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Wirecard
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The WeekenderSupply Chain Tech, ATOs, Stimulus Checks Top This Week’s News
It’s the end of the work week, and the PYMNTS Weekender is here to make sure you didn’t miss anything with the...
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NewsToday In Payments: Marqeta Preps For IPO, Had $4.3B Valuation In May; Punjab National Bank Faces Third Major Fraud
In today’s top news, Marqeta prepares for an IPO, and Punjab National Bank was defrauded $491 million by one of its customers....
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RegulationUK Tightens Rules On Payments Firms In Wake Of Wirecard Debacle
The United Kingdom’s financial regulator has toughened rules on payment companies less than two weeks after Wirecard AG’s collapse locked millions of...
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NewsToday In Payments: Alibaba’s Ant Group Plans Hong Kong IPO; DOJ Looks Into Possible Wirecard Role In Fraud
In today’s top news, Alibaba’s Ant Group plans to go public, and the U.S. Department of Justice is investigating Wirecard’s possible role...
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NewsIrish Police Raid Wirecard’s Dublin Offices
The investigation into Wirecard AG, the German electronic payment transfer company, has expanded to Ireland. The Irish Times reported the company’s Dublin...
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Security & FraudWirecard Administrator Sees Strong Interest From Potential Buyers
The court-appointed administrator guiding Wirecard AG’s insolvency said dozens of investors have emerged to buy what’s left of the Munich-based payments company,...
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NewsToday In Payments: Atlanta Fed Warns Outbreaks Could Stall Recovery; Big Tech CEOs To Testify In Antitrust Probe
In today’s top news, a Federal Reserve official warns the surge in coronavirus cases could dampen economic recovery, and the CEOs of...
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Security & FraudWirecard Exec Who Ran Unit At Heart Of Scandal In Custody In Munich
Wirecard executive Oliver Bellenhaus, 46, has been arrested in Munich for his alleged central role in the massive worldwide fraud case currently...
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NewsToday In Payments: Uber To Buy Postmates; Amazon Plans To Expand Grocery Stores Across US
In today’s top news, Uber has agreed to buy Postmates for $2.6 billion in stock, and Amazon is planning to expand its...
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Security & FraudAudit: Wirecard Payments, Issuing Businesses Have Been Bleeding Cash For Years
As details about the failed management of Wirecard AG unfold, it becomes clear that the company’s core business has been losing cash...
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Security & FraudAudit Standards On Hot Seat In Wake Of Wirecard Scandal
The former chair of the London Stock Exchange is calling for a thorough overhaul of audit standards in the wake of the...
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Security & FraudGermany’s Financial Regulator Calls Wirecard Scandal ‘Criminal’
The president of the Federal Financial Supervisory Authority (BaFin), Germany’s financial regulator, said the $2.1 billion accounting scandal at the center of Wirecard AG’s...
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BankingGermany’s Deutsche Bank Offers A Lifeline To Wirecard Bank
Deutsche Bank, the Frankfurt-based multinational financial services company, is in talks with regulators to rescue Wirecard Bank, the deposit-taking division of the German...
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NewsToday In Payments: Big Tech CEOs Face Congress; Venmo Pilots Business Payments For Micro SMBs
In today’s top news, the CEOs of the four biggest tech companies will testify before Congress over antitrust issues, and Venmo introduced...
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B2B PaymentsWirecard Saga Reignites Debate Over Auditors’ Role In Combatting Fraud
As the fallout from Wirecard‘s $2 billion accounting scandal continues, some attention has turned to the Germany-based payment company’s auditor, Ernst &...
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Security & FraudSoftBank Wants Out Of Wirecard Partnership After Last Year’s $1B Investment
SoftBank is looking to put distance between itself and Wirecard due to the German payments company’s ongoing scandal involving missing money and...
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Security & FraudBaFin Head Says Regulator Had Limited Ability To Regulate Wirecard
The president of Germany’s financial watchdog agency defended its actions in the Wirecard AG case where $1.2 billion in deposits went missing....
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NewsToday In Payments: Senate Approves Five-Week Extension For PPP; Document: Wirecard Depended Upon Few Clients
In today’s top news, the Senate extended the PPP application deadline by five weeks, and an internal document reveals a small client...
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Security & FraudPolice Raid Wirecard’s Offices In Two Countries
A team of investigators raided Wirecard AG’s offices in two countries as part of the probe into the 1.9 billion euros ($2.1...
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Security & FraudInternal Doc: Half Of Wirecard’s Sales Came From Just 100 Clients
A summary of Wirecard’s customers in 2017 suggests that just 100 clients represented over 50 percent of its real sales, the Financial Times reported, citing...
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Security & FraudFormer Wirecard Execs Face Criminal Charges In Austria
The Wirecard AG accounting scandal has extended its reach to Austria. A criminal complaint has been filed in a Vienna court against...
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NewsToday In Payments: Wirecard North America Business Entity Up For Sale; Uber Eyes Postmates Buy
In today’s top news, Wirecard’s separate North America company is up for sale, and Uber is eyeing a Postmates acquisition. Plus, Stripe...
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Security & FraudBIS: Wirecard Debacle Could Trigger Revamp Of Payment Regs
The stunning demise of Germany’s Wirecard AG could lead to a revamp of some of the rules governing the international payments sector,...
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Security & FraudWirecard Reopens UK Banking As Regulators Remove Restrictions
Wirecard AG got the green light Tuesday (June 30) to resume its banking operations in the United Kingdom (UK), as financial regulators...
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Bank RegulationSource: German Regulators Failed To Take Action On Wirecard Red Flags
Numerous regulators had discussions over the years about tightening supervision on Wirecard or adding it to a list of potential subjects for...
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Security & FraudUK Digital Banking Apps Affected By Wirecard Subsidiary Freeze
After the U.K.’s Financial Conduct Authority (FCA) mandated that Wirecard’s British Wirecard Card Solutions unit stop conducting regulated work, a number of...
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Security & FraudSingapore’s Central Bank Helping Police Investigate Wirecard
The Monetary Authority of Singapore (MAS) is collaborating with police to investigate Wirecard AG, the embattled German payment processing firm, Reuters reported....
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NewsToday In Payments: Wirecard Forces German Accounting Regs Reboot; Consumers Sour On Travel Rewards Cards
In today’s top news, Germany’s deputy finance minister wants to restructure accounting firm regulations, and consumers are turning away from travel rewards...
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Security & FraudUK Financial Watchdog Says Wirecard Cooperative But Assets To Stay Frozen
The United Kingdom’s regulatory authority said Wirecard AG was correcting issues raised by the $2.1 billion accounting scandal, but restrictions on the...
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Security & FraudWirecard, Enron And Warning Signs Across Two Decades
Author George Santayana famously wrote: “Those who cannot remember the past are condemned to repeat it.” And Mark Twain once wrote: “History...
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Bank RegulationWirecard Forces ‘Radical’ Reboot Of German Accounting Regs
As the fallout from Wirecard’s troubles unfold, Germany’s deputy finance minister has called for radical solutions to fix how accounting firms are...
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Security & FraudEY Accused Of Missing Alleged Wirecard Fraud
In the ongoing scandal of Wirecard, under fire for fraud, the focus is now turning to auditors Ernst & Young (EY), which...
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Digital PaymentsWirecard Says Payouts To Merchants Will Continue Uninterrupted
Wirecard AG, the disgraced German payments provider that filed for insolvency last week over a $2.1 billion accounting scandal, told customers it’s...
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Security & FraudCrypto.com Promises 100 Pct Refunds To Its Wirecard Users
The CEO of Crypto.com, a Wirecard Card Solutions card issuer, vowed to issue refunds to its customers hours after the United Kingdom’s...
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NewsToday In Payments: Uber Money Head Resigns; Brussels To Investigate German Regulator Over Wirecard
In today’s top news, Peter Hazlehurst, head of Uber Money, has resigned, and Brussels will investigate Germany’s financial regulatory authority over failing...
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Security & FraudUK Watchdog Freezes Wirecard’s Funds During Probe
The United Kingdom’s financial watchdog agency has ordered Britain’s Wirecard subsidiary to freeze the German payment company’s funds as regulators determine the next...
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Security & FraudEY Under Scrutiny Over Wirecard Accounting Practices
Ernst & Young (EY), the global accounting firm hired to verify Wirecard’s financials, failed to request crucial information from a Singapore bank...
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Security & FraudMastercard, Visa Said To Rethink Wirecard Deals Amid Accounting Scandal
Mastercard and Visa are considering ending their agreements with Wirecard to process payments on their networks as the German financial technology company’s...
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Security & FraudEuropean Union To Investigate German Regulator Over Wirecard
The Wirecard scandal surrounding the German payment processor missing $2.1 billion has spilled over the border to Belgium. Brussels is seeking an...
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Security & FraudEY Says Wirecard Gave False Statements During 2019 Audit
According to auditor Ernst & Young (EY), German payment processor Wirecard knowingly gave false statements and was in the midst of “elaborate...
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NewsToday In Payments: Wirecard Files For Insolvency; New York To Ease Cryptocurrency Regulations
In today’s top news, Wirecard files for insolvency, and New York proposes easing regulations for cryptocurrency licenses. Plus, California seeks a court...
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BankingOrange Bank May Replace German Payments Provider Wirecard
As the fallout from Wirecard’s missing cash scandal unfolds, an Orange executive said the Paris-based lender and telecommunications company’s banking unit may...
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NewsWirecard Files For Insolvency, Seeks Court Protection
Wirecard, the embattled Germany payment services company, said Thursday (June 25) it was filing for insolvency. The decision comes less than a...
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Payment MethodsGrab Puts Brakes On Payments Agreement With Wirecard
After auditors for Wirecard couldn’t confirm the existence of $2.1 billion in trust accounts and Wirecard’s former chief executive was arrested, Southeast Asia’s Grab...
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Security & FraudPhilippines Opens Probe Into Wirecard’s Missing Cash
The Philippines has launched an investigation into the missing $2.1 billion that Wirecard said it deposited in two of the island nation’s...
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Security & FraudSoftBank Faces Scrutiny For $1B Investment In Wirecard
As the Wirecard scandal unfolds, SoftBank Group Corp. is facing questions about its investment in the embattled German payment services provider, CNBC reported....
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LoansWirecard Catches A $2B Break From Lenders On Loan Repayment
After a week of bad news, the embattled Wirecard AG caught a break from lenders that provided 1.75 billion euros ($2 billion) in credit...
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RegulationGerman Finance Minister Calls For Regulatory Reform Amid Wirecard Scandal
Hours after Wirecard AG’s former CEO was arrested, German Finance Minister Olaf Scholz said lawmakers must tighten regulations because the payment services...
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NewsToday In Payments: Wirecard’s Former CEO Markus Braun Arrested; Airbnb CEO Sees Potential For 2020 IPO
In today’s top news, former Wirecard CEO Markus Braun was arrested Monday night over the firm’s recent accounting fraud scandal, and Airbnb’s...
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Security & FraudWirecard’s Former CEO Markus Braun Arrested
Ex-Wirecard CEO Markus Braun was arrested Monday night (June 22) in the latest chapter that has rocked the German payment services provider,...
