Wirex Limited stopped more than 180,000 GBP in fraud losses for individuals in 2025. This occurred while oversight increased and more customers complained, often due to frozen funds.
The company discusses these trade-offs in its 2025 transparency report. In this interview with BeInCrypto, CEO Chet Shah explains how Wirex works to combat fraud, protect customers, and comply with regulations.
BeInCrypto: Few crypto companies provide as much information about their operations, especially figures that highlight shortcomings. What did you discuss when you decided to include data on, for example, delays in complaint handling and decisions from FOS? How did you weigh transparency against the risk that competitors could find weaknesses?
Chet: "There was no long internal discussion about transparency. I made a promise when I became CEO of Wirex Limited that we would earn trust by being open. Unlike other companies that want to show that everything is perfect, I understood that our stakeholders appreciate honesty. We must be open to becoming better and learning more.
Openness shows our customers, partners, and colleagues that we take our responsibilities seriously and are ready to be honest. It also creates a good culture within the company, where we collaborate and solve problems instead of avoiding difficult conversations. I therefore believe that openness strengthens trust, increases accountability, and helps us build a strong company for the future.
BeInCrypto: Frozen funds are the most common reason for complaints that are upheld. How do you think about the balance between stopping fraud and risking problems for customers? And what can customers do if they think you have blocked their account on incorrect grounds?
Chet: "We think about that balance every day. We have a clear moral and legal responsibility to protect our customers and help keep finances secure. But we must also ensure that our services are accessible and reliable. It is often difficult to find the right balance, and we openly say that we can sometimes do better.
Fraud and financial crime are unfortunately common. Therefore, we must always be vigilant. This sometimes leads to honest customers being affected, for example, by us temporarily freezing their money. We always work to reduce these problems as much as we can while still meeting our requirements.
Customers who believe we have incorrectly blocked their account can use Wirex's complaint process. We have clear processing times so we can help quickly and accurately. We always try to give customers the opportunity for redress when possible.
At the same time, laws and regulations set boundaries for what information we can disclose during investigations. Sometimes we cannot reopen an account again or explain the entire decision without violating the rules. Even though it can be frustrating, we always work according to integrity and security for the financial system. Therefore, we try to be as fair, open, and fast as possible when handling these challenges.
BeInCrypto: Have you received any reactions from social media platforms about their role in the spread of fraud? Do you see any opportunity for collaboration between fintech and Big Tech on this?
Chet: "Wirex, other fintech companies, and industry organizations have tried to collaborate with social media platforms on fraud. But they have largely not engaged in the issue so far. Many have begun to understand their role in online fraud, but it is difficult to move from just being aware of the problem to collaborating on a large scale.
Legislation also develops slowly as governments try to keep up with new types of digital fraud. In the meantime, companies in financial services must continue to be important in the work of protecting customers and investing in fraud prevention, even if the problems sometimes start elsewhere.
There is therefore a great opportunity for closer collaboration between fintech and Big Tech. With clearer rules and a willingness to cooperate, we can create better solutions that prevent fraud even before it reaches consumers.
BeInCrypto: Fintech has many more men than women, especially in technical and leadership roles. Against that background, Wirex stands out with 51% of employees being women. Is it due to specific initiatives and policies, or did it change naturally through your culture and remote work? And does the same balance apply at the management level and among technical staff, or are you still working to improve there?
Chet: "We have not set any quotas or goals for equality, but always focus on the right skills and an inclusive work environment. We choose those who are best suited and try to counteract unconscious biases in recruitment. Our flexible remote jobs also allow more people to apply to us.
We see the results throughout the organization. But just like in the industry, it takes longer to change at the managerial level and among many technical services, as there are fewer candidates and less staff turnover there. Instead of trying to find quick fixes, we build long-term solutions for diversity.
Our goal is always to be a popular employer for a truly diverse workforce. Diversity at Wirex is about much more than gender, and we want to create a culture where many different backgrounds, experiences, and perspectives are welcome.
BeInCrypto: When you look at the next 18 months, considering new regulations for crypto in the UK, MiCA implemented in Europe, possible economic difficulties, and intense competition in payments – what is the biggest challenge you are focusing on right now?
Chet: "One of our biggest problems in the next 18 months is different regulations in different countries. More and more regulations are coming, but each country or market interprets and implements them in its own way and at its own times. They often contain many details that are unique to that country.
This has become even more complicated after Brexit, as the UK and the EU now follow different regulations. At the same time, the rules differ from those in the USA and APAC countries. Leading a global operation therefore requires a lot of coordination and long-term planning.
Local regulations are important and often correct, but if more could collaborate on global standards without local requirements disappearing, much would become easier. Right now, authorities often focus on their own needs, making it difficult to find the same rules worldwide.
From a strategic perspective, it is therefore about following regulations in many countries while continuing to develop new solutions.
BeInCrypto: You write that there is actually a lack of a conclusion in the report. But if you still had to describe 2025 for Wirex in one sentence, what would it be?
Chet: "2025 showed that Wirex Limited is a strong and resilient company, and we have also laid the foundation for continued growth. We have become even better by focusing on quality, openness, and thinking long-term. That will continue to guide how we build the company in the future.
Read Wirex Limited's full transparency report for 2025 here.