Consumer complaint received 2024-05-28
Product: Money transfer, virtual currency, or money service — Foreign currency exchange
Issue: Fraud or scam — 
Company: TransferWise Ltd (WA)

Dear Consumer Financial Protection Bureau, I am writing to seek your urgent assistance regarding a fraudulent transaction that occurred in my Wise account and the subsequent unhelpful response from the company. Despite my repeated attempts to resolve this matter directly with Wise, they have refused to acknowledge the unauthorized transaction and have taken actions that are highly detrimental to me as a consumer. 

On XX/XX/XXXX, I initiated a transfer of {$4000.00} to my Wise account, expecting the funds to be available by XX/XX/XXXX at around XXXX XXXX. Upon checking my account later that day, I discovered that the money had arrived early in the morning but had been transferred out to an unknown account within a few hours. I have never sent money to this person before, nor do I recognize the account. 

I immediately contacted Wise customer support to report this incident. After a lengthy wait, I received a response on XX/XX/XXXX requesting additional information, including my ID and photo, which I promptly provided. Despite my compliance and further follow-up emails, Wise remained unresponsive for several days. On XX/XX/XXXX, I received contradictory emailsfirst informing me that my account was ready to be accessed, and later the same day, notifying me that my account was being shut down without any explanation. 

Upon further inquiry about the fraudulent transaction, Wise responded on XX/XX/XXXX, stating that their review did not recognize the transaction as unauthorized and that their decision was final. This response is deeply troubling for several reasons : Lack of Security Measures : Wise claims to have stringent security protocols, including multi-factor authentication and biometric verification. However, none of these measures seemed to have been applied or triggered during the unauthorized transaction. 

No Transparency : There was no detailed explanation of what their " careful consideration '' entailed. It is unclear how they concluded that the transaction was authorized without any input from me, the account holder. 

Immediate Action Needed : The exact amount I transferred into my account was swiftly transferred out, indicating a potential security glitch or breach on their end. Wise has the capability to trace and recover these funds but has refused to take any action. 

I am a long-term user of Wise, primarily for business purposes, and this experience has been extremely distressing. The company 's refusal to assist, coupled with their decision to shut down my account, has left me without recourse and significantly impacted my business operations. 

I am appealing to the Consumer Financial Protection Bureau to intervene in this matter. There must be accountability for companies that fail to protect their consumers from fraud and neglect their duty to provide adequate support. I am requesting your help to ensure that Wise conducts a thorough investigation and recovers my funds. The transaction in question is attached below and I can be reached further for any other information needed