The Crypto Card Fold--Something Fishy


Note: I’ve posted this elsewhere but am posting it here for the sake of continuity. Second note to Fold PR: Since this blog was in my email links to you, I am sure you can now appreciate that I am who I said I was.

Final note: if you are an author, check out my author webring: Behold!

Fold Sounds Possibly Cool

Fold is a card that claims to support lightning rewards. I was interested to try that out to see how it worked. Unfortunately, I couldn’t get that far, and I wonder if Fold should exist as a crypto card at all–here is my email exchange most recent occurs last so scrolling down you are moving “back in time” and anything without a name is me:

Eh no biggie. It simply means to me that your service has some fairly large bugs (possibly spiders?) in the system considering I could verify my identity with eBay in the 90s. But of course I think we both know that isn’t the actual issue here. It’s really about underwriters and lawsuits which should be an interesting mix with your purported crypto support. I’ll delete your app and let others know of my experience here.

Mar 7, 2023, 5:46 PM EST


Our team has reviewed your application and discovered some discrepancies. As a result, we cannot establish your identity.

I understand how frustrating this can be, especially if this decision was made in error. Still, due to the limitations of identity verification, we won’t be able to open an account for you at this time.

Thank you for understanding.

Best Regards,

Risk Team

Mar 7, 2023, 1:53 PM EST

I’ll wait until 10 pm tonight CST. If it isn’t done by then I will just delete the app. I’m all for security and I understand false positives but my time is valuable and there are other accounts I could apply to who hypothetically might not “false positive” my info. Like flying on an airline I am going to tend to favor the one that hassles me the least. Thanks for alerting me however.

Foster Evans (Fold)

Mar 7, 2023, 12:52 PM EST


To maintain a high level of security for our members, we must periodically update certain criteria in our systems with regard to user accounts. However, this can sometimes create false positives that require a manual review by our risk team. Unfortunately, it looks like your information must be manually reviewed before it can be approved.

We are working on completing this process as quickly as possible, and we appreciate your continued patience as we enhance our security measures for our cardholders. Due to the current number of outstanding reviews, response times may be longer than usual. We ask that you do not submit multiple tickets, or replies, as doing so may cause further delays in gaining access to your account.

Best, Fold

Jeniza Ferrer (Fold)

Mar 7, 2023, 11:54 AM EST


I apreciate your response. Your concern is very important to us. This issue will require additional assistance from our Escalation Team. I am going to forward your request to them, and someone from their team will respond as soon as possible.

Due to the current number of outstanding requests, response times may be longer than usual. We ask that you do not submit multiple tickets, or replies, as doing so may cause further delays in getting a response.

We appreciate your patience and understanding.

Best, Jeniza

Mar 7, 2023, 10:15 AM EST

After restart cannot process submission continues. If there isn’t a way to solve this today then it is apparent having a fold card isn’t on my path and I will delete the app.

On Tue, 07 Mar 2023 15:07:10 GMT

Sure. Here is the error as of today. Will restart and advise further. I will include yesterdays error as well.

Mar 7, 2023, 10:07 AM EST

Sure. Here is the error as of today. Will restart and advise further. I will include yesterdays error as well.

Jeniza Ferrer (Fold)

Mar 7, 2023, 9:11 AM EST


Thank you for reaching out, and I apologize for the inconvenience.

First, I would suggest force closing and relaunching the app. You may need to reboot your phone if that does not work.

Next, I would check the app store to make sure there is not an available update. If so, please download it and try again.

Lastly, if all else fails, try uninstalling, then reinstalling the app.

Please let me know if the above steps do not resolve the issue, and can you send a screenshot of the error that you are having for us to investigate further?

Best, Jeniza

Mar 6, 2023, 11:00 PM EST

Placing my address and social security in fold card app results in Error and to Contact support to get fold card.

This sounds like the song and dance Stripe gave me which you can read about over at my blog here: Stripe Blog Post.

So, somehow the crypto of Fold is being used in an identity “risk assessing way” which sounds to me like a possible “poisoning of the well” for the sats earned by Fold since it seems to me this is going beyond typical KYC. I figured I’d alert the community to the potential problem since Crypto probably doesn’t need any additional “Bankmen-Fried” incidents.

JB Schirtzinger

Jacksonville, USA
Email me

Conveniently this entire site is about me. I do some technology, and I do some astrology.

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