/payments

News and resources on payments systems, innovations and initiatives worldwide.

ING-owned Payvision branded as the "Netherlands Wirecard" by EFRI

The European Funds Recovery Initiative (EFRI) is seeking €7 million in restitution for victims of boiler room scams which were processed by ING-owned Payvision, a company the Viennese not-for-profit brands as the "Netherlands Wirecard".

  9 Be the first to comment

ING-owned Payvision branded as the "Netherlands Wirecard" by EFRI

Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

Billing Payvision as a "huge payment service provider for the scamming industry" the EFRI has produced a stack of documents from legal proceedings against boiler room operatives that appear to show close links to former Payvision CEO Rudolph Booker.

The EFRI alleges that prior to its acquisition by ING, Payvision knowingly processed £131 million pounds in payments that were generated from investment scams. ING terminated it contracts with the fraudulent brands identified by the EFRI in December 2018.

The campaigning group is seeking restitution on behalf of 232 European investors who collectively lost €75 million to the scammers. The EFRI has written to Payvision demanding more than €7 million in compensation, representing the fees the firm charged for processing the fraudulent payments.

It has also filed a money laundering complaint to the Dutch central bank.

"In our opinion Payvision is Netherland´s Wirecard - a company helping scammers in big style fraud," states the claim.

ING says it is aware of the allegations and will not comment on a case that is undergoing legal merit assessments.

Digital payments will be discussed in depth at EBAday 2020. For delegate passes, register now and join leaders from across Europe's payments ecosystem as EBAday addresses 'The Turning Point in Payments Transformation'.

Sponsored [On-Demand Webinar] Reaping the benefits of Hyper-Personalisation with AI and Application Modernisation

Comments: (0)

[Webinar] 2025 Fraud Trends: Synthetic Identity, AI and Incoming MandatesFinextra Promoted[Webinar] 2025 Fraud Trends: Synthetic Identity, AI and Incoming Mandates