Wirex Limited CEO Chet Shah on Fraud, Fund Freezes, and Its 2025 Transparency Report

Core Insights - Fraud and financial crime are prevalent, necessitating vigilance from financial institutions to protect customers while minimizing disruptions such as fund freezes [1][5] - Wirex Limited emphasizes transparency as a core value, aiming to build trust with stakeholders through honest communication about operational challenges and fraud prevention measures [3][4] Fraud Prevention and Customer Protection - In 2025, Wirex Limited successfully prevented over £180,000 in retail fraud losses amid increased regulatory scrutiny and customer complaints related to fund freezes [5] - The company has established a clear complaints process with strict service level agreements (SLAs) to address customer concerns promptly and thoroughly [5][6] Regulatory Environment - Regulatory progress is gradual, with financial services firms playing a crucial role in protecting customers and investing in fraud prevention, despite the evolving nature of digital fraud [7] - The complexity of navigating inconsistent regulatory frameworks across jurisdictions, especially post-Brexit, poses significant challenges for global operations [10][11] Diversity and Inclusion - Wirex Limited reports a 51% female workforce, achieved through a focus on fair, skills-based hiring and an inclusive workplace culture, rather than quotas [8][9] - The company aims to foster a genuinely diverse workforce that attracts and develops individuals from various backgrounds and experiences [10] Strategic Focus - The company is focused on balancing compliance across multiple regions while continuing to innovate, as regulatory approaches vary significantly across different markets [12] - Wirex Limited's strategic outlook for 2025 emphasizes strengthening the organization through excellence, transparency, and long-term thinking to support continued growth [12]