Editor’s Note: This article will only make sense to current users of Payoneer. Those without the company’s card or account would have no idea what the author is talking about and therefore can safely give it a miss.
Payoneer was a good and honest company when it was just launched and I have been using it for almost a decade without any issues whatsoever until November 2020. Unfortunately, things started to go downhill after the Wirecard supposed $2b missing funds scandal and subsequent bankruptcy which was when Payoneer starts to freeze and cancel account holders’ funds and cards, giving all sort of BS reasons to not reactivate the accounts and cards, therefore ‘stealing’ the funds of its account holders under the pretext of identity verification (which will never be accepted and approved).
Although Payoneer has denied this, it is reasonably possible that the company may have been affected and could have lost funds during the Wirecard fraud fiasco and is no longer liquid to honour all of its account holder’s payments.
As such, it probably has decided to dishonestly freeze and cancel account holder’s funds and cards so that the company need not honour any payment to its account holders. Their latest ploy to delay and withhold funds is to ask for National ID under the guise of verification, only to reject it again and again and again and then repeat the same BS over and over again till the account holder gets tired and gives up, thus allowing Payoneer to keep the funds for its own use. I have been there and done that and have all the emails archived to prove that.
However, to appear legitimate and viable, the company would allow about 1 out of 5 or maybe 10 account holders to continue to use their accounts and these are normally accounts belonging to residents outside Asia. From the many feedbacks and postings, most of the currently affected account holders are based in Asia numbering hundreds of thousands probably.
More at https://www.tremeritus.net/2021/01/07/how-payoneer-is-siphoning-account-holders-funds/
