What has happened to Travelex?

What has happened to Travelex?

Foreign exchange firm Travelex has collapsed into administration, with the immediate loss of more than 1,300 jobs. The administrators said the impact of a cyber-attack in December and the ongoing Covid-19 pandemic had “acutely impacted the business.” …

Is Travelex out of business?

Travelex Currency Services said in a memo to Hartsfield-Jackson last year that it was “in the process of winding down the corporation and has ceased all operations in the US.” It subsequently restructured the business and went through a series of cutbacks.

Why was Travelex in the news in 2020?

Travelex: Company cites cyber attack as key factor in administration announcement Foreign exchange company, Travelex is continuing to be held to ransom by hackers, after a cyber-attack forced the firm to revert back to pen and paper, rather than using its computer systems.

Who is the owner of Travelex?

Sir Lloyd Marshall Dorfman CBE
Sir Lloyd Marshall Dorfman CBE (born 25 August 1952) is a British entrepreneur and philanthropist. Having founded Travelex (today part of Finablr) the world’s largest retailer of foreign exchange, Dorfman was appointed CBE in 2008 in the Queen’s Birthday Honours for services to business and charity.

Is Travelex still in business 2021?

The business stated that it had “communicated this intention to Finablr”. On 6 August 2020, following the its collapse into administration and its “pre-pack” sale, Travelex is no longer a Finablr subsidiary.

How does a Travelex card work?

The Travelex Money Card will automatically convert the amount of the transaction from local currency into the Currency/ies available on your card, in the order described above, at an exchange rate determined by Mastercard on the day the transaction is processed, plus a foreign exchange fee (please see the fees and …

What type of financial institution is Travelex?

Travelex, a unit of U.K.-listed payments conglomerate Finablr PLC, is best known for its global network of retail foreign-exchange kiosks that target customers passing through international airports.

What has Tony D’Souza said about Travelex cyber attack?

Tony D’Souza said it was “not appropriate” to discuss details of the attack. The boss of Travelex has broken his silence about a cyber attack that forced its staff to use pen and paper and halted travel money sales at some banks and supermarkets.

Why did Travelex go down?

The foreign currency specialist Travelex has been forced to take its websites offline following a cyber-attack. The group said it immediately took down its online systems to protect data and prevent the software virus spreading after discovering the attack on New Year’s Eve.

What is Travelex and who owns it?

Based in London, Travelex has more than 1,200 branches worldwide. The group – founded in 1976 – is owned by the global payments platform Finablr, which is listed on the London stock exchange but based in the United Arab Emirates.

What personal information was stolen from Travelex?

Dates of birth, credit card information and national insurance numbers are all in their possession, they said. Travelex said it is working closely with the Metropolitan Police, which is leading the investigation into the attack.

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