En detaljerad förklaring över incidenten med Wirecard

I det här inlägget ger vi en detaljerad förklaring över vad som hände och vår arbetsprocess mellan 26 - 30:e juni då ditt P.F.C.-kort inte fungerade, hur P.F.C. använder Wirecard samt vad vi för närvarande gör för att undvika en liknande situation i framtiden.

As many of you are aware, your P.F.C. card did not work during Friday, June 26th to Tuesday, June 30th, due to a problem with one of our technical partners. I’d like to personally give you an explanation from the technical side about why this happened, and what we are doing to prevent a similar problem in the future.

How P.F.C. uses Wirecard

Since P.F.C. went live in late 2018, we have partnered with Wirecard Card Solutions Limited (WDCS), based in the UK, to act as the technical issuer of our Mastercard debit card. The issuer of a card is responsible for settling funds with Mastercard. In other words, moving money between the card and the physical and online stores where customers spend their money.

As you may have seen in the news around Wirecard, hundreds of banks and financial institutions use Wirecard in the same way that P.F.C. does.

Besides our debit card, all other functionality in P.F.C’s service is independent from Wirecard. The money you put into P.F.C. is held in a client bank account at a Swedish bank, and therefore is covered by the Swedish Deposit Guarantee Scheme. This means you can be assured your money is always protected.

Timeline of the incident

Friday, June 26, 2020

At 12:00 Swedish time, the Financial Conduct Authority (FCA), the government regulator for financial companies in the UK, temporarily suspended Wirecard Card Solutions Limited’s (WDCS) permission to operate regulated activities. In practice, this meant that they were told to suspend processing transactions on cards issued by them. According to the FCA, this was due to events in Germany concerning WDCS’s parent company, Wirecard AG.

Unfortunately, we did not have any previous notice that this would happen. At around 13:30 Swedish time, all transactions on our debit card stopped working.

The FCA communicated that this suspension would be temporary while they held an investigation, but did not provide any timelines.

As soon as it came to our attention that our cards had stopped working we started the process of informing our users. First of all we sent out a push notification to all users with activated cards. We also updated the app with an in-app banner informing all users who opened the app that their cards were not working followed by updating our website with a message informing visitors of the situation.

Saturday, June 27 to Monday, June 30

During these days, you were unable to use your debit card in stores. Our customer service team worked full time over the weekend, trying to answer every question from customers, and assisting them with problems.

Tuesday, June 30

The FCA released a statement that, as of 00:01, they had given permission to WDCS to resume their operations. WDCS immediately began working to restart services, and at around 13:15, transactions on our cards began working normally again.

We personally confirmed that our cards were working again within a few minutes, and we immediately sent out a push notification followed by an email to all users with activated cards.

What worked during the incident and what did not

Obviously a big part of the P.F.C. experience is connected to our card, so during the incident, much of what you expect to work did not. However, some important things still worked as normal:

  • You were always able to withdraw your money. The money you put into P.F.C. is held in a client bank account at a Swedish bank, so the incident had no effect on access to your money.
  • You were able to pay invoices in the P.F.C. app.
  • You were able to save and withdraw money to and from your goal in the P.F.C. app.
  • You were able to add transactions to a group and settle as normal in the app.

What we are doing to prevent a similar problem in the future

We are working at full speed to find a sustainable alternative to our current card provider. We don’t have news on this right now, but as soon as we do, we will update you all.

Thank you everyone for your patience during this incident.