On Tuesday, the foreign currency trader confirmed that it is the victim of a ransomware attack. The criminals behind the hack told the BBC they are demanding $6m (£4.6m) or company computer systems will be deleted and customer data sold online. Travelex says that there is no evidence customer data has been compromised.
Covid-19 Update
Travelex has taken the decision to temporarily close all UK bureaus effective from Tuesday 24th March 2020. The time scale for bureau closure is currently anticipated as 8 weeks, however with the uncertainty around Covid-19, there is a possibility that this could continue over a longer time period.Travelex, the world's largest currency exchange, was hacked — and the hackers are holding the company's data ransom for $6 million. The company's exchange services have been offline since the hack was detected on December 31, 2019. The hackers, speaking to the BBC, said they took 5 GBs of "valuable customer data."
Service Charge.
Travelex charges a $9.95 service fee at airports if you convert less than $500 into a foreign currency. There is no service fee for converting more than $500, but you still pay a very high currency exchange rate.Travelex services are still down after cyberattack. Services provided by foreign exchange company Travelex continue to remain unavailable, two weeks after the firm incurred a large-scale cyberattack. Customers across Europe, Asia and the US are still unable to gain online access to their accounts.
Travelex announced the cyberattack on 2 January. However, a statement on Travelex's Australian website reads: “On discovering the virus, and as a precautionary measure, Travelex immediately took all its systems offline to prevent the spread of the virus further across the network.
Excellent exchange rates
Travelex offers competative exchange rates. In fact, they promise to give you the lowest online price for foreign currency in the US. With Travelex's Online Price Promise, if you find a lower price they will match it.If you like to plan ahead and want to exchange currency in the U.S., your bank or credit union will be your best bet. They have access to the best exchange rates and usually charge fewer fees than exchange bureaus. Most big banks sell foreign currency to customers in person at a local branch.
Shares in Travelex owner Finablr are suspended as it warns it may go bust after 'undisclosed cheques' are found. As if the coronavirus outbreak wasn't already causing enough troubles for Travelex, its owner has now warned it may go bust after discovering $100million (£81million) of undisclosed cheques.
Lenders that use Travelex also include Virgin Money and HSBC. On Monday, RBS confirmed it was still not offering foreign currency services online but declined to comment on when its services would be restored.
By March 2014 Travelex had operations in 27 countries and more than 1,500 stores. In 2014, Apax Partners sold its majority stake of 51% to UAE-based Indian businessman B. R. Shetty valuing the company at approx £1bn. Shetty also owned UAE Exchange, a UAE-based money transfer business.
How did Travelex get hacked? When Travelex's website went down, the company initially claimed it was due to planned maintenance. The criminals made use of a vulnerability in the company's Virtual Private Network (VPN), which was provided by Pulse Secure.
Travelex charges a $9.95 service fee at airports if you convert less than $500 into a foreign currency. There is no service fee for converting more than $500, but you still pay a very high currency exchange rate.
Your Travelex Money Card should work in any ATM displaying the Mastercard Acceptance Mark. If you're unable to withdraw cash at an ATM, check if you've got enough money on your card first, then call Card Services 24 hours a day, seven days a week. You can find contact numbers here.
Australia's best – and worst – currency exchange outlets
| Outlet | US $1000 | Euro €1000 |
|---|
| Travelex Online (paid via Credit Card) | 1128.02 | 1566.62 |
| Travelex shopfront store (QVB, Sydney) | 1137.00 | 1600.00 |
| Travelex Sydney Airport kiosk | 1202.34 | 1762.65 |
| Westpac | 1126.33 | 1572.14 |
As of noon on Monday, however, its global websites, including those aimed at UK and US customers, were still offline, as were the online travel money services of companies that use Travelex, including Royal Bank of Scotland, Barclays, Tesco Bank and Asda.
The best travel money cards
- 7-Eleven Just Go Visa Prepaid. Currencies: AUD, USD, GBP, EUR, NZD.
- NAB Traveller card. Currencies: AUD, USD, NZD, EUR, GBP, SGD, HKD, JPY, CAD, THB.
- Qantas Travel Money. Currencies: AUD, USD, NZD, EUR, GBP, SGD, HKD, JPY, CAD, THB, AED.
Travelex Money Card
Get your card instantly when you apply in-store, or apply online and receive your card by mail within 5-7 business days (delivery may take longer outside metropolitan areas). You can also pick up online orders from your local post office.- WeSwap Prepaid Card. FX Fee: 1.0% £1.50. Free. 591 reviews.
- Post Office Travel Money Card. FX Fee: Free. £1.50. Free. 482 reviews.
- Caxton FX Multi Card. FX Fee: Free. Free. Free. 257 reviews.
- Travelex Money Card. FX Fee: Free. Free. Free.
- FairFX Anywhere Card. FX Fee: 1.40% £1.00 + 1.4% Free.
- EasyFX Currency Card. FX Fee: Free. Free. Free.
Visa TravelMoney is a prepaid card that can be used to “make purchases at 25 million merchants worldwide that accept Visa debit cards.” Like a gift card, you pay for this card in advance, meaning you load money onto the card in your home currency then spend the money as needed according to the exchange rate of the day.
We will buy back your currency and pay you US dollars. All you have to do is: Decide how much currency you want to sell back to Travelex. Receive US dollars back in the form of a check or in cash, based on the day's rate.
What is Sodinokibi ransomware? Sodinokibi, also known as 'REvil', is a ransomware-as-a-service (RaaS) model, discovered in April 2019. “In an underground forum, authors of the Sodinokibi ransomware claimed that they used to be affiliates of GandCrab, and later acquired its source code to use it in their own operation.”
How it works
- Get card. Order your Travelex Money card online, over the phone or in store.
- Activate card. If you buy or pick up in store, it'll be activated automatically and you'll get your PIN right away.
- Register. Register your card online to manage your account with ease.
- Spend.
- Reload.
The presence of ransomware (or any malware) on a covered entity's or business associate's computer systems is a security incident under the HIPAA Security Rule. A ransomware attack is a data breach and organizations should treat it as such.
