How does a company like LemFi have good reviews? My experience has been extremely concerning and raises serious questions about their controls and how they handle fraud.
My card was used fraudulently on their platform, resulting in a loss of €15,000. I am the cardholder I do NOT have a LemFi account or wallet, and I have never had any relationship with them.
LemFi themselves provided documentation to my bank confirming that I am NOT the account holder. Despite this, they continue to address me as if I am the LemFi account holder, even though the name on the account is completely different to mine.
This fraud took place over 3 months ago, yet LemFi declined my bank’s chargeback. Their reasoning is deeply concerning:
"Conclusion
The cardholder's claim that the funds never reached their LemFi wallet is completely invalidated by their own written admission asking for an update on the outward transfer they initiated using those exact funds. LemFi successfully processed the wallet funding and delivered the total 15,000.00 EUR to the cardholder's designated beneficiary. The merchant's service was fully and accurately rendered". We respectfully request the chargebacks be denied.
This statement is completely false and misleading. I am the cardholder, not a LemFi customer. I do not have a LemFi wallet, I did not initiate any transfer, and I did not receive any funds.
Despite acknowledging that I am not the account holder, LemFi still processed these transactions and allowed the funds to be moved onward. Their own terms prohibit third-party payments, yet they accepted my card to fund an account that is not in my name.
This raises serious concerns that LemFi is processing fraudulent transactions without carrying out proper checks or enforcing their own rules.
It also highlights a wider issue platforms like Trustpilot should allow users to upload supporting evidence such as documents or screenshots. This would give people a clearer and more transparent view of who they are trusting with their money, rather than relying solely on written reviews.
Based on my experience, I would strongly question the reliability of the positive reviews and whether they reflect the reality of how this company handles fraud cases.
I would strongly advise others to be cautious.
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