All I'll admit is that this is pretty much the same defense mechanism democrats did in 2004 during the campaign. Coming up with all sorts of horse shit proving that Bush was going to lose, or that he did all sorts of crap.
I think there's merit to this, and it's a significant issue. The FEC does outlaw donations to campaigns by foreign nationals. For good reason. Campaigns now and in the future are going to rely heavily on donations via internet sites. How does the FEC monitor those campaign donations? The WWW sites automatically accept a million or more donations. How do you figure out which ones are legit and which ones are not? They have similar issues in Nevada regarding gambling. They would love to allow gambling by phone (sportsbook bets, etc.), but they can't assure the calls are truly made from Nevada. For example, you can buy a cell phone in Nevada with a 702 area code and caller ID makes it look like you're calling from Nevada when you're really calling from Chicago. And no, I don't think there's any concerted effort by foreign nationals to buy Obama, or by Obama to solicit funds overseas (no reports of internet ads overseas, for example).
I seriously doubt they're lying. It looks like shoddy programming to me, not some deliberate attempt to raise money from overseas sources.
There have been several reports of the difference in screening between the campaigns. The Obama campaign's screen is not as stringent as the Romney campaign's screen.
