Web

Visa confirms Coinbase is not responsible for recent overcharges

bitcoin in hand
NurPhoto/Getty Images
NurPhoto/Getty Images

Following an influx of complaints from customers over exorbitant transaction costs and multiple charges on their accounts, cryptocurrency exchange Coinbase has issued a statement that suggests the problem was caused by credit and debit card issuers. Reportedly, a change to merchant category code meant that certain transactions were refunded and reprocessed, leading to additional and unexpected charges and fees.

Visa recently confirmed that Coinbase was not at fault for these charges. Visa and Worldpay, Coinbase’s payment processor, released a joint statement saying that “this issue was not caused by Coinbase.”

The issue first came to light earlier this week, when Coinbase users began reporting that Coinbase was overcharging them, seemingly at random. Even removing cards from Coinbase seemed to have no effect and some customers of the cryptocurrency exchange were concerned as they watched their bank accounts slip into the red, resulting in unauthorized overdraft charges. One user reportedly lost $17,000 in this manner.

Although some called this a scam or a sign that Coinbase had been hacked, the exchange has now explained that it’s all down to its evolving relationship with credit and debit card providers. Following recent changes to policy at certain card operators, an MCC change meant that certain charges and purchases made between January 22 and February 11 were refunded and reprocessed. Due to some refunds taking longer to come through, that lead to some accounts being hit hard — especially if owners made major purchases during that period.

“We deeply apologize for any frustration this may cause. We are actively working with banks, processors, and networks to improve the digital currency purchasing experience,” Coinbase said in its statement. It has also pledged to pay for any bank charges that Coinbase users experienced as a result of this problem. For anyone who doesn’t receive that automatically, it has asked that affected users contact its support team directly.

Although Coinbase has been absolved of fault, this could still harm the company’s reputation. It is possible that affected users may opt for an alternate exchange to buy or sell Bitcoin and other cryptocurrencies in the future. The Verge reports a number of users hit hard by this crypto-mix up as saying that they will never go back to Coinbase.

Updated on February 17: Updated to reflect the news that Visa has confirmed Coinbase is not responsible for the recent overcharges. 

Smart Home

The Nest Secure included a microphone no one knew about — except Google

The Nest Secure home security system has had a microphone this entire time that no one knew about, except Google. The company claims the mic was never turned on, but customers are outraged.
Cars

Mamma mia! Alfa Romeo will unveil a new model at the Geneva Auto Show

Alfa Romeo told Digital Trends it will unveil a new model at the 2019 Geneva Auto Show. It stopped short of revealing what it has in store, but rumors claim it will be a crossover positioned below the Stelvio.
Gaming

Scalebound could be revived for Switch following Xbox One cancellation

Microsoft canceled the Xbox One and PC exclusive Scalebound more than two years ago, but a new report claims Scalebound could have found a new home as an exclusive on Nintendo Switch.
Business

Apple loses battle to use Intel modems in Germany in latest clash with Qualcomm

Apple is following the Federal Trade Commission's lead and has sued Qualcomm for a massive $1 billion in the U.S., $145 million in China, and also in the U.K., claiming the company charged onerous royalties for its patented tech.
Web

Are you one of the billions who have watched these super-popular YouTube videos?

Viral videos can quickly garner millions upon millions of views, but even they fall well behind the view counts on the most watched YouTube videos ever. Those have been watched billions of times.
Business

Marriott asking guests for data to see if they were victims of the Starwood hack

Marriott has created an online form to help you find out if your data was stolen in the massive Starwood hack that came to light toward the end of 2018. But take note, it requires you to submit a bunch of personal details.
Computing

New Chrome feature aimed at preventing websites from blocking Incognito Mode

A new Chrome feature will prevent websites from blocking Chrome users as they browse using Incognito Mode. The feature is supposed to fix a known loophole that allows websites to detect and block those using Incognito Mode.
Computing

Reluctant to give your email address away? Here's how to make a disposable one

Want to sign up for a service without the risk of flooding your inbox with copious amounts of spam and unwanted email? You might want to consider using disposable email addresses via one of these handy services.
Computing

Chrome is a fantastic browser, but is is still the best among new competitors?

Choosing a web browser for surfing the web can be tough with all the great options available. Here we pit the latest versions of Chrome, Opera, Firefox, Edge, and Vivaldi against one another to find the best browsers for most users.
Computing

Microsoft extension adds Google Chrome support for Windows Timeline

The Windows Timeline feature is now much more versatile thanks to the added support for Google's Chrome browser. All you need to do to increase its functionality is to download the official Chrome extension.
Movies & TV

Here’s how to watch the 2019 Oscars livestream online

The 91st Academy Awards will air live on ABC, but there are also a number of ways to watch Hollywood's biggest night online using your mobile device, desktop, or set-top streamer. Here's how to catch the Oscars livestream.
Computing

YouTube changes its strikes system, offers softer first-offense penalty

YouTube announced changes to its strikes system for its content creators. The changes include a softer first-offense penalty for creators who violate YouTube's guidelines and more consistent penalties for further violations.
Computing

An experimental feature could help reduce memory usage in Google Chrome

Google Chrome might be the most popular web browser, but it also is a resource hog. Google is currently working on an experimental feature for Chrome which sets out to reduce its overall memory usage. 
Computing

Need a free alternative to Adobe Illustrator? Here are our favorites

Photoshop and other commercial tools can be expensive, but drawing software doesn't need to be. The best free drawing software is just as powerful as some of the more expensive offerings.