| 10/27/2022 |
Yes |
- Money transfer, virtual currency, or money service
- International money transfer
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- Other transaction problem
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Web |
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STATEMENT : I am the owner of California XXXX based out of XXXX XXXX, California , USA. I do a lot of work with XXXX companies to buy bike parts and batteries. The main product line that I purchase is XXXX motors and parts. Their company also goes by XXXX, with motors being stamped either XXXX or XXXX. Very few people can purchase directly from XXXX. I need to buy them from a XXXX distributor.
XX/XX/22 XXXX XXXX XXXX is one of those distributors. I had worked with them before to buy 30 batteries, without problems. My point of contact at XXXX is XXXX XXXX. I had established what parts I needed to buy and XXXX sent me an invoice. Shortly after, she sent an urgent update saying, " Very important please pay attention : Our financial department has just informed us that we can no longer receive any payment at the moment in our previous bank account ( i.e XXXX XXXX XXXX account ) due to tax audit and Government tax evasion verification ongoing in it from our past exports and as a result of that our financial department has instructed that we will be receiving all payments at the moment using our offshore trading bank account details as attached. Kindly disregard the previous invoice I sent you, attached here is a new invoice prepared using our offshore trading bank account details as instructed by our financial department. '' Let 's call this sender " Fake XXXX ''.
Looking back, this is an obvious red flag, but at the time, there were multiple widespread news articles about XXXX banking going awry, so I accepted it and sent the payment. Many of these XXXX companies seem to have 2-3 different names ( like XXXX XXXX XXXX. Perhaps it's a case of Legal Name vs XXXX vs Parent/Affiliate name. So again, it wasn't a huge red flag to me that the payment confirmation went to " XXXX XXXX XXXX ''.
For reference henceforth, the CORRECT account is XXXX. The SCAMMER account is XXXX XXXX The next day XXXX XXXX emails me, calls me, sends me a message on XXXX that I need to urgently cancel the payment. XXXX calls Veem XXXX, I call Veem for XXXX XXXX and speak with XXXX XXXX. Both XXXX and I were prompt to try and immediately reverse the funds. XXXX issues a recall. On the phone, Veem assures me that the chances of reversing a payment so early in the process and before it is completed is very high.
Here 's where Veem royally messes up. Following the attempted upheaval of this payment, I get a confirmation FROM VEEM that the payment is now going to " XXXX XXXX XXXX XXXX ''. The transaction ID is the same ( XXXX ) as is the amount {$11000.00}. This is exactly where I want the payment to go. I tell XXXX that if this is where the payment is going, then we can cancel the recall. Payment goes through.
You can guess what happens next. If it went to XXXX, this claim would never have started.
Payment goes to the scammer, and I scramble to try and reverse it, even after completion. I got mixed responses from Veem. Some told me that it could not be done, but one guy, XXXX XXXX, told me that we could reach out to the XXXX bank. He said that the XXXX bank would normally need approval from the beneficiary ( scammer ) to reverse an ACH payment, but in cases of obvious blatant fraud, the bank could override the recipient. I don't know if this is true or not, but in any case, neither the scammer nor the bank ever returned the funds.
At one point, I had to email Veem 5 times over 35 days to get an update. It would look from the email transcript that for the first 40 days I was being blown off with short, useless answers, then for another 35 days I got only dead air.
Their final two messages were as follows : XXXX : Thank you for your detailed explanation. This is to confirm that we tried the reversal of the funds linked to payment ID XXXX, however, despite our best efforts, the reversal unfortunately failed and we were not able to recollect the funds. Since this was a scam case external to Veem and there was no breach on your Veem account, Veem can not be held liable for this loss, we are sorry for the inconvenience this situation has caused your company.
Me : What would have been my chances of recovering the funds if I kept the initial recall in place, before the transfer was complete? Your phone support person highlighted multiple times that I cancelled the recall initially. I guess I'm curious for the future what impact keeping this hold would have had on my chances of success.
XXXX : The chances of recovering the funds on the initial recall would have been higher since the transfer was not complete at the time. I hope this situation does not get repeated for the sake of your company and to avoid any potential losses and frustration for you.
XXXX, no doubt, chose his words more carefully than the Veem phone rep who told me with much greater certainty that I would have gotten the funds back if I hadn't cancelled the initial recall with XXXX XXXX. The phone rep said this over and over as if to assert that it was my fault, taking no note that if Veem hadn't sent me an erroneous message that the funds were going to " XXXX XXXX XXXX XXXX '', I'd have kept the recall.
I have attached a very detailed an clear email history. Their conduct is contradictory, confusing, and unprofessional. It's also not unprecedented from them. They had previously double charged me {$17000.00}, causing my balance to dip negative on payroll day. Fortunately, beyond mere embarrassment to my employees, I faced no loss from this, and the second transaction was reversed.
This is a financial company right?
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| 09/16/2022 |
Yes |
- Money transfer, virtual currency, or money service
- Mobile or digital wallet
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- Unauthorized transactions or other transaction problem
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Web |
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Dear CFPB team, My Name is XXXX XXXX. I operate a company in US remotely from XXXX. My EIN no is XXXX.
I have a Wallet account with Veem that my customer XXXX XXXX opened for depositing our payments.
My account is being operated under the ID of XXXX.
I have witnessed a fraud worth of XXXX USD. And I am seeking your help in this regard.
Someone hacked into my Veem account and updated the withdrawal method on XXXX XXXX with an account that doesn't belong to me. I never received any email about updating of this account. Infact, when I was trying to change my account again to my regular account after the fraud, Veem allowed that too without any verification on email or SMS. I expect a responsible company like Veem to have better processes like 2 Factor Authentication ( Passwords on email as well as SMS ) to be in place even if international SMSes are expensive to send.
Taking advantage of this loophole, someone has updated their own withdrawal method and withdrawn XXXX USD between XXXX to XXXX XXXX. I have been struggling to login to my account for a week now and finally, when I was able to get in, I could see all my money gone to my despair.
This is a very large Sum for a small business like us and I hope the team can help and restore this money immediately in our account.
Also, below are my observations : 1. What verification are in place in case of Veem when someone initiates money transfer? For instance, on my XXXX account, I have to submit a One time password received on phone as and when I transfer any money to anyone. This password expires within 60 secs. Does Veem follow those stringent protocols? Shouldnt they be doing that.
2. Infact, apart from hacking my account fraudster also asked for a XXXX credit on my account. And I was been called on one of the days to be verified, whether I applied for credit or not?. Shouldn't there be similar verification when the principal account for withdrawal is changed? At least an automated one? Just because its my money, should Veem be allowed to be careless. They definitely have processes in place for offering credit ( Which was effective and I denied applying ). Shouldnt they care equally about my money.
3. XXXX USD is more than 50 % of our total working capital or us as a small company. What are my rights? Am I protected with any insurance? What about the loss of working capital and hence loss of business opportunity due to negligence on part of Veem? Would there be temporary restoration of credit. How can the impact be minimized to my firm.
I have reached out to Veem with similar complaint but haven't received a response yet. I am reaching out to CFPB in parallel. I hope someone from your side with intervene and expedite the resolution.
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| 12/02/2023 |
Yes |
- Money transfer, virtual currency, or money service
- Mobile or digital wallet
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- Trouble accessing funds in your mobile or digital wallet
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Web |
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On XX/XX/XXXX, I deposited {$20000.00} to my Veem wallet to make payments for my business. In order to make that deposit, I previously needed to upload a slew of verification documents on or near XX/XX/XXXX, including the front and back of my driver 's license, a selfie of me holding my driver 's license, a bank statement from the debit card where the funds were located from, a copy of my business registration, and a description of my business. On XX/XX/XXXX, I received notice that my account was fully verified and able to be used.
Around XX/XX/XXXX, I decided that Veem was too cumbersome for my needs compared to a traditional bank so I submitted a request to withdraw my funds back to my business checking account. The attempt to do that seemed to have locked my account, and Veem then required verification of " a credit card statement, '' though no credit card had been used on the account. Furthermore, they told me to upload this information to a location of the interface that does not exist.
On XX/XX/XXXX, I contacted support to find out how to get the funds released, and their response was : " Upon checking your account, I can see that this has been canceled because this is not the correct manner to withdraw the funds from your Veem wallet. '' The rep then linked to a support page that outlined the exact steps I followed. I resubmitted the withdrawal on the XXXX using the steps in the support document just in case, but they still wouldn't release the funds. On XX/XX/XXXX, they notified me that they needed to verify the statement from my business checking account, even though they already received my verification information digitally when I linked the account with XXXX. They again told me to upload the document to a part of the interface that didn't exist, so I emailed my statement directly to the support rep. By XX/XX/XXXX, I still didn't hear anything, so I called support and they requested *another* copy of my debit card bank statement, even though I had previously provided it to them.
At this point, they have still not approved the transaction and released the funds even though they have all of the statements and documentation for both the source and the destination account, verification that I have the username and password for the destination account through XXXX, my ID, my business registration, and my business information. There's literally nothing else left for them to verify, and no traditional bank would even require this level of verification for a pretty basic transaction.
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| 10/20/2021 |
Yes |
- Money transfer, virtual currency, or money service
- International money transfer
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- Money was not available when promised
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Web |
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I would like to formally file a complaint against XXXX. My company uses their platform to send our payments/salary from there in the US to here in the XXXX. This incident happened to me not once, but twice already! They have a payment timeline and they provide a turn around time to when will we receive our payment and they weren't able to fulfill it to me for 2 consecutive payouts already.
On the first payout where this incident happened, they said they had a technical issue so I waited until the afternoon while all of my colleagues already got their payments just a few hours after their technical issue gog fixed. Some of which have the same bank as me. Then I reached out to them again and they had me wait for the fund between XXXX to XXXX that day because they say that's when the funds usually get credited, so I waited. But there was still no transfer made.
I reached out to them again and now they blamed my bank for having additional verification for the funds. I called my bank and asked if there's anything wrong with my account and that if they have additional verification, or if there's any floating funds on my account. My bank confirmed that my account doesn't have any restrictions so everything should be okay and also there were no floating funds on my account at that time. Note that I've received my past payments/salary on this bank before through Veem platform and I have not experienced it until that said payout and today.
I let that event go even though we incurred an additional fees at the hospital at that time because they sent my money late and I wasn't able to checkout my Grandfather fight away after the doctors discharged him. I had to wait for my money and it was 3 days late at that time.
Yesterday, we had our payout again. Prior to the payout, I changed my bank and made sure with this new bank that there's no restrictions in my account and that I should receive my payments smoothly because I got traumatized with what happened the last payout.
So the payout started and the same thing happened again!!! All of my colleagues got their payments already and I'm the only one left in our company who still hasn't receive it. I reached out to them early so they can check my account snd have it fix but they still ask me to wait.
I waited and now it's already past their given timeframe and I still didn't receive my payment/salary up to now!
Please help!! I want this to stop from happening again! I don't want to receive my payment late again
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| 09/09/2019 |
Yes |
- Money transfer, virtual currency, or money service
- International money transfer
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- Money was not available when promised
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Web |
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I am running a XXXX company and I have a customer based in the USA. My customer advised me to use the financial service Veem.com to request payments due when I issue my invoices to them. It all worked fine until I changed my bank to XXXX XXXX. Since XXXX is based in the XXXX, I had to change my bank country to the XXXX and after that, the only bank details that I was able to supply were the account number and sort code. These details are normally only valid for domestic transfers, but I am not a financial professional and didn't pay enough attention. The payment for my latest invoice was marked by Veem as " completed '' on the XXXX of XX/XX/2019. I usually get the payment cleared on my bank account within a day. I haven't received any money and I got in touch with XXXX. They couldn't trace any incoming payment and asked me to request the XXXX document from Veem. I asked Veem the same and the only thing I got from them was a screenshot from their system. After analysing that screenshot, I figured out that Veem didn't make a domestic XXXX payment but used SWIFT to complete the international transfer and they used the wrong IBAN number. Clearly, they use an unreliable IBAN calculator. There's no reliable way to generate a XXXX IBAN number from domestic bank credentials.
Now, it's been three weeks. I get in touch with Veem every second day. They keep telling me the same - they recalled the funds and nothing happened, they are asking their bank for XXXX but they couldn't get it for unknown reasons. I suspect that Veem has lost my money and they are not willing to resolve the situation.
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| 01/26/2023 |
Yes |
- Money transfer, virtual currency, or money service
- Domestic (US) money transfer
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Web |
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! XX/XX/XXXX there was a ACH transfer from my XXXX bank account to XXXX XXXX XXXX, by way of Veem. On XX/XX/XXXX I contacted XXXX, put a hold on the account.
XXXX XXXX XXXX says I need to go the the XXXX XXXX XXXX for redress.
XXXX XXXX XXXX said I have to go through VEEM.
A Veem representative called me on XX/XX/XXXX and said they would refund the amount taken- {$42000.00}. its been XXXX weeks and nothing from them.
I tried calling, leaving messages and sending email to their Fraud help email on their website. No person can be reached, even at the extension I was given.
No return messages or email.
The VEEM rep also said on XX/XX/XXXX that a fake account was opened in my name using my email and EIN number only. That enabled scammers to take money from XXXX XXXX XXXX account.
Please help
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| 01/29/2024 |
Yes |
- Money transfer, virtual currency, or money service
- International money transfer
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- Money was not available when promised
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Web |
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I had a terrible experience with the customer service and found the platform unreliable. I faced issues with every transaction : first, I couldn't send an invoice, and second, my money {$320.00} USD - XXXX XXXX, XXXX didn't reflect in the account despite it showing as completed and deposited. I communicated with XXXX via email, but her responses were unclear. Additionally, the advertised 24/7 support is misleading. Their chat kept saying that support is not available during weekend even when obviously its weekdays and their hotline is just bot.
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| 03/13/2017 |
Yes |
- Money transfers
- International money transfer
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- Money was not available when promised
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Web |
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I sent USD {$11000.00} to someone in XXXX on XXXX XXXX. It is now XXXX XXXX and it still has not been received. The company keeps coming up with new excuses.
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