Payvision/BOOKER is now known to have been the primary payment service provider for the fraudulent websites of the Wolf of Sofia and Uwe Lenhoff’ from 2016 to 2019. Less well-known, but equally significant, is the fact that Payvision (a subsidiary of one of Europe’s largest banks, the Dutch ING) has also worked for many other fraud organizations over the years. So, Payvision provided services to the fraud organization behind #24option until May 2020 (!). In 2022, the Cologne Regional Court sentenced two employees of #24option to prison for serious fraud and forming a criminal organization. Over the years, Payvision transferred the lifetime savings of thousands of European small investors millions to the scammers via ING bank accounts ( Payvision utilized ING bank accounts for payment accounts collecting the money).
The Research of the Swiss Rundfunk (SRF)
Switzerland has suffered particularly severe damage from the criminal organizations behind websites such as xtraderfx, safemarkets, optionstarsglobal (BARAK), option888, xmarkets, zoomtrader, tradeinvest90, tradovest (Lenhoff), and 24option (Rodeler Ltd). In 2023 alone, Swiss victims reported losses of CHF 142.6 million due to these platforms. However, these figures only reflect the cases reported to the police; the actual number of unreported cases is much higher. In Switzerland, criminal prosecution for online fraud is virtually nonexistent, leading many victims to consider reporting the crime a futile effort. Based on our experience with Swiss criminal prosecution authorities, we regret to say that we cannot contradict this sentiment.
Swiss public broadcaster SRF has been working intensively on this topic in recent months and has also interviewed us. In its research published at the beginning of July 2024, SRF details how victims are lured by fake celebrity advertisements featuring figures like Roger Federer and Christa Rigozzi, who unknowingly promote fraudulent trading websites
SFR also describes well how victims are pressured into making ever higher deposits after registering with the platform through manipulative conversation techniques and a pretended high level of professionalism on the part of the trading platforms.
SRF spoke to three former employees of such platforms. The insiders confirm that the aim is to manipulate customers on the phone and put them under pressure so that they deposit more and more money. “Anyone stupid enough to invest here deserves nothing more than to be ripped off. That was always the boss’s motto,” is how one of the insiders describes the atmosphere at his place of work at the time
SRF Investigativ has identified seven platforms that are almost identically structured: Inefex, InvesaCapital, InvestMarkets, ForexTB, OBRInvest, Investous, and 24Option. The websites have the same text modules and designs. There are also clear links between the companies in the Cypriot commercial register.
The Criminal Case # 24option
24Option was active throughout Europe, presented itself as a reputable company and was even an official partner of Juventus Turin football club.
After investigative research by media, 24Option was exposed. House searches and arrests followed. Two employees were sentenced to prison by the Cologne Regional Court. The court ruled that the defendants had deceived their customers about the risk of loss and that the customer relationship had been designed to fleece customers. The verdict is available to SRF Investigative.
The public prosecutor’s office in Cologne confirms that it is still investigating dozens of defendants in connection with 24Option. The presumption of innocence applies to all defendants.
According to SRF’s research, the fraud organization continues to operate with new fraudulent websites despite ongoing criminal proceedings by the public prosecutor’s office in Cologne. Due to the highly organized nature of these cybercriminals, a new fraud website can be created within 48 hours.
24option´s Payment Service Provider
What the SRF report does not cover, but which has been publicly available on the 24option website for many years, is a list of payment service providers that have worked with Rodeler Ltd (24option’s operating company). Not surprisingly, WIRECARD and PAYVISION were also among them. We assume that, similar to its involvement with the Wolf of Sofia, Payvision provided the following services for the scammers behind 24option: payment gateway services, acquiring services, and issuing “refunds” to lure victims into making additional deposits.
We recommend that all victims of 24option fraud contact their credit card company to find out who processed the card payments in their case.
