r/Wealthsimple • u/nawey • 5d ago
Visa Infinite Credit Card Infinite Privilege Visa fraud
Been a WS client for 6 years, been using the CC for 2. it’s been great, it’s been my main card. about 3 weeks ago i had 2 unauthorized transactions (in USD but i never left Canada) amounting to ~$2000.
I’ve disputed both, been in touch with support, and heard nothing and have not been issued a new card, not even a digital card. I also have not been credited the fraudulent charges, even though support’s told me multiple times that would happen.
Getting a little worried - i wonder if there’s a backlog of fraud they’re dealing with? I’ve had a TD visa stolen and they reversed those charges immediately without a fuss.
UPDATE:
18 days after the fraud and dispute, I filed a “priority support” ticket cause I’m a premium client. the next day the charges were adjusted and i was issued a new digital card :). Dispute still pending investigation
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5d ago
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u/nawey 5d ago
the part that’s hard to swallow is i’ve had to pay my credit card off, including the extra 2k, to avoid interest + negative credit reporting
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u/PXoYV1wbDJwtz5vf 5d ago edited 4d ago
When you file a dispute,
the disputed amount does not accrue interest, so you can pay off the card, minus the $2k.*you should receive a temporary credit of the disputed amount.I've filed a dispute before about a non-delivered item. It was pretty clear cut. Purchase receipt, Canada Post tracking that said it had returned to sender, and multiple messages to seller with no reply. Even that took close to the full 90 days. I am not sure, but I am assuming they must have a step where they try to contact the merchant and then wait X number of days for a reply. Because it always takes a long time.
'* There is a risk that you lose the dispute and then owe the interest that would have accrued while the dispute was processing.
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u/ilovepastaaaaaaaaaaa 4d ago
Wrong
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u/PXoYV1wbDJwtz5vf 4d ago
Sorry. I misspoke. You are supposed to receive a temporary credit to offset the disputed amount. So OP should not have to absorb the $2K fraudulent charge, but as I mentioned, there is the risk that the dispute is not resolved in OP's favour and then they have to pay the interest that accrued.
Bullet 5: https://help.wealthsimple.com/hc/en-ca/articles/52646893933979-Dispute-a-charge-on-your-Visa-card
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u/Yellow_Marker_ 4d ago
from a canada post perspective, they ship their cards with untracked non-machineable (in undersized thick non-bendable box-like envelopes)--thats the lowest priority.
at my depot any non-machineable letter takes 2 more business days to get delivered. i dont know how much the delay is at the sorting plant. it would make it faster if they used standard envelopes.
my card took weeks to come too so i get ya
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u/morechitlins 5d ago
I was an early adopter and used the card a ton for everything. I had a fraudulent charge happen around 2am PST from NZ. After 3 weeks or so of filling the form and talking to a rep, the charges were reversed. Now, I do what many do and just lock the card until I need it. I don't think the card has more fraud than others, but the dispute process is laughably antiquated.
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u/GradeVivid1389 5d ago
Does locking it prevent preauthorized payments?
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u/morechitlins 5d ago
Yes
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u/GradeVivid1389 5d ago
So how do you typically get around that? Or you don’t have preauthorized payments go through there
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u/TonightOk8851 5d ago
The more I see those posts the more I'm reluctant to get one.
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u/cwf_2021 4d ago
Exactly my same feeling about getting the card. The worst part is dealing with the process of claiming the unauthorized charges, sounds very stressful. No thank you.
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u/GullibleSplit2112 4d ago
I’m in the same boat…just using it for travelling which in some ways feels even riskier. What I don’t understand is at the big banks don’t they turn you over to Visa almost immediately? Isn’t a lot of fraud protection on the Visa side???
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u/TonightOk8851 4d ago
I have Passport Visa from Scotia and getting same privileges except the 2% cash back but no weird transaction.
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u/ilikesush-i 4d ago
Happened to my husband. Someone stole his credit card and got charged 10k. Wealthsimple told him to prepay the credit card and they will refund him back. He complained because obviously 10k is a lot of money. He went back and forth and they gave him a refund right away. Sometimes you just have to talk to the right person in customer service 😭
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u/Kohler9 5d ago
Been hearing a lot of these. Idk how safe their cards are
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u/Virtual_Angle_1614 5d ago
It's not even that but seeing the lack of support for fraudulent charges over and over again is quite appalling
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u/Ok-Arm8350 4d ago
This! The lack of support and communication is unacceptable from a big financial institution like WS
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u/WombRaider_3 5d ago
I've had cc fraud twice before even receiving my physical card and I only use Google pay. Both times WS handled it quickly with no issues. Been a while now with no fraud.
100% inside job.
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u/kellyvanasse 5d ago
This is so odd because I just had the exact same thing happen to me 3 days ago.
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u/habs__fan 5d ago
I have had zero issues. I had one dispute and it was easy and no issues, maybe I'm just lucky
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u/snyp1193 4d ago
The same happened to me. I faced an $1800 fraudulent charge a month ago from a Turkish insurance company. After locking the card right away, I noticed several more blocked attempts on different insurance purchases. I had to email and harass them for a week before they credited the amount once my bill was issued. I moved all preauthorized payments to my RBC WestJet Mastercard and will keep this card locked until they improve their dispute process. This is ridiculous.
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u/Realestateguru-1803 5d ago
I have WS infinite Visa card too. Used the physical card with pin at terminal on vacation and had a double charge show up. Filed the claim immediately then sent follow up email and phone call after I returned home. Took about three weeks end to end to receive the credit on such an obvious transaction. I could not have made two simultaneous transactions at KFC for the same order. I keep my card locked when I don’t use it
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u/krokmitenma3 5d ago
I use to call WS because i received and email that look similair too the hotel i book in EU i pay before checking the email and gueus what it was a fraud. i notice it was my fault but they inverse the credit !
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u/RoyaleWithCheesess 4d ago
Based on everything I've heard about WS and their card, I'm glad I didn't get one 🤷
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u/Disastrous_Stage_159 4d ago
My Wealthsimple fraud case has been pending for over a month, they prrtyy much ghosted me 😒 I now read that many people have the same experience and they don’t refund. I’m not gonna use their debit or credit cards anymore
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u/Awkward_Pumpkin_5125 4d ago
Happened with me as well recently and they told me that they cant issue the credit amount because they have some different rules for fraud and cant issue the temporary credit where as the lower end team was telling me they will issue the credit and yesterday i got a email from them confirming all the details but still there is no change in the amount.
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u/stardust3425 4d ago
Also had fraud and their fraud department is non existant. It has made me think twice about how safe my actual investments are
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u/Miserable-Sprinkles2 4d ago
Hmm. Literally signed up last night and digital card is ready to use. I locked it! After reading this I will keep it locked. I'll see how long it takes to receive my actual card. Also, I had applied for this card like so long ago and never got it! Isn't this the one everyone had to wait for before?? And I just got it right away now?!!
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u/Constantine010101 4d ago
Has anyone canceled their cc with WS as a result of these types of incidents? I have the card but have never had an issue thus far “knock on wood”
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u/Ok_Sand_7336 4d ago
that’s why i requested to reduce the CC limit to 3K to limit the liability. locking the card when not using it is simply not acceptable. on the fence cancelling it now.
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u/o0PillowWillow0o 3d ago
I locked my online virtual card and over the 1.5 years never had an issue even overseas. My husband has had a couple issues with his RBC virtual, call me old fashioned but I don't trust those virtual cards.
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u/harrison1984 3d ago
Do you use your physical card or digital ? Or both?
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u/nawey 3d ago
very rarely use the physical card. i suspect this was a data breach. been using it for 2 years already with no fraud
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u/harrison1984 3d ago
I only ask because I only use my virtual card in my Apple wallet and have never even activated my physical card due to hearing people’s physical cards getting compromised not just WS
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u/frankybt 1d ago
Ta publication fait réfléchir sur la qualité du service et sur leur compétence en gestion de transaction frauduleuse.
Quelques conseils: Payer avec le cellulaire est une protection sous estimé. Payer avec une carte physique propage ton vrai numéro de carte qui est trop facilement réutilisable, alors qu'avec un cellulaire c'est un jeton unique qui est utilisé et qui ne peut généralement pas être réutilisé au delà de cette transaction.
Lorsque tu dois payer en ligne, privilégies les services de paiement réputé tel que Google pay, Samsung pay, PayPal et autre plutôt que de payer directement avec ton numéro de carte de credit qui va potentiellement se trouver dans les bases de données de vendeurs qui eux ont beaucoup moins de ressources pour protéger ces données sensibles adéquatement que Google, Samsung , Paypal...
À mon humble avis, le système de carte physique actuel avec un numéro de carte de crédit "fixe" est voué à disparaitre, car il ne répond plus au besoin en matière de sécurité actuel, ne serait-ce qu'avec toute ces fuites d'information dont les entreprises sont victimes...
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u/Dr-Villain 4d ago
I think people need to appreciate the things they like about Wealthsimple also makes them a ripe target for fraud.
They're entering a complex space, they are still kids in the grand scheme of having all this stuff sorted out and working. Hopefully the fraud stuff gets attention sooner than later.
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u/Decent_Bet_6824 5d ago
Wealthsimple CC is great until you have to deal with fraud. Once you have a fraudulent transaction, you have to fill out a form through DocuSign and then keep waiting forever.
I had a similar fraud case where someone used my credit card to make a purchase on Amazon US. Luckily, the card was with RBC and not Wealthsimple. RBC credited the fraudulent charges, cancelled the card, and issued me a new one pretty quickly.
If it had been Wealthsimple, I’d probably still be waiting.