Chet Shah on Fraud, Fund Freezes, and Wirex’s Transparency

Wirex Limited prevented more than £180,000 in retail fraud losses in 2025 amid increased regulatory scrutiny and customer complaints tied largely to fund freezes.

The company detailed those trade-offs in its 2025 Transparency Report. In this exclusive interview with BeInCrypto, CEO Chet Shah explains the judgment calls and operational trade-offs that sit behind Wirex’s fraud controls, customer protections, and regulatory disclosures.

BeInCrypto: Few crypto firms voluntarily publish this level of operational detail, especially metrics that reflect imperfections. When you decided to include data like complaint resolution delays and FOS upholds, what was the internal debate like? And how did you weigh transparency against the risk of exposing vulnerabilities to competitors?

Chet: “There was no prolonged internal debate about being transparent. I made a commitment when I became CEO of Wirex Limited that we would earn trust through transparency. Unlike other firms that wish to portray everything perfectly, I knew that stakeholders would value an honest approach that respected the principle that to be great, we need to learn and be open.

Transparency, in my view, signals to our customers, partners, and team members that we take our responsibilities seriously and are willing to engage honestly. That approach sets a positive internal culture as well: it encourages problem-solving, learning, and collaboration rather than avoiding difficult conversations. Ultimately, I believe openness strengthens trust, reinforces accountability, and helps build a company that is resilient and respected in the long term.” 

BeInCrypto: Fund freezes appear as the leading theme in upheld complaints. When you’re balancing the imperative to stop fraud against the risk of harming legitimate customers, how do you think about that trade-off operationally? And for customers who believe they’ve been wrongly flagged, what meaningful recourse do they actually have inside Wirex today?

Chet: “We consider that trade-off every day. On one hand, we have a clear moral and regulatory responsibility to keep our customers safe and help maintain the integrity of the financial system. On the other hand, we have a duty to ensure that our services remain accessible and reliable. Striking the right balance isn’t always straightforward, and we openly acknowledge that there are times when we can improve.  

Fraud and financial crime are unfortunately widespread, and staying vigilant is essential. That vigilance sometimes means that legitimate customers experience temporary disruptions, such as fund freezes. Our goal is always to minimize that impact while fulfilling our obligations.  

For customers who believe they’ve been wrongly flagged, Wirex has a clear complaints process with strict SLAs to ensure concerns are addressed promptly and thoroughly. We aim to provide meaningful recourse wherever possible. 

At the same time, regulatory requirements mean there are limits to the information we can share during investigations — sometimes we cannot reopen accounts or explain every detail without risking compliance issues. While this can be frustrating, our approach is guided by both integrity and the safety of the broader financial ecosystem. Ultimately, we strive to be as fair, transparent, and responsive as possible while navigating these complex operational realities.” 

BeInCrypto: What reaction, if any, have you received from social media platforms about their role in fraud proliferation, and do you see any realistic path toward meaningful collaboration between fintech and Big Tech on this problem?

Chet: “Despite ongoing efforts from Wirex, other fintech companies, and industry bodies, engagement from social media platforms on this issue has so far been limited. While there is growing awareness of the role online platforms can play in the spread of fraud, translating that awareness into coordinated, large-scale action remains a challenge.  

Regulatory progress has also been gradual, as governments work to keep pace with the evolving nature of digital fraud. In the meantime, financial services firms continue to play a central role in protecting customers and investing in fraud prevention measures, even when fraudulent activity originates earlier in the customer journey.  

Looking ahead, there is a clear opportunity for closer collaboration between fintech and Big Tech. With clearer regulatory frameworks and a shared commitment to cooperation, the industry can move toward more effective, end-to-end solutions that help prevent fraud before it reaches consumers.”  

BeInCrypto: Fintech remains a heavily male-dominated industry, particularly in technical and leadership roles. Against that backdrop, Wirex reporting a 51% female workforce stands out. Was this the result of deliberate hiring and policy choices, or did your culture and remote-first model naturally change who applied? And does that balance extend into senior leadership and technical teams, or are there still structural gaps you’re actively trying to close?

Chet: “Our gender balance is not driven by quotas or headline targets, but by a consistent focus on fair, skills-based hiring and an inclusive workplace culture. We prioritise capability, work to minimise unconscious bias in recruitment, and offer flexible, remote-first roles that naturally broaden access to a wider talent pool.  

This approach is reflected across much of the organisation. As is the case across the wider industry, progress in senior leadership and highly technical roles can take longer, largely due to smaller talent pools and fewer opportunities for turnover. Rather than pursuing short-term solutions, we focus on building sustainable pipelines that support long-term diversity.  

More broadly, our ambition is to be an employer of choice for a genuinely diverse workforce. Diversity at Wirex extends beyond gender, and we aim to foster a culture that attracts, supports, and develops people from a wide range of backgrounds, experiences, and perspectives.”

BeInCrypto: When you look at the next 18 months, considering the evolving UK crypto regulatory environment, the MiCA rollout in Europe, potential macroeconomic headwinds, and the competitive dynamics in payments, what’s the challenge or uncertainty that occupies most of your strategic thinking right now?

Chet: “For a business that operates as part of a global group, one of the main challenges over the next 18 months is navigating regulatory inconsistency across jurisdictions. While regulation is advancing in many markets, each country or trading block continues to apply its own frameworks, interpretations, and timelines, each with distinct local characteristics.  

This complexity has increased following Brexit, with the UK and EU now operating under separate regulatory approaches. These differences sit alongside further divergence between European frameworks, the US, and APAC markets. Managing a global operation against this backdrop of differing regulatory expectations requires significant coordination and long-term planning.  

While local regulation is both necessary and appropriate, greater alignment around common global standards, supported by market-specific requirements, could help reduce unnecessary complexity. As it stands, regulatory approaches often focus primarily on domestic considerations, which can make global consistency more difficult to achieve. 

From a strategic perspective, balancing compliance across multiple regions while continuing to innovate remains a central focus as we look ahead.”  

BeInCrypto: You say there’s “no conclusion really” in the report, but if you had to sum up 2025 for Wirex in a single sentence, what would it be?

Chet: “2025 reinforced Wirex Limited position as a strong and resilient business, while also laying the groundwork for continued growth. We strengthened the organisation by focusing on excellence, transparency, and long-term thinking, which will continue to guide how we build and scale the business going forward.”

Read Wirex Limited’s full 2025 Transparency Report here.