Wise Payments review: Unauthorised charge

I am deeply disappointed in how Wise Payments Ltd handled a recent fraud incident that left me without any savings and only £29 in my account, causing extreme financial and emotional distress. On August 21st, 2024, I was scammed by a criminal impersonating a member of Wise’s fraud team, withdrawing nearly £2,000 from my account. Despite contacting Wise immediately, their response was slow and inadequate. They failed to contact Trading 212 (where my funds were transferred) promptly, leaving me to handle the situation with minimal support. Wise assured me they would attempt to recover the money, but this process could take up to 50 days and is not guaranteed.

Wise has been well aware that their customers are being targeted by a criminal organisation impersonating their fraud team, yet they refuse to take accountability or implement sufficient changes to their safeguarding measures. This has led to repeated incidents of fraud, with little action taken to prevent it from happening over and over again. I know of half a dozen people in the last few months who have fallen victim to this particular scam, and God only knows how many others feel too ashamed to come forward. Furthermore, they are notorious for closing customers’ accounts without explanation, as documented by countless members in the Wise (TransferWise) Scam Victims Facebook group, which has over 20k members.

What’s worse, when you report fraudulent activity, Wise will gaslight you into thinking the incident is your fault, often offering only 50% ‘compensation’ for your stolen funds, despite their own system’s failure to protect customers. I received no warning notifications and was not adequately informed about the scam risks despite their knowledge of similar incidents occurring. Their fraud detection measures are inadequate, and they failed to notify me directly through text or phone call when my account was compromised.

Wise’s lack of accountability is alarming. With the new APP Fraud law set to take effect in October, Wise and other financial institutions will be held to higher standards for customer protection. I sincerely hope this forces them to improve their fraud prevention and customer support.

In addition, I have been waiting for 147 days for a response to my SAR (Subject Access Request), which has been completely ignored. All my attempts to communicate since submitting my formal complaint have gone unanswered. I’ve asked important questions, including whether Wise has reported the scam to the relevant authorities, what measures have been implemented since, and how they are addressing the ongoing fraud issues. Yet, no response has been provided.

More recently, Wise was instructed by the FOS to refund me after an incident of fraud occurred on their platform - yet they refuse to comply. They’ve since blocked me on Facebook & Instagram to stop me from sharing my experience with others.

Given my experience and the ongoing issues documented by other victims, I absolutely cannot recommend Wise. They fail to take responsibility for their customers’ protection, and their response to fraud is insufficient, both in prevention and in resolving the damage caused. Wise must make DRASTIC improvements if they are to regain the trust of their customers.