FinTelegram has reported a number of stories since 2018 about Dutch FinTech Payvision‘s involvement as a payment processor in broker scams. Payvision was acquired by major Dutch bank ING in 2018 and continued its illicit activities. The European Fund Recovery Initiative (EFRI) has coordinated victim lawsuits against supporting payment processors like Payvision for years. Business Insider has now also reported on these lawsuits.
Excerpt: Key Points of the Business Insider Article
- Fictitious Trading Platforms: Platforms like Zoomtrader and Option888 have allegedly scammed investors by promising high returns. However, these returns were never realized, and the platforms are suspected of siphoning off hundreds of millions of euros through fake online trading sites for cryptocurrencies and financial instruments.
- Role of Payvision: Payvision, a payment service provider, is under scrutiny for its alleged role as a “door opener” for these cybercriminals. The company is believed to have facilitated the fraudulent activities by processing credit card payments of the deceived customers.
- Lawsuit Against ING and Payvision: A lawsuit for damages has been filed against Payvision and its parent company, ING. The lawsuit claims that transactions that led to the fraud took place after ING’s acquisition of Payvision. A particular case highlighted involves a German woman who reportedly lost over 105,000 euros via the XTraderFX platform.
- ING’s Response: ING has refrained from commenting on the lawsuit. However, it has been emphasized that the bank took measures to align Payvision’s governance and risk profile with ING’s standards after the acquisition.
- Money Laundering Allegations: Adding to the controversy, Payvision is also under investigation by Dutch authorities on suspicions of money laundering. These allegations pertain to transactions conducted between 2015 and 2020.
- ING’s Decision on Payvision: ING has decided to discontinue the services of Payvision. The decision is not directly linked to the allegations but is attributed to the challenges in the competitive market.
The Business Insider Conclusion
The allegations against Zoomtrader, Option888, and the involvement of Payvision and ING have sent shockwaves through the financial sector. As the lawsuit unfolds, it will be crucial to see how these major entities navigate the legal challenges and the impact on their reputation in the global market.
If you have any information about ING, Payvision, or their activities, please let us know through our whistleblower system, Whistle42.