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Shad of the Day, 21st Match 2023 – Mortgage Magnet

The following Shad of the Day (21st May 2023) comes from a mob that inspired us in various ways (I'll introduce what we did n a moment).

The Mortgage Magnet experience is one that is typical of the weekend-educated digital guys, and it's a good example of deception, false advertising, baiting, and very deliberate non-compliance. No leadgen agency should ever introduce you to systems that will result in fines and/or prosecution.

The $6000 cashback is a quantitative statement that requires a plethora of disclaimers (none that were provided at any point in the subscriprion funnel). These disclaimers aren't optional - they're a legislated requirement. Very few 'qualify' for the cashback, and implying as such in general terms is non-compliant (blanket qualification is provided - a typical finspam tactic).

As shown in the screenshots, the 'You Qualify' message is shown regardless of the supplied data. Adding insult to the form is the intermediate 'Checking Results' message (deliberate deception).

The team behind these leadgen ads are *seriously* bad at what they do. We contacted them to compete against my (now) 9-year-old to participate in a challenge (she would have to generate 30X ROI in about 15% of the time). In response, we set up a Rescue Package to assist those brokers that was introduced to this broad-reaching non-compliance. We now use these ads in our plugin demo to show how our free product returns around a 50X improvement on ROI.

There's more issues (obviously). At this point it's like trying to prove why flat-Earthers are boneheads. It's not hard to demonstrate why buying leads is a business debilitating solution (particularly when illegal advertising and non-compliance) are introduced to your operation.

This guy is a broker and has an ACL. We've sent ASIC our white-paper and questioned his suitability. We've introduced ASIC to other ads to support our assertion that he be prosecuted.

Stop the finspam. Don't buy leads.

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