WireCard - hope this isnt another SATA

[Edge]

Europacific bank cards are issued by wirecard as well.... Let's see what happens

Yes, they only have SEPA region coverage using wirecard UK .. They basically sent the same notice like everybody else. All cards are blocked until further notice.

 

[Martin Everson]

Wonder what card provider Euro Pacific Bank will use next. Most of their clients are from Europe hiding out there with accounts .

 

[Edge]

I'm a customer and I was shocked I didn't received anything lmao

Here you go
You can't say you didn't get it

Dear Client, Effective immediately, all bank cards are temporarily suspended. You will not be able to load your card, make purchases, or withdraw from the ATM until further notice. This is the result of the UK financial authorities (FCA) suspending all activities of Wirecard Card Solutions Limited, who is a subsidiary of Wirecard AG, one of the world’s largest payment companies. The FCA chose to suspend Wirecard’s activities today in order to conduct an audit of all their accounts over the weekend. Wirecard Card Solutions Limited is our card issuer, which we rely on for the operation of our bank card program. Rest assured that our card program manager is currently in contact with the FCA and has received confirmation that all customer funds are being protected and repatriated, with Wirecard’s full cooperation. What are my next steps? We are currently keeping up with all the communications concerning Wirecard. While our card manager believes the FCA will lift restrictions fairly soon, we will contact you within 5-6 business days with another update. Hopefully, the FCA lifts restrictions and resumes business as usual. If not, for the purpose of business continuity, our card manager has numerous card issuers in Europe whereby we can continue to support your business regardless of the outcome. We will be able to issue new cards under another vendor relatively quickly in order to accommodate you if necessary. Should no definitive outcome be presented in the next 5-6 business days, we will pursue this option to replace your bank card and commence returning all funds. We apologize for this inconvenience and as always, you are welcome to contact our Client Services team by calling +phone, or create a trackable case inside your support center. Best regards, Euro Pacific Card Services

 

[Martin Everson]

Does the FCA audit include looking at all customers of clients of Wirecard UK? You got to do the audit properly right. Wasn't that the whole problem with Wirecard AG in first place that past audits were weak

 

[Edge]

Does the FCA audit include looking at all customers of clients of Wirecard UK? You got to do the audit properly right. Wasn't that the whole problem with Wirecard AG in first place that past audits were weak

I think they are checking accounting to see if there is another 1.9 billion missing

I don't think that they are looking at their clients, everybody under the sun uses wirecard cards .. When transferwise support told me they were issuing their own cards I was shocked, because I was used to the fact that everybody just uses wirecard, it was automatic in my mind ..

EDIT : wait you just said "all customers of clients of Wirecard" lol, so obviously you were joking nevermind !

 

[Tax Cow]

Does the FCA audit include looking at all customers of clients of Wirecard UK? You got to do the audit properly right. Wasn't that the whole problem with Wirecard AG in first place that past audits were weak

You're quite right. Even if sub 6-figure turnovers are ignored, it's by minimum a year of work to glance over the rest. Which means that fragmented laundering or fraud of any kind will not be caught. Which means that it's a muscle-flexing exercise. Or the FCA does not intend to follow the plan of German colleagues in which Wirecard's subsidiaries will be saved. And in this case, they have already decided to press the red button and are now looking for a cause.

One thing is certain: there's not going to be that one special customer with 1.9bn of undocumented euros.

 

[Edge]

Even if sub 6-figure turnovers are ignored, it's by minimum a year of work to glance over the rest. Which means that fragmented laundering or fraud of any kind will not be caught.

Payoneer alone has 4 million customers .. How do you even begin to uncover a possible, wait what did they call the other 1.9 billion, a "elaborate and sophisticated fraud".

 

[Gediminas]

They only issue cards for Sepa region / US too .. Basically like everybody else ...

Not everybody

 

[Tax Cow]

Payoneer alone has 4 million customers .. How do you even begin to uncover a possible, wait what did they call the other 1.9 billion, a "elaborate and sophisticated fraud".

By freezing the business for 5-7 days

 

[Martin Everson]

Would be great if they issue unionpay cards instead of MC and Visa lol

Would be better if Euro Pacific Bank issued virtual debit cards. Oh wait......but Euro Pacific Bank customers all need access to cash via ATM's to repatriate the income they avoided paying tax on .

 

[Spinat]

Would be better if Euro Pacific Bank issued virtual debit cards. Oh wait......but Euro Pacific Bank customers all need access to cash via ATM's to repatriate the income they avoided paying tax on .

so true, it's not the best to use this bank.

 

[Edge]

Not everybody

Ok, let's say everybody from the companies that I can trust with my money.

By freezing the business for 5-7 days

Yeah well good luck with that! I wouldn't want to be on that FCA team!

By the way an update from the FCA
https://www.fca.org.uk/news/news-stories/requirements-imposed-wirecard-authorisation

They keep saying the same thing, they want to make sure the money is safe.

Is that something diplomatic to say to reassure people, or does Wirecard germany have a way to access that money ? I mean what do they mean by safe ? safe from what ?

 

[Martin Everson]

They keep saying the same thing, they want to make sure the money is safe.

Is that something diplomatic to say to reassure people, or does Wirecard germany have a way to access that money ?

Very diplomatic like the captain of the Titanic saying to passengers stay calm its just a little leak we have. Meanwhile the vessel is pointing skywards half submerged .

 

[Tax Cow]

A pearl of a quote from that FCA's article Q&A

I am experiencing financial hardship as I can’t access money (for example, my salary) that’s been paid onto my card. What should I do?

If you’re struggling to pay for essentials you might be able to get help from a local welfare assistance scheme.

LOL!... So please stop complaining, peasants, and make your way to the soup kitchen. But know that we still love you and we're only doing it for your protection.

 

[Gediminas]

Ok, let's say everybody from the companies that I can trust with my money.

If you spend at least 5k EUR/month with the card, then I could introduce to you a good company that can deliver the cards basically anywhere in the world (except sanctioned countries). It's a well-respected company that has offices in Europe and the USA. I have written a little more info in my thread Offshore bank accounts and Cards with high spending limits!

 

[Martin Everson]

LOL!... So please stop complaining, peasants, and make your way to the soup kitchen. But know that we still love you and we're only doing it for your protection.

That made me laugh. What a joke all very sad. Tells you how they really feel about public. I mean look at epayment customers money has been trapped since Feb 11th. Imagine having your money blocked that long.

So I say again to everyone when you hear a bank or EMI is in trouble just run. Don't wait for any "deposit insurance" or your "assets are segregated and safe". What's the point of money being safe if you can't get to it for months..lol.

 

[Martin Everson]

I think all EMI's will run to cornercard or their UK entity for card needs....hint hint. They seem likely candidate for new Wirecard replacement . They have been around for ages and have been in prepaid card game for a while.

https://www.cornercard.co.uk/

 

[Edge]

So what does this mean (about wirecard UK)

The company has appointed turnround specialist Alvarez & Marsal, which is also considering other options including placing the business into administration if it cannot convince the regulator to lift its suspension, according to people briefed on the situation.

source
https://www.ft.com/content/d1ac87e6-0483-4185-8e70-0e5d6206e0eb

 

[Edge]

Also an update from Payoneer CEO ..

he says they are going to cover .. that means they know the outcome. Either the freeze will be lifted and he comes out as a hero, or it doesn't and he is anticipating the blow out ... I assume he got confirmation of the freeze lift and he is trying to be a hero ..

 

[Edge]

BOOM I knew it

On 29 June 2020, the FCA provided written consent to allow Wirecard to resume issuing e-money and providing payment services. The restriction on activities will lift at 00.01 on 30 June 2020.