to sustain them past a certain point. I really liked the infographic showing the different levels and how much you’d have to achieve by level 13. Completely impossible.

    Not sure why people time and time again set up these things, probably because they know people will fall for it. But excellent post and keep doing a great job separating the good programs from the bad.

    • Thanks for your comment Alec.

      This particular scheme is brand new and in fact has not even had a chance to get off the ground yet. I am hoping that many will get to read this post before falling for this scam.

      People set up these type of schemes because they know that it is a quick way for them to earn some money. The problem is that they are doing it at other poor unsuspecting peoples expense!

      Gary

  9. Yeah it’s always a bit of worry when a so called free membership turns out to be a credit card searcher – all of a sudden that money sweaty feeling comes into play. Unfortunately there are loads of these types of offers online – they are set up well and they will work in drawing in scam money! Thanks for covering this one!

    • Hi Chris.

      There are loads of these types of scams online. Luckily, there are also loads of websites these days that are making people aware of such dangers so that they can be avoided. My advise to everyone is make sure that you do some research on anything that involves money on the internet.

      I have written a post called “ways to make money online” which covers some of these scams to be avoided and also covers the legit ways to make money online. Just make sure you know what you are getting yourself in to!

      Gary

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