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Risk Warning - Notice to UK Users  

Estimated reading time: 2 mins

Due to the potential for losses, the Financial Conduct Authority (FCA) considers this investment to be high risk.

What are the key risks?

1.You could lose all the money you invest

The performance of most cryptoassets can be highly volatile, with their value dropping as quickly as it can rise. You should be prepared to lose all the money you invest in crypto assets.

The crypto asset market is largely unregulated. There is a risk of losing money or any cryptoassets you purchase due to risks such as cyber-attacks, financial crime and firm failure.

2.You should not expect to be protected if something goes wrong

The Financial Services Compensation Scheme (FSCS) doesn’t protect this type of investment because it’s not a ‘specified investment’ under the UK regulatory regime – in other words, this type of investment isn’t recognised as the sort of investment that the FSCS can protect. Learn more by using the FSCS investment protection checker here.

The Financial Ombudsman Service (FOS) will not be able to consider complaints related to this firm. Learn more about FOS protection here.

3.You may not be able to sell your investment when you want to

There is no guarantee that investments in crypto assets can be easily sold at any given time. The ability to sell a crypto asset depends on various factors, including the supply and demand in the market at that time.

Operational failings such as technology outages, cyber-attacks and comingling of funds could cause unwanted delay and you may be unable to sell your crypto assets at the time you want.

4.Cryptoasset investments can be complex

Investments in crypto assets can be complex, making it difficult to understand the risks associated with the investment.

You should do your own research before investing. If something sounds too good to be true, itprobably is.

5.Don’t put all your eggs in one basket

Putting all your money into a single type of investment is risky. Spreading your money across different investments makes you less dependent on any one to do well.

A good rule of thumb is not to invest more than 10% of your money in high-risk investments. Learn more here.

If you are interested in learning more about how to protect yourself, visit the FCA’s website here.

For further information about cryptoassets, visit the FCA’s website here.

Why was my Tap card declined?

Struggling to understand why your Tap card transaction was declined? If you have activated your push notifications or set up transaction emails, the reason is at your fingertips.

If the merchant declines your payment, we may not have all the details. You'll see it was unsuccessful, and in such cases, contacting the merchant for specific decline reasons is the best route.

Let's delve into some common reasons why your card transaction might be declined 💳 :

Spending Limit Reached:
Your card might have hit its spending limit. The amount you can spend depends on the type of payment you're making. You can check or up spending limits here and here, or directly in the app under the fee section in your profile settings.

💳 Contactless Hiccup:
Sometimes, contactless payments fail for security reasons. Simply insert your card into the terminal and enter your PIN to complete the payment. After doing this, contactless payments should work again.

❄️ Your card is frozen:
If your card is frozen, you can easily unfreeze it from the app by going to the "Card" section and then tapping the button "Unfreeze".

📝 Incorrect Billing Address:
For online payments, make sure to enter the same address as the one listed on your Wise account.

🙅 Card Not Activated:
You need to activate your card before you can use it. To activate your card, visit the nearest store and initiate a payment using your PIN, or use a nearby ATM to perform any operation, which will activate the card for use.

⛔ Unsupported Transaction:
Sometimes, our card isn't compatible with the merchant's payment platform. It means they might process the payment in a way we don't allow. In such cases, you might need to use a different card.

🤖 Technical Glitch:
Connectivity issues between us and the merchant may have caused the problem. Try removing your card details from their website, troubleshoot your browser, and attempt the payment again.

🔐 Security Block:
Occasionally, we'll block a transaction for security reasons, and we might not be able to provide specific details about it. If this occurs, you might need to use another card.

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