Wirecard's missing $2 billion

Stroopwafel

epm-84 said:

Stroopwafel said:

epm-84 said:

Stroopwafel said:

Received my first Universal Credit payment on Monday into my Pockit account, no idea what's going to happen now. That account is the only financial product I have as I was struggling with ID to open a bank account so I don't know where next month's payment or future employment payment would go.

Phone DWP or your Job Centre advisor and tell them of the situation.  They used to be able to post a Giro, which could be cashed at a Post Office if they weren't able to make payment to a bank account,  I don't know if they still offer that.

Presumably you've been unable to get any bank account, even a basic account with no overdraft option and which doesn't allow offline transactions to be made by card?

Thanks, I'll give them a ring.

I can't say I actually tried to get any other account, but I did do a fair bit of research when looking for an account and didn't believe that I'd meet the requirements. I suppose there's no harm in trying at this point. Pockit said they were able to verify me electronically satisfactorily enough to give me their higher liimit account, not sure exactly what that entailed. That's something DWP couldn't even do when I made the online application for UC, they gave me a phone interview in the end.

If your UC claim has been confirmed and you've got a letter from them informing you the claim has been accepted then that can count as proof of ID but you would need something else to count as proof of address.  It might be some banks will accept a utility bill even if it's in your Dad's name, if they can confirm you are related to your Dad or that you live at the address.

They didn't send a letter of confirmation and never mentioned one. I'm aware that such things exist, and thought it might be because the situation with Covid 19. Perhaps I'll ask them for one.

Speaking of ID, they did say I might be required to provide more for them once job centres re-open. The phone interview I did was what they called a biographical test. After a bit of Googling I found there's a system called CIS Searchlight that has certain records on it and they can ask you questions off it to try and verify you are who you say are. I don't know if they will call me in for for further ID, in which case I might well be struggling again so all I can do is wait on that.

My name was added to the water bill in the last month as a second person and I was actually going to start paying it and finally make a contribution of sorts. I don't think they are due to send anything out until next year to reflect that as they only issue an annual bill but will ask as that would be something that could possibly be used as a proof of address. Electric and gas are on PAYG meters so that's not really possible. I was looking at maybe getting on the Virgin Media bill but it mentioned it would involve closing the account we have now followed by credit checks for a new one in my name and I'm not entirely sure I'd pass. Ironically I'd also need ID to even start that process anyway.

Thanks again, will give everything a go.

Stroopwafel

gt94sss2 said:

Are you registered to vote? - that will also help organisations verify your identity

Yes, one thing I do have in my favour is that I'm on the electoral roll. It's rather dated now, but I do have a polling card knocking around from May of last year for local council elections. I then registered for postal votes for by the time of December's general election. Being on the electoral is also why I was able to be called up for jury duty in late 2018. Again, it's all rather dated but I have the correspondence for that.

Thanks for the link, and the help that everyone is trying to provide. I've had a  PM from someone offering advice too, it's all very much appreciated.

colsten

Stroopwafel said:

gt94sss2 said:

Are you registered to vote? - that will also help organisations verify your identity

Yes, one thing I do have in my favour is that I'm on the electoral roll. It's rather dated now, but I do have a polling card knocking around from May of last year for local council elections. I then registered for postal votes for by the time of December's general election. Being on the electoral is also why I was able to be called up for jury duty in late 2018. Again, it's all rather dated but I have the correspondence for that.

Thanks for the link, and the help that everyone is trying to provide. I've had a  PM from someone offering advice too, it's all very much appreciated.

A 'dated' Electoral Roll entry is actually goodness, as it shows a certain amount of stability.

Have you had a look at your credit files? If they are 'clean', you should stand a good chance to get a normal current account https://www.moneysavingexpert.com/loans/check-free-credit-report/

inspectorperez

colsten said:

Another Bernie Madoff?

I think you might be spot on.

Just waiting for references to Travelex and Finabir being linked to this black hole.

PaulW922

I am afraid that there is a lot of well intentioned but misinformed comment here. Wirecard only provided the infrastructure (the nuts and bolts if you like) for cards such as Curve and Pockit. It does not hold the funds. The biggest issue I can see is that people may be unable to access their money, but I am sure the funds themselves are quite safe.

If the road you live on is closed your car is still fine - you just can't take it out for a ride. 

harsh_but_fair

whilst we're on the subject of being taken for a ride ...

inspectorperez

PaulW922 said:

I am afraid that there is a lot of well intentioned but misinformed comment here. Wirecard only provided the infrastructure (the nuts and bolts if you like) for cards such as Curve and Pockit. It does not hold the funds. The biggest issue I can see is that people may be unable to access their money, but I am sure the funds themselves are quite safe.

If the road you live on is closed your car is still fine - you just can't take it out for a ride. 

Are you sure?

Reason why I question your statement is that Wirecard's latest filed accounts (to 31 December 2018, interestingly just filed), show cash and cash equivalents of circa £500M.

I really wouldn't have expected the company merely providing infrastructure to be carrying anything like these cash levels!

rbulph

jonnygee2 said:

As an ex now retired auditor, I sadly have to agree with you!!

Even the auditors themselves seem to agree:

David Dunckley, chief executive of Grant Thornton, told MPs in January that it was not his firm’s job to uncover fraud. “We’re not looking for fraud, we’re not looking at the future, we’re not giving a statement that the accounts are correct,” Mr Dunckley said at the time.

https://www.independent.co.uk/news/business/news/pwc-kpmg-deloitte-and-ey-audit-quality-failure-frc-report-a8998321.html

  

Er, what does that leave as the purpose of an audit? Collecting fees?

[Deleted User]

Your money should be safe - Wirecard UK are a separate entity than the AG one and they have the money ringfenced in UK banks. It might take a short while to sort while the FCA investigate. The "missing" money never existed in the first place, according to the FT.

inspectorperez

rbulph said:

jonnygee2 said:

As an ex now retired auditor, I sadly have to agree with you!!

Even the auditors themselves seem to agree:

David Dunckley, chief executive of Grant Thornton, told MPs in January that it was not his firm’s job to uncover fraud. “We’re not looking for fraud, we’re not looking at the future, we’re not giving a statement that the accounts are correct,” Mr Dunckley said at the time.

https://www.independent.co.uk/news/business/news/pwc-kpmg-deloitte-and-ey-audit-quality-failure-frc-report-a8998321.html

  

Er, what does that leave as the purpose of an audit? Collecting fees?

Principal duty of care to company shareholders only subject to one or two caveats where OP's have successfully persuaded Courts that they also were owed a duty of care