Payment Services Provider Actions

PSPs – Fraud Facilitators

Without European banks, credit card organizations and crypto-exchanges (also termed payment service providers) facilitating the transfer of the funds to the fraudsters for more than ten years now, the extent of the fraud to consumers would never have reached the enormous extent it has today.

Fraud Hubs

Legal and illegal payment services providers are something like the common denominator behind the different scams. PSPs have the respective payment transaction data of investors’ payments with the beneficiaries, and typically they know the scam broker schemes’ ultimate beneficial owners.

Liable To Investors

Most of these PSPs are presumably aware of the fraudulent nature of their customers (i.e. the schemes). Some of them  do not conduct a proper Know Your Customer check as legally required on purpose, and some just do not care.

Criminal Offences

PSPs who deliberately support and/or facilitate fraudulent schemes are actually engaged in money laundering, and therefore have to be regarded as co-conspirators of these schemes.

Documentation on the cash transfers made is provided by the victims

Based on the deposit slips we receive from each member, we establish a Follow-the-money trail (for more info read our posting here).  This allows us to identify the Payment Service Providers (banks) mainly used and what countries are preferred by the fraudsters for eventually laundering their money.

List of involved PSPs

Banks:

  • Deutsche Bank
  • Wirecard
  • Atlas Banka
  • ING
  • Kobenhavn Andelskassa

Card Processors

  • Payvision
  • Wirecard
  • Fondy
  • Praxis Cashier
  • Neteller
  • NetPay International
  • Jubiter

Illegal payment service providers

  • Xtrabit s.r.o.
  • B2G GmbH
  • P2P GmbH
  • IntellEstate GmbH
  • StronIT GmbH
  • TrustSecure GmbH
  • Fintech Services GmbH

We approach all payment service providers for refunds, and we file money laundering complaints with the supervisory authority in the relevant jurisdictions, as well as with the local prosecutors. Please find more info here (Follow the money post).