Well known logo market Brandstack.com has closed their service, that’s what we know when we visited them yesterday. On their front page they say some reason why they close their services.
“…Recently, we were hit with significant fraud. If you’re not familiar with this kind of situation, here a simplified summary of what happens: 1. Criminal uses stolen credit cards to purchase legitimate goods (designs); 2. retailer (Brandstack) pays out vendors (designers) for their work; 3. bank sees the fraudulent transactions and takes the money from the retailer; 4. retailer loses the funds paid to vendors, any profits associated with the purchase, and resources used to fight and process the transactions; 5. If the fraud is significant enough, the retailer loses access to accept credit cards. Even shorter summary: the retailer takes all of the liability. Talk to any successfully entrepreneur about the impact of fraud online and you’ll hear some interesting stories. I have been fighting the impact of this fraud for months. Unfortunately, it’s ripple effects have caused serious waves… I did not have the flexibility or capital to withstand it….”
But they still allowe all of the member to download their files or documents before they totally shutdown their service. You can download all of your files and documents from this link You can log in to download your designs by December 1st 2011.
