Payoneer freezes all prepaid cards across globe after Wirecard insolvency

Payoneer account Freeze

A frantic week has seen Wirecard AG apply to German courts for insolvency, following the firm's board and executive team admitting to falsifying €1.9 billion of corporate accounts primarily related to Asian market activities.

"We are continuing to do this and on 26 June, we took additional measures to require the firm to cease all regulated activities in order to further protect customer money".

"This is a massive issue for many customers who rely on the money placed in their U account for everyday essentials including the ability to pay rent and buy food", one customer told the BBC.

Mobile business account Anna Money, which was also hit by the fallout, has vowed to replace user's frozen cash from its own pockets, reassuring customers that their accounts remain safe.

Several U.K. fintech firms have been forced to suspend services following the FCA's restrictions on Wirecard, leaving hundreds of thousands of accounts blocked.

They said that customers' money was still safe, but would not be accessible for a time.

The cards can not now be used by customers in Ireland or overseas, until further notice.

It should be noted that any funds that are in excess of the maximum balance of the Payoneer customer's cards are held by Payoneer and are therefore not impacted by the FCA's temporary freeze.

Metrocentre and Eldon Square owners have collapsed into administration
Intu group companies provide key services to its sites, including facilities management, IT, cleaning, security and maintenance. About 132,000 jobs in the company and in its wider supply chain will be in question should the firm fall into administration.

An Post said its Money Currency cards - marketed as an affordable way for customers to bring and use money overseas - were issued by United Kingdom based Wirecard Card Solutions Limited.

Pockit said it was working with the FCA to get the issue solved as quickly as possible.

"WDCS is working hard to have the steps in place which will enable the suspension to be lifted so business can resume as usual".

A spokesperson for Curve said: "In April, Curve announced we would bring more processes in house such as card issuing and e-money and move away from a reliance on Wirecard. We are hoping to be fully operational soon".

On its website the FCA said customers should contact Wirecard or their card provider directly and warned that Wirecard was not covered by the UK's Financial Services Compensation Scheme (FSCS) - which does not compensate customers of electronic money or payment services.

Former boss Markus Braun has been arrested and accused of inflating Wirecard's finances to make them appear healthier to investors and customers.

The Munich based firm employs nearly 6,000 staff in 26 countries.

Related News:

Most liked

Poland’s Duda leads in 1st round of presidential election
His rival Rafał Trzaskowski, representing the Civic Platform opposition party, received 30.4% of the votes, local media reported. Victory for Duda would cement the party's hold on power - at least until the next scheduled parliamentary elections in 2023.

China to restrict visas for some Americans over Hong Kong row
However, China's official Xinhua News Agency said a Hong Kong government spokesman had called legislation approved by the U.S. When asked which officials exactly the restrictions target, Zhao said that they "knew this themselves, instinctively".

Ryan Reynolds crashes the 'X-Men' charity reunion
Everyone might be in quarantine right now but that hasn't stopped Ryan Reynolds from trying to reunite with Hugh Jackman .

Microsoft will not let you defer Windows 10 update downloads anymore
By hiding the deferral options, then conducting forced upgrades, Microsoft may be able to eliminate most such mistakes. However, there is a workaround, update deferral can be configured by business users of Windows 10 via group policies.

Midway through transition, European Union and United Kingdom intensify talks on post-Brexit future
Johnson's spokesman has since said that the U.K.'s aim is to strike a deal by the end of the summer. In a tweet, Frost reported he was coming to Brussels in "fantastic faith".

BET Awards kick off with strong performance by Chuck D, Nas
The three-hour event, which aired on CBS for the first time, was hosted by comedian, actress and TV personality Amanda Seales . Drake is the leading nominee: He's up for six honours, including video of the year and best male hip-hop artist.

Knifeman shot dead by police after Glasgow stabbing spree
In a statement on Twitter , assistant chief constable Steve Johnson said: "The individual who was shot by armed police has died". One witness, who gave his name as John, said he saw two receptionists stabbed in the hotel. "This is horrific.

Google's Mobile phone application will inform you why enterprises are contacting
And it is that the phone has blacklists, blocking of unknown numbers and even filters "spam" calls so that they do not bother us. Once this information is submitted, then only the call goes through, displaying all the relevant information in the process.

Remdesivir Becomes First Covid-19 Treatment Recommended for EU Authorization — Gilead Sciences
What is remdesivir?Remdesivir is an antiviral medication that is being investigated in several ongoing worldwide clinical studies. The agency cited remdesivir's positive results in clinical trials, which has shown the treatment to be safe and effective.

State players announce boycott after student's Floyd tweet
McNeil received several tweets of support Friday, including from conservative syndicated columnist Michelle Malkin. Kellis Robinett covers Kansas State athletics for The Wichita Eagle and The Kansas City Star.

Beyoncé To Release "Black Is King" Visual Album On Disney+
The singer, 38, wrote, directed and produced the film, Black Is King , which will be available on Disney + next month. Black Is King will premiere on July 31 through Disney +.

Gunman at Walmart distribution center was former employee
Police say a man drove into the centre in Red Bluff and started shooting at people, killing one and injuring four others. Authorities said they are still investigating a possible motive for the shooting but said they believe Lane acted alone.

Boeing 737 MAX certification flight tests to begin on Monday
At least one of those practice flights included the same testing parameters expected tomorrow, one of the people said. Boeing has been working with the FAA to get the 737 Max back in the air following two crashes that killed 346 people.

Twitter flags another Trump tweet for violating its policy against abusive behaviour
It was also reported that they spray-painted "BHAZ", which stands for "Black House Autonomous Zone", on the columns of St. The decision appeared to be the first by Twitter against the president for an "abusive" tweet.

Dr Disrespect’s ‘weird’ final streaming moments dissected by fans
At the time of writing, neither Twitch or Dr Disrespect himself have made a formal statement addressing the ban in detail. Per Twitch's policy, it does not reveal the reason or length of ban to anyone except the streamer .