User Complaints Prompt Visa Inc (V) To Fix Duplicate Coinbase Transactions

NYSE: V | Visa Inc. News, Ratings, and Charts

V – Some Coinbase users were hit with duplicate transactions, but the payment processor is aware and working towards resolving the issue.

Some users of the cryptocurrency exchange Coinbase were hit with an unexpected surprise, and Visa Inc (NYSE:V) is now working on correcting those mistakes after a bevy of complaints. 

CNBC has the news on the company’s response to user uproar over duplicate transactions.

Payments processors Worldpay and Visa said Friday they are reversing duplicate transactions that recently caused unauthorized withdrawals for some users of cryptocurrency exchange Coinbase.

“Worldpay and Coinbase have been working with Visa and Visa issuing banks to ensure that duplicate transactions have been reversed and appropriate credits have been posted to cardholder accounts,” the two payments processors said in a joint statement published Friday evening New York time on Coinbase’s Medium blog.”This issue was not caused by Coinbase.”

A number of Coinbase users have taken to Reddit and other social media in recent days to complain about duplicate transactions that had drained their accounts. The US Commodity Futures Trading Commission is aware of the complaints and digging into it as well, but it’s unclear what prompted the unauthorized withdrawals from customer accounts.

Visa notes that the majority of refunds have posted to customer accounts already, while the remainder should appear in the next few days.

Visa Inc shares closed at $121.85 on Friday, down $-0.43 (-0.35%). Year-to-date, V has gained 7.05%, versus a 2.34% rise in the benchmark S&P 500 index during the same period.

V currently has a POWR Rating of A (Strong Buy), and is ranked #1 of 39 stocks in the Consumer Financial Services category.

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