ePayments Woes Continue as Fraudsters Capitalize on Uncertainty

This week has not been a good one for ePayments Systems Ltd, with the electronic money institution having its operations suspended by the Financial Conduct Authority (FCA). However, it appears that the company’s woes are not over, as fraudsters have tried to capitalize on the uncertainty.

In an email sent out to its customers on Wednesday, ePayments warned that customers are being approached by third parties, offering to help access suspended accounts and recover funds.

“ePayments did not send this message nor did we authorise any party to send it. Any such request should be treated with extreme caution and we urge you not to reply to it. Also, please do not follow any links, included in these messages,” the company said in the email.

Official information can be found on website

The Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term company has highlighted to its customers that all official information is posted on the company’s website and sent via email. The company does not send any information via SMS.

“We understand this is a frustrating time for our customers, we are working tirelessly to bring our services back up and running. We want to assure customers that their funds are safeguarded throughout this process,” the company added.

In its email, ePayments has outlined a number of security rules, which it advises its customers to follow. This included not giving passwords to any third parties, use two-factor authentication for authorizing your account, don’t follow any links from emails with suspicious contents and more.

The electronic money institution advised its customers to send them an email at support@epayments.com if they have received an email from the company and are unsure whether it is legitimate.

Background on ePayments

As Finance Magnates reported, ePayments Systems Ltd announced earlier this week on its website that it has suspended all activity on its customer accounts following a review by the FCA.

In the announcement from the electronic money institution, the company said that its operations had been suspended due to weaknesses in its anti-Money Laundering Money Laundering Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund Read this Term systems and controls, which “required remediation.”

Although many theories have surfaced as to what might be the real reason behind the suspension, at present, the UK regulator and ePayments have not been willing to provide further clarification other than what has already been said.