Moorwand and the UPayCard Scam

Earlier this week Safe Or Scam published an article on UPayCard – LINK and the involvement of FCA-regulated company Moorwand Ltd.

Without repeating the entire article the key points were:

  1. Moorwand Ltd used to be called UPayCard Ltd;

2. UPayCard Ltd provided money collection services for at least one binary option scam (commonly known as money mule services), which is of course illegal;

3. Moorwand confirmed that it was still associated with UPayCard at the time of the offences because it was allowing UPayCard to operate under its licence’

4. Moorwand declined to identify the company, person or persons, who it had transferred the UPayCard business to, and would not give a straightforward answer regarding whether or not it owned the bank account which was being used in the scam.

Remember – this is a FCA-regulated company which is supposed to operate to the highest standards of honesty and integrity.

Moorwand would not say anything about who was operating the UPayCard account under their licence for two years, but was weirdly willing to offer up information that UPayCard was transferred to a Cypriot company two years later and had now ceased all operations. Quite why Moorwand felt that was relevant is unclear, especially when they are so secretive about the first two years’ ownership which is when the binary option scam was using UPayCard to launder the proceeds of crime. Perhaps it was an attempt to warn investors that they’re wasting their time trying to get their money back because the scammers have closed off their options by transferring to Cyprus and then ceasing operations. But investors can still hold Moorwand to account because the offences occurred on their watch.

We know of at least one investor who paid into the UPayCard money mule scam and is taking action through the FCA and the FOS. The investor has also reported the matter to Action Fraud.

Safe Or Scam’s article alludes to there being further concerns about the activities of Moorwand and UPayCard. It has promised a second report next week.

Anyone who paid money to UPayCard from 2017 onwards is recommended to report the matter to the FCA and to Action Fraud.


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