Consumer complaint received 2022-07-19
Product: Money transfer, virtual currency, or money service — Foreign currency exchange
Issue: Fraud or scam — 
Company: TransferWise Ltd (NY)

On the XXXX of XXXX, 2022, I clicked on a link from an email that appeared to be from " Wise ''. The email address was XXXX. They used the same logo and type face as Wise and requested that I fill out a form that was required for money-laundering. I thought the email was real. I clicked the link. Nothing happened but a XXXX search page opened. So I opened my account to look for the document. At this time, i started to notice that money was being transferred out of my account. A total of 9 transactions were attempted. I was only able to cancel two - that were connected to my personal account. The 7 transactions connected to my business account were successfully completed. As I noticed this was happening, I frantically tried to stop the transactions but was unable to reverse them. I tried to report them as unauthorized, but Wise only gave the option to EMAIL your complaint with a 2-day response time. I tried to call - but the phone number was not available. I was left utterly helpless by the corporation as I was being robbed and there was no way to close my account, freeze the transactions or disconnect my connected bank accounts. It was a complete and utter failure on Wises behalf to protect its customers.

Since I could not reach Wise I called my two bank accounts that were connected to my Wise account to try to stop the transactions from going through. I called XXXX XXXX ( my account in XXXX ) and they blocked all transactions that were not coming through my debit card. No money was stolen from this account. 

I called XXXX- where my XXXX XXXX  based business account was held and they similarly told me they would block Wise from further transactions but did NOT block anything. The only thing that was stopped from going through were transactions that could not be funded due to a lack of funds. I later saw that my XXXX account still had an active relationship with Wise in my account settings, so clearly they failed at their obligation to block and END a linked business account relationship to Wise. 

The following day three transactions posted to my business account, wiping out all of my funds and overdrawing my account. The three transactions were for the following amounts : XXXX USD, XXXX USD, and XXXX USD. A total of XXXX USD was successfully debited before XXXX took the initiative to block further transactions. The robbery attempted to withdraw almost XXXX from my Wise account as that is the daily spending limit. ( Which I could also not modify when I was being robbed ). 

I filed claims with both XXXX and Wise- and XXXX immediately began an investigation but contacted Wise who then told them that the transactions were all authorized. This was and is infuriating, as obviously I had already notified both XXXX and Wise the night that this happened to tell them that the transactions were NOT authorized, nor did I have any idea who these beneficiaries were. I called XXXX back to contest their findings explaining the fraud and how it happened and they told me that the bank is not liable for returning funds lost in phishing scams, because I obviously gave my contact info to someone. This could not be further from the truth. I clicked a link for a document, NOT to make a payment, NOT with a password, NOT with any permission to open or take my money from my account. I then filed a police report and a report with IC3 - the FBI - and shared that with XXXX to further claim that I had not authorized these transactions, and they subsequently denied my claim again. 

On the other hand, I was filing a claim with Wise simultaneously. They explained that XXXX had found the claim to be authorized because of the existing business relationship and that I should focus on filing a claim with Wise since that was who indeed would be able to refund me IF the transactions were found to be fraudulent. 

I waited for over two weeks for a response, and heard nothing. When I finally got my response, Wise agreed that the charges were fraudulent and unauthorized, but suddenly attempted to shift blame to XXXX, saying they would be responsible for refunding me. Wise had previously told me, in a recorded telephone conversation, that IF they found the transactions to be fraudulent and could not recover the funds, they would be responsible for giving me a refund. NOW they are telling me that XXXX will have to do so, and I shouldnt wait for them. Not only is Wise unresponsive and extremely slow in getting back to you, they are making blatant contradictions in their process and are avoiding giving a refund. They should be responsible for this money since it is their lack of customer service and availability that has ultimately allowed this fraud to take place. 

It is completely disheartening to see how the banking industry has failed to protect its consumers with some of the simplest protections such as allowing a reverse of a transfer / cancellation of an account / freezing of an account/ or having a telephone service line 24 hours a day. 

I also want to note that I believe strongly the crime came from someone who had my information and new I had an account with Wise. There are also reasons to believe that something strange was happening within Wise. For instance, I never got email confirmations about the transfers that went through- which normally I do. I never got details about where the funds were transferred - but they were transferred to a Wise balance of the thieves- and normally when you complete a transfer, they give you more information in a confirmation PDF. Normally a push notification informs me when a transfer is made, I didnt receive any. I believe this could have been an inside job. It happened so fast and with someone who knew the weaknesses of Wises security system and how few protections exist after the theft happens. There was no reversing or attempt to reverse the transactions- why would that be if it wasnt from someone who knew this was how Wise operated?