Wednesday, August 21, 2019

Visa Denies Responsibility in Coinbase Incident; Changes Stance Later

In a somewhat odd turn of events, Visa, the credit card giant has stated that the issue that some users had with Coinbase, one of the largest wallet provider in the world, is not their direct responsibility, as the company stated via social networks just yesterday.
The declaration was made to a site called The Next Web by a spokesperson of the large credit card firm. “Visa has not made any systems changes that would result in the duplicate transactions cardholders are reporting. We are also not aware of any other merchants who are experiencing this issue”. Furthermore, he stated that they would contact CoinBase “to offer assistance and to ensure cardholders are protected from unauthorized transactions.”

But then, this morning Visa released yet another statement that changes the stance of the company on the subject:
“Over the last two days, some customers who used a credit or debit card at Coinbase may have seen duplicate transactions posted to their cardholder accounts.This issue was not caused by Coinbase. 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. All reversal transactions have now been issued and should appear on customers’ credit card and debit card accounts within the next few days. We believe the majority of these reversals have already posted to accounts. If you continue to have problems with your credit or debit card account after this reversal period, including issues relating to card fees or charges, we encourage you to contact your card issuing bank.We deeply regret any inconvenience this may have caused customers.”

Related Article:  Coinbase Shares The Data of 13,000 Users With The IRS

It is another incident in the long chain of problems that this provider has faced in the last years. Aside from the finger pointing and blaming, it is important to determine who is really the culprit of the situation, to protect users from similar incidents in the future, and to assign responsibilities and enact actions.

More Articles

The Number of Bitcoin ATMs To Moon By 2024

Imagine this, your country had already installed multiple bitcoin ATMs in the cities, and people use virtual currencies as a regular form...

New Partnership To Provide Another Way To Earn Via...

Cryptaur has partnered with ProximaX and NEM to bring about its promotion and locality in certain regions. Most especially, the locality of its Blockchain...

Rwanda Partners Circulor To Track Its Tantalum Using Blockchain

Rwanda has introduced blockchain technology to track the supply chain of metal tantalum in the country via its partnership with Circulor. This is aimed...

Black Friday Cryptocurrency Parody Video Goes Viral

A video parody of the Rebecca Black song "Friday" went viral yesterday amongst cryptocurrency enthusiasts. The video remarks the woes of two cryptocurrency enthusiast...

Electroneum Launches Crypto Mining Smartphone As It Aims At...

Electroneum introduced its crypto mining smartphone at the Mobile World Congress 2019 (MWC19) held in Barcelona as it aims at mass adoption....

Spotify Investor Contributes to Blockchain Art Registry to Raise...

Artory, a blockchain-based art registry launched in 2016 has raised $7.3 million in a Series A funding. It is worthy to note...

IBM Lands $740 Million Blockchain Data Security Deal with...

Famous tech giant, IBM, has been awarded a contract worth 1 billion AUD (740 million USD) by the Australian government to use blockchain technology...

Shone Anstey Explains How To Curb Scams To Ensure...

Cryptocurrency has seen immense growth since its invention in 2009. The growth has however been stagnated with scams and price manipulation that has hindered...

Chris Burniske: Bitcoin (BTC) Will Hit Market Cap of...

Bitcoin's performance in the month of April has given a lot of people in the crypto sphere confidence. From $4,200 as of...

Bitcoin Cash Price Jumps 20% Today Due To Upcoming...

Bitcoin Cash Price Jumps 20% due to the imminent occurrence of a hard fork (or hash war) that will happen next November 15. This...

Bitcoin Prices Breaks $5000 Down, Network Capacity Compromised

Today, bitcoin prices broke the $5,000 barrier on their way down, as the market experienced a meltdown today, with most cryptocurrencies experiencing double-digit losses. This...

Latest Articles

Why Some Financial Bubbles Are Necessary Economic Disasters

The history of the worldwide economy is punctuated by financial bubbles. They happen more often than we think.  Fortunly’s infographic below provides a comprehensive...

Why US-based people can’t bet with bitcoins at online...

Online gambling using bitcoin has been happening since the time when cryptocurrency came into being. In the initial days, gamblers used to opt for...

Couple Pays For Breakfast Using Bitcoin, Community Finds This...

A Reddit user by the username u/portageco recently made a post in bitcoin's official subreddit. In his post, u/portageco boasts about how he paid...

Australian Woman Leads Adoption, Tours 10 Countries Spending Cryptocurrencies

Who says you can't go around the world spending cryptocurrencies? As many believe, cryptocurrencies are only good for speculations. But with a little research,...

Did A Physical Bitcoin Just Sell For $99k On...

As at the time of reporting, the listing on eBay had closed. This could be because the seller got a buyer or he decided...

Litecoin Now Approved In 30,000+ Stores

As cryptocurrencies gain ground, more and more technology-based firms find ways to incorporate the nascent technology into everyday life. Moon, prior to this time,...

How To Shop on Amazon with Bitcoin – Step-By-Step...

Wondered how to shop on Amazon with bitcoin? Then here's how you can purchase goods on one of the largest e-commerce websites that ships...

How To Buy Bitcoin On Coinbase – Step-By-Step Guide

Buy Bitcoin on Coinbase instantly in the U.S., UK, Canada, or anywhere you are globally. Coinbase cryptocurrency exchange has enabled its customers buy the...

Grayscale Bitcoin Trust Boosts By 300%, Affects Oil &...

The institutional investment product, Grayscale Bitcoin Trust (GBTC), experienced a growth of more than 300% due to its outstanding performance since February, Forbes reports....

How To Create A Coinbase Account – Step-By-Step Guide

Create a Coinbase account with ease. Use this illustrative guide to create a Coinbase account for buying, selling, and storing cryptocurrencies. And you know...

$9.2 Trillion Transferred Using Bitcoins In 2.5 Years

Against present belief that bitcoin is only used for speculation, James McDowall, a crypto investor and advisor shared a metric about Bitcoin that's been...

Malware Posing as Movie File Manipulates Results and Steals...

A new form of malware posing as movie file was discovered last year and was designed to steal cryptocurrency and inject manipulated results into...