Watwheels Supersonic October 5, 2020 Share October 5, 2020 (edited) There seems to be like very little coverage on this in local news. But some places I went to they were affected by it and was unable to do wireless payments except cash payments. Even for a donut shop I was at yesterday was affected by it and I had to pay cash. It was when my wife asked the staff whether they were affected by wirecard that I realised what it was. My wife said even the local subsidary company was raided by S'pore authorities and even arrested a Singaporean. So what is wirecard? https://en.wikipedia.org/wiki/Wirecard_scandal If you have no time to read. Here's some videos. I also noticed one of our well known org is also affected when using their app. https://www.bloomberg.com/profile/company/0041920D:SP Quote Wirecard Singapore Pte Ltd Systems@Work Pte Ltd. provides payment services. The Company operates a payment gateway that supports eCommerce, mobile commerce, bill payments, taxi payments, prepaid card topups, toll payments, and remittance. Systems@Work offers payment processing solutions to clients throughout Singapore. Edited October 5, 2020 by Watwheels ↡ Advertisement 6 Link to post Share on other sites More sharing options...
kobayashiGT Internal Moderator October 5, 2020 Share October 5, 2020 2 Link to post Share on other sites More sharing options...
ToyotaShuttle 5th Gear October 5, 2020 Share October 5, 2020 M1 also affected. I got an sms from them saying they can't process credit card payments. I think they also took down their entire online store? 2 Link to post Share on other sites More sharing options...
Beregond Supersonic October 5, 2020 Share October 5, 2020 even b4 the news is totally out my bank call me to warn me already. that was like 3 mth? back i think they ask me to change my visa/master card vendor the new vendor give me a new wireless machine to use foc. wherelse wire care machine is ages ago tech with 3-4 wires and charge me like 600-700 per year. no wonder they run into trouble. 2 Link to post Share on other sites More sharing options...
Watwheels Supersonic October 5, 2020 Author Share October 5, 2020 What I dont understand is why the company want to commit accounting fraud and inflate their profits when they are already so successful Link to post Share on other sites More sharing options...
Ody_2004 Turbocharged October 5, 2020 Share October 5, 2020 3 minutes ago, Watwheels said: What I dont understand is why the company want to commit accounting fraud and inflate their profits when they are already so successful Greed.. 5 Link to post Share on other sites More sharing options...
Jman888 Moderator October 5, 2020 Share October 5, 2020 $2B seem like a small time scam/fraud nowadays.... next 1 3 Link to post Share on other sites More sharing options...
ToyotaShuttle 5th Gear October 5, 2020 Share October 5, 2020 20 minutes ago, Beregond said: even b4 the news is totally out my bank call me to warn me already. that was like 3 mth? back i think they ask me to change my visa/master card vendor the new vendor give me a new wireless machine to use foc. wherelse wire care machine is ages ago tech with 3-4 wires and charge me like 600-700 per year. no wonder they run into trouble. That's already reactive since the troubles were before 3 months ago. Dunno why m1 billing dept was sleeping till now. Quote The company is the center of an international financial scandal. Allegations of accounting malpractices had trailed the company since the early days of its incorporation, reaching a peak in 2019 after the Financial Times published a series of investigations along with whistleblower complaints and internal documents. On 25 June 2020, Wirecard filed for insolvency after revelations that €1.9 billion was "missing".[6][7] Long-time CEO Markus Braun subsequently resigned and was later arrested. Former COO Jan Marsalek was fired from his position and board seat. He has since disappeared and is a fugitive wanted by the German police. 1 Link to post Share on other sites More sharing options...
Beregond Supersonic October 5, 2020 Share October 5, 2020 24 minutes ago, ToyotaShuttle said: That's already reactive since the troubles were before 3 months ago. Dunno why m1 billing dept was sleeping till now. dun know... they are so dominant in sg market, for so many years already. i think many ppl dun believe they can fail/fall. anw i am glad i listen to my bank advisor and change vendor. (i dun totally believe him either), and i really hesitate to change at first also. as i cannot get back the fee i pay to use wirecard machine.) but i so fedup with that dinosaur , i go ahead, LOL😁 2 1 Link to post Share on other sites More sharing options...
Jusnel 6th Gear October 5, 2020 Share October 5, 2020 2 hours ago, Jman888 said: $2B seem like a small time scam/fraud nowadays.... next No Billion, No Talk 1 Link to post Share on other sites More sharing options...
inlinesix Supersonic October 5, 2020 Share October 5, 2020 Since 5 years ago, NETS already has terminal that can accept payment from Visa/Master/AMEX/Diners/NETS. The only problem is the commission is horrendously high. Link to post Share on other sites More sharing options...
CremornePt 5th Gear October 5, 2020 Share October 5, 2020 5 hours ago, Beregond said: wherelse wire care machine is ages ago tech with 3-4 wires and charge me like 600-700 per year. Absolutely true - Wirecard terminals were at least +5 years outdated hardware, good riddance. Usually took upwards of 30 secs to authorise a payment, including contactless one; massive waste of time in large stores. Competitor terminals are much faster - around 5 secs to clear a paywave transaction. 2 Link to post Share on other sites More sharing options...
Mustank Hypersonic October 5, 2020 Share October 5, 2020 I think I better log in see whether my $10 utrip card got tio kope or not 2 Link to post Share on other sites More sharing options...
kobayashiGT Internal Moderator October 5, 2020 Share October 5, 2020 2 hours ago, CremornePt said: Absolutely true - Wirecard terminals were at least +5 years outdated hardware, good riddance. Usually took upwards of 30 secs to authorise a payment, including contactless one; massive waste of time in large stores. Competitor terminals are much faster - around 5 secs to clear a paywave transaction. now got new player like grabpay and favepay. 1 Link to post Share on other sites More sharing options...
Yewheng Twincharged October 5, 2020 Share October 5, 2020 (edited) 43 minutes ago, kobayashiGT said: now got new player like grabpay and favepay. Grabpay and favepay? Only scared that maybe say 2 or 3 yrs down the road got cash flow problem due to can't find anymore investors to pump in money.. Especially for grab.. So I feel that mas should really study the digital bank from big cooperations very carefully. Coz the chance of these big companies that may have cash flow problem in the future is very real.. Edited October 5, 2020 by Yewheng 2 Link to post Share on other sites More sharing options...
Yewheng Twincharged October 5, 2020 Share October 5, 2020 4 hours ago, inlinesix said: Since 5 years ago, NETS already has terminal that can accept payment from Visa/Master/AMEX/Diners/NETS. The only problem is the commission is horrendously high. I just bought a mini pc and vesa mount.. And the mini pc I pay by paynow. So for merchant its a win win situation. Maybe when covid-19 situation is over, when there are tourist start coming in, then yeah.. But at least merchant have more choice.. Link to post Share on other sites More sharing options...
Jman888 Moderator October 5, 2020 Share October 5, 2020 wirecard is just one of those fintech companies. 2 Link to post Share on other sites More sharing options...
CremornePt 5th Gear October 5, 2020 Share October 5, 2020 4 minutes ago, Yewheng said: So I feel that mas should really study the digital bank from big cooperations very carefully. MAS should have introduced a single national digital payment system ten years ago, instead of (still) relying on commercial companies. Companies like Visa/MC/Grab charge massive overheads on what is essentially spending your own money. It's one of the reasons we're (still) way behind on digital payments. Even China is planning on introducing the Yuan as digital currency... ↡ Advertisement 4 Link to post Share on other sites More sharing options...
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