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{{Short description|Former UK-based electronic money system}}
{{Use British English|date=May 2012}}{{Use dmy dates|date=May 2012}}
{{Use British English|date=May 2012}}
{{Use dmy dates|date=December 2020}}
{{Infobox company
{{Infobox company
| name = Ukash
| name = Ukash
| logo = [[File:Ukash std Logo large.jpg]]
| logo = Ukash std Logo large.jpg
| type = [[Subsidary]] of [[Skrill|Skrill Group]]
| type = Private company
| slogan =
| slogan =
| fate = merged into [[paysafecard]]
| foundation = {{start date |2005}}
| foundation = {{start date |2005}}
| defunct = {{end date |2015|8}}
| location_city = London
| location_city = London
| location_country = United Kingdom
| location_country = United Kingdom
| industry = [[Financial Services]]
| industry = [[Financial services]]
| products = Ukash
| products = Ukash
| revenue =
| revenue =
Line 14: Line 18:
| net_income =
| net_income =
| num_employees =
| num_employees =
| parent = Smart Voucher Ltd.<ref name="CL10">{{cite news|url=http://www.highbeam.com/doc/1G1-222713065.html|title=Ukash Signs Russia Deal; Expects To Announce MasterCard Agreement In April|last=Lowe|first=Frederick|date=2 April 2010|work=Cardline {{Subscription required|via=[[HighBeam Research]]}}|accessdate=17 November 2014}}</ref>
| parent = Smart Voucher Ltd.<ref name="CL10">{{cite news|url=http://www.highbeam.com/doc/1G1-222713065.html|archive-url=https://web.archive.org/web/20150329042745/http://www.highbeam.com/doc/1G1-222713065.html|url-status=dead|archive-date=29 March 2015|title=Ukash Signs Russia Deal; Expects To Announce MasterCard Agreement in April|last=Lowe|first=Frederick|date=2 April 2010|work=Cardline|access-date=17 November 2014}}</ref>
| subsid =
| subsid =
| homepage = {{url |http://www.ukash.com }}
| homepage = {{url |https://www.ukash.com }}
| footnotes =
| footnotes =
}}
}}


'''Ukash''' is a UK-based [[electronic money]] system that allows users to exchange their cash for a secure code to make [[online payment|payments online]]. The system is authorised and regulated by the [[UK]]'s [[Financial Conduct Authority]].
'''Ukash''' was a UK-based [[electronic money]] system that allowed users to exchange their cash for a secure code to make [[online payment|payments online]]. It was acquired by [[Skrill]] Group in April 2014 and merged into Austrian competitor [[paysafecard]], acquired by Skrill a year earlier. All existing vouchers expired after 31 October 2015. Remaining ones could be exchanged into paysafecard PINs,<ref>[https://www.paysafecard.com/en-gb/lp-products/ukash-welcome/ Ukash is paysafecard (redirected from www.ukash.com)]</ref> in May 2016 paysafecard announced completion of the process.<ref>[https://www.paysafecard.com/en/business/news/detail/ukash-customers-successfully-shifted-to-paysafecard/ Ukash customers successfully shifted to paysafecard]</ref>


The system allows users to exchange their cash for a secure code. The code is then used to make payments online, to load cards or [[Digital wallet|e-wallets]] or for money transfer. Codes are distributed around the world by participating retail locations, kiosks<ref name="CL10"/> and [[Automated teller machine|ATMs]].
The system allowed users to exchange their cash for a secure code. The code was then used to make payments online, to load cards or [[Digital wallet|e-wallets]] or for money transfer. Codes were distributed around the world by participating retail locations, kiosks<ref name="CL10"/> and [[Automated teller machine|ATMs]].


==History==
⚫
In June 2014 Ukash launched the Ukash Travel Money Prepaid [[MasterCard]], a reloadable [[Prepaid cards|prepaid]] MasterCard for [[euro]]<nowiki/>s and [[U.S. dollar]]<nowiki/>s that can be used anywhere that accepts MasterCard.
The service was founded in 2005.

⚫
In 2013, the company supported the launch of AvoidOnlineScams.net, which offers information about how to avoid online scams and ransomware.<ref>{{cite news|title = Avoid Online Scams|publisher = Ukash Official|url = http://avoidonlinescams.net}}</ref>

⚫
In June 2014 Ukash launched the Ukash Travel Money Prepaid [[MasterCard]], a reloadable [[Prepaid credit card|prepaid]] MasterCard for [[euro]]s and [[U.S. dollar]]s that could be used anywhere that accepted [[MasterCard]].

In April 2015 Ukash became part of [[Skrill]] Group.<ref>{{cite press release|url=http://www.finextra.com/News/announcement.aspx?pressreleaseid=59264|title=Skrill Group completes Ukash acquisition|agency=[[Finextra]]|date=1 April 2015|access-date=1 April 2015}}</ref> As a result, the Ukash online cash voucher scheme was replaced with Skrill Group's paysafecard scheme on 31 October 2015. Ukash distribution stopped on 31 August 2015 and any existing vouchers could be spent until 31 October 2015.


==Process==
==Process==
Ukash users are given a unique 19-digit code representing their prepaid money;<ref>{{cite news|url=http://www.highbeam.com/doc/1G1-252576371.html|title=Ukash Looking to U.S. Market after New iPhone App|last=Hernandez|first=Will|date=29 March 2011|work=American Banker {{Subscription required|via=[[HighBeam Research]]}}|accessdate=17 November 2014}}</ref> this is entered when making a transfer, payment or purchase online. If the purchase is less than the value of the code a new 19-digit code is provided, just like change in an offline cash transaction.
Ukash users were given a unique 19-digit code representing their prepaid money;<ref>{{cite news|url=|title=Ukash Looking to U.S. Market after New iPhone App|last=Hernandez|first=Will|date=29 March 2011|work=American Banker |url-access=|access-date=}}</ref> this was entered when making a transfer, payment or purchase online. If the purchase was less than the value of the code a new 19-digit code could be provided by merchants able to issue ukash, just like change in an offline cash transaction.


==Online scams==
==Online scams==
The "bearer" of Ukash can spend it online anywhere it is accepted. Some scammers have been reported to be exploiting the Ukash system for [[black market]] use by [[Extortion|extorting]] codes from victims. Fraudsters promise cheap loans or other services in exchange for a fee. Some offer items for sale on sites like [[Gumtree]] but these items do not exist. Others infect a computer with [[Ransomware]] and demand the payment using methods including Ukash.<ref>{{cite news|title = To Unlock Android Phone, pay $300|quote = |publisher = Ars Technica|url = http://arstechnica.com/security/2014/05/your-android-phone-viewed-illegal-porn-to-unlock-it-pay-a-300-fine/}}</ref><ref>{{cite news|url=http://www.theguardian.com/technology/2013/feb/13/malware-cybergang-broken-spanish-police|title=Russian-led cybergang broken by police|last=Arthur|first=Charles|date=13 February 2013|work=Guardian|accessdate=17 November 2014}}</ref>
The "bearer" of Ukash could spend it online anywhere it was accepted. Some scammers were reported to have been exploiting the Ukash system for [[black market]] use by [[Extortion|extorting]] codes from victims. Fraudsters promised cheap loans or other services in exchange for a fee. Some offered items for sale on sites like [[Gumtree]] but these items did not exist. Others would infect a computer with [[Ransomware]] and demand the payment using methods including Ukash.<ref>{{cite news|title = To Unlock Android Phone, pay $300|publisher = Ars Technica|url = https://arstechnica.com/security/2014/05/your-android-phone-viewed-illegal-porn-to-unlock-it-pay-a-300-fine/}}</ref><ref>{{cite news|url=https://www.theguardian.com/technology/2013/feb/13/malware-cybergang-broken-spanish-police|title=Russian-led cybergang broken by police|last=Arthur|first=Charles|date=13 February 2013|work=The Guardian|access-date=17 November 2014}}</ref>
⚫
In 2012, the company issued advice to consumers on staying safe with Ukash. It said that "The best way for consumers to avoid becoming victims of fraud is to guard Ukash codes like cash. Each Ukash code is unique and like cash, must be kept safe and therefore never emailed or given to anyone else over the telephone."<ref>{{cite news|title = Ukash Security Tips|quote = |publisher = Ukash Official|url = https://www.ukash.com/en-gb/security}}</ref>
⚫
In 2012, the company issued advice to consumers on staying safe with Ukash. It said "The best way for consumers to avoid becoming victims of fraud is to guard Ukash codes like cash. Each Ukash code is unique and like cash, must be kept safe and therefore never emailed or given to anyone else over the telephone."<ref>{{cite news|title = Ukash Security Tips|publisher = Ukash Official|url = https://www.ukash.com/en-gb/security}}</ref>
⚫
Ukash is designed solely for making payments online and at participating merchants. Most online scams reported obtain Ukash by asking the victim to email the code or give out over the telephone. <ref>{{cite news|last1=Frost|first1=Maisha|title=PPI Call Conmen Given the Dial-Tone|url=http://www.express.co.uk/finance/crusader/522159/The-Crusader-PPI-cold-call-conmen-given-the-dial-tone/|accessdate=10 October 2014|work=Daily Express|date=10 October 2014|ref=Daily Express}}</ref>
⚫
Ukash was designed solely for making payments online and at participating merchants. Most online scams reported obtained Ukash by asking the victim to email the code or give it out over the telephone.<ref>{{cite news|last1=Frost|first1=Maisha|title=PPI Call Conmen Given the Dial-Tone|url=http://www.express.co.uk/finance/crusader/522159/The-Crusader-PPI-cold-call-conmen-given-the-dial-tone/|access-date=10 October 2014|work=Daily Express|date=10 October 2014|ref=Daily Express}}</ref>
⚫
In 2013, the company supported the launch of AvoidOnlineScams.net, which offers information about how to avoid online scams and ransomware.<ref>{{cite news|title = Avoid Online Scams|quote = |publisher = Ukash Official|url = http://avoidonlinescams.net}}</ref>


==See also==
==See also==
Line 45: Line 54:


==References==
==References==
{{Reflist|2}}
{{reflist}}
{{Payment service providers}}


[[Category:Electronic funds transfer]]
[[Category:Electronic funds transfer]]

Latest revision as of 03:21, 14 October 2023

Ukash
Company typePrivate company
IndustryFinancial services
Founded2005 (2005)
DefunctAugust 2015 (2015-08)
Fatemerged into paysafecard
Headquarters
London
,
United Kingdom
ProductsUkash
ParentSmart Voucher Ltd.[1]
Websitewww.ukash.com

Ukash was a UK-based electronic money system that allowed users to exchange their cash for a secure code to make payments online. It was acquired by Skrill Group in April 2014 and merged into Austrian competitor paysafecard, acquired by Skrill a year earlier. All existing vouchers expired after 31 October 2015. Remaining ones could be exchanged into paysafecard PINs,[2] in May 2016 paysafecard announced completion of the process.[3]

The system allowed users to exchange their cash for a secure code. The code was then used to make payments online, to load cards or e-wallets or for money transfer. Codes were distributed around the world by participating retail locations, kiosks[1] and ATMs.

History

[edit]

The service was founded in 2005.

In 2013, the company supported the launch of AvoidOnlineScams.net, which offers information about how to avoid online scams and ransomware.[4]

In June 2014 Ukash launched the Ukash Travel Money Prepaid MasterCard, a reloadable prepaid MasterCard for euros and U.S. dollars that could be used anywhere that accepted MasterCard.

In April 2015 Ukash became part of Skrill Group.[5] As a result, the Ukash online cash voucher scheme was replaced with Skrill Group's paysafecard scheme on 31 October 2015. Ukash distribution stopped on 31 August 2015 and any existing vouchers could be spent until 31 October 2015.

Process

[edit]

Ukash users were given a unique 19-digit code representing their prepaid money;[6] this was entered when making a transfer, payment or purchase online. If the purchase was less than the value of the code a new 19-digit code could be provided by merchants able to issue ukash, just like change in an offline cash transaction.

Online scams

[edit]

The "bearer" of Ukash could spend it online anywhere it was accepted. Some scammers were reported to have been exploiting the Ukash system for black market use by extorting codes from victims. Fraudsters promised cheap loans or other services in exchange for a fee. Some offered items for sale on sites like Gumtree but these items did not exist. Others would infect a computer with Ransomware and demand the payment using methods including Ukash.[7][8]

In 2012, the company issued advice to consumers on staying safe with Ukash. It said "The best way for consumers to avoid becoming victims of fraud is to guard Ukash codes like cash. Each Ukash code is unique and like cash, must be kept safe and therefore never emailed or given to anyone else over the telephone."[9]

Ukash was designed solely for making payments online and at participating merchants. Most online scams reported obtained Ukash by asking the victim to email the code or give it out over the telephone.[10]

See also

[edit]

References

[edit]
  1. ^ a b Lowe, Frederick (2 April 2010). "Ukash Signs Russia Deal; Expects To Announce MasterCard Agreement in April". Cardline. Archived from the original on 29 March 2015. Retrieved 17 November 2014.
  2. ^ Ukash is paysafecard (redirected from www.ukash.com)
  3. ^ Ukash customers successfully shifted to paysafecard
  4. ^ "Avoid Online Scams". Ukash Official.
  5. ^ "Skrill Group completes Ukash acquisition" (Press release). Finextra. 1 April 2015. Retrieved 1 April 2015.
  6. ^ Hernandez, Will (29 March 2011). "Ukash Looking to U.S. Market after New iPhone App". American Banker.
  7. ^ "To Unlock Android Phone, pay $300". Ars Technica.
  8. ^ Arthur, Charles (13 February 2013). "Russian-led cybergang broken by police". The Guardian. Retrieved 17 November 2014.
  9. ^ "Ukash Security Tips". Ukash Official.
  10. ^ Frost, Maisha (10 October 2014). "PPI Call Conmen Given the Dial-Tone". Daily Express. Retrieved 10 October 2014.
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