As you probably already know I had an incident when Transferwise sent all of my money to the 3rd party without my consent. And it was NOT just my private money, but also my company money. I never received my money back…
Digging deeper into the issue, I found out a really disturbing thing. It seems I am not the only one who suffered the loss due to Transferwise irrational Terms of Use, which is now used by scammers as a loophole to steal your money!
If you have personal and company account with Transferwise, or you store some of your money on borderless account, you are at a GREAT risk of losing your money!
The Loophole: according to Transferwise policy, they will send all of your money to the source of funding in case of account deactivation.
What Does It Really Mean?
If your client/buyer (who may be scammer) sent you money to your Transferwise account, and for some reason your account gets deactivated, your client will get your company money AND your personal money.
How Scammers Use This Loophole:
It’s very common now, when scammers pay to your Transferwise account, and then after couple of weeks they claim charge back. In this case they get all of your money, including money from the other Transferwise accounts that you have. This is exactly what happened to me and many other individuals. You can read about similar situations here: http://trustmark.reviews/review/www.transferwise.com
Unlike Paypal or traditional banks, Transferwise doesn’t have a dispute platform and simply deactivates your account without a notice. After that your money is gone!
Transferwise Response:
I’ve tried to contact their support through social media, phone calls, emails… and nothing. I didn’t receive any response nor help with my situation.
After reporting Transferwise to the fraud police in the UK as well as launching the dispute through EU dispute portal, I got some attention from their support person who promised to respond by April 16th. However, I have serious doubts it will change anything without a proper media attention.
Using Transferwise is especially dangerous for businesses, because you won’t have a chance to make a screenshot of your account, nor download your transaction history, or prove that money were sent to the 3rd party without your consent since they sent money by themselves using your account. As a result, you may have serious difficulties accounting those money and paying tax!
So if you have any money left on your Transferwise account, you better take them out now. You never know what may happen to your account!
FIRST SEEN ON MEDIUM: https://medium.com/@starlightmg/transferwise-policy-loophole-helps-scammers-steal-all-your-money-37a525cc3376