I don't want to defend Bovada here, but they have a big challenge in finding processors who can handle a high volume, act quickly, and have the willingness to risk major jail time and/or money seizures.
I mean, look at what Daniel Tzvetkoff did to Pokerstars and Full Tilt. He stole 100 million from them before they caught onto it.
The problem is that payment processing is the toughest and riskiest part of running an online poker site, and the companies they deal with aren't exactly manned by salt-of-the-earth people.
So it's not as easy as simply firing a processor who is caught doing shit like this, because then they won't have any processor, and everyone will get pissed that they can't get paid as expected.
The problem here is that Bovada is not applying pressure to these processors to stop this crap, and the BIGGER problem is that they aren't compensating players when this occurs.
Bovada can't pass the cost of stealing onto you and me. They can pass the processor fees onto players, and they can cash you out in foreign currency instead of US dollars (thus bringing on bank exchange rate losses and fees), but they can't just expect players to eat the stealing. They have to cover the stealing, and I was amazed how they denied my last request to refund a measly $80 after I got stolen from A SECOND TIME in just 2 1/2 months.