The company was founded in London in 2001 under the name Moneybookers and launched its service in April 2002. In February 2003, Moneybookers received its license as an e-money institution and has been authorized to issue electronic money since then.
In 2017, Skrill was criticized along with other payment service providers for collecting too much consumer data without sufficiently informing customers about it. Furthermore, the privacy statements of the service providers were often difficult to understand.
Originally, it was a prepaid system, which means that the customer first had to deposit money in order to be able to make payments. In the meantime, however, online payments are also possible without first topping up one’s own Skrill account.
We have exposed Skrill as a facilitating payment processor in several broker scams and thus included it into our “Orange Compliance ” list.