Your credit or debit card may not work and be in danger: things to know. The German fintech company Wirecard has been on everyone’s lips for days. And not for pleasant things. In fact, it technically went bankrupt, although it continues to operate and is listed on the Frankfurt stock exchange. But why is this fact so important? Because this is the case financial of the moment? Why might your credit or debit card not work and be in danger? Let us make you understand it.
Your credit or debit card may not work and be in danger: things to know
Wirecard is a company that processes payments. In practice, it wanted to be the European PayPal. Founded in 1999, it aimed to end American dominance in electronic payments. In twenty years it had transformed from a company that processed payments for gambling and pornographic sites into the largest European operator. One of the greatest global operators, even. But what caused this fall of the gods? A scam, as always in these cases. $ 2 billion has disappeared from the company’s accounts. From a couple of funds in the Philippines. And they are not found, because nothing is known. Neither who took them, nor if they ever were. The company’s CEO has been arrested. The auditor, Ernst & Young, is in the utmost embarrassment, even if they are the ones who broke the scandal, denouncing the disappearance of the money. BAFIN, the German CONSOB, is even more embarrassed.
But why could this touch your credit card, debit card or prepaid card? Simple. Because Wirecard also operated in Italy. And not with random products. In fact, he even processed the accounts of SisalPaye of Money. And of many other companies in Europe, and beyond. And these credit and prepaid cards have been blocked over the past weekend. First weekend of a particular summer than ever before. Money blocked on current accounts of Italians and Europeans, perhaps already in difficulty due to crisis and lockdown. A nightmare. Since last Friday afternoon the operations that were carried out by the German company have been frozen. Cascading, are those of the funds on the cards issued by the group. Tens of thousands, if not hundreds of thousands of people cannot access their money, their money. Not a good experience.
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What did the companies involved do?
SisalPay and Soldo seem to have activated immediately. In fact, they were quick to communicate to users what was happening, initially by sending SMS to the numbers connected to the card owners. The call centers, of course, have been clogged with requests for explanations. In the following hours, both companies involved made more comprehensive information available, both on the Web and on social channels. And they both let customers know that their balance is safe. There are several methods that have been provided for getting the money back. But the important thing is that they will get them back.
Certainly this did not calm the customers’ spirits. Customers who found themselves unable to use their money, their money at a particularly delicate moment like this. Because the blocking of cards also involved wire transfers and credits (salaries, pensions, government bonuses). And in a time when liquidity is not abundant, it just didn’t take.
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