On February 15, Coinbase tweeted: “We have determined that the erroneous credit and debit charges are the result of Visa reversing and recharging transactions. This was not done by Coinbase. We are working with Visa to ensure all affected customers are reimbursed.”
Earlier in the week, several Coinbase users had noticed multiple charges on their accounts after they used their cards to purchase cryptocurrencies from the bitcoin exchange. These erroneous charges were worth many thousands of dollars. One post to the Coinbase Subreddit community read, “Welp, officially broke, charged 17×1000$ on my account.” Another individual reported having 50 repeat charges hit their card all at once – totaling a massive $67,000.
Coinbase was quick to respond and ensure users those hit with the charges were reimbursed. Coinbase is a $1.6 billion startup, and one of the premiere places for people to purchase bitcoin and other cryptocurrencies. Coinbase was quick to say that they were not to blame for the charges, saying it was Visa and its credit card processor, Wordpay.
On February 16, a joint statement from Visa and Wordpay was issued. First, they said the issue was not caused by Coinbase. Then they reassured those affected that “Worldpay and Coinbase have been working with Visa and Visa issuing banks to ensure that the duplicate transactions have been reversed and appropriate credits have been posted to cardholder accounts.”
According to Coinbase, the glitch impacted purchases that were made between Jan. 22 and Feb. 11. During that period, some of those purchases were reprocessed more than once. Coinbase also explained that a new policy among credit card companies and banks had changed the merchant carrier code (MCC) that cryptocurrency companies use when working with credit card networks. Because codes were not updated in time, large numbers of transactions were reprocessed.
In the past, Coinbase has been too slow in responding to situations like this. This time, Coinbase has shown it has learned from past lessons and was very quick to respond. In August 2017, it used part of its $100 million Series D to expand support operations, and the company launched phone support in September.
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Author Bio: Electronic payments expert Taylor Cole is a passionate entrepreneur who also enjoys to write, play guitar and camp. Bestpaymentproviders is UK’s best worldpay customer service number company, serving both traditional and high-risk merchants.