MasterCard top manager suspected of involvement in wirecard fraud
According to a British newspaper report, one of MasterCard’s top managers is suspected of involvement in wirecard fraud. Time… According to the newspaper, one of the employees of the international payment system may be involved in money-laundering schemes in a bank connected to wirecards in Tanzania.
The publication refers to an inquiry commissioned by the owners of the Cyprus branch of FBME Bank, whose activities are related to wirecards. In 2014, the US Treasury’s financial police accused FBME Bank (headquartered in Tanzania) of facilitating money laundering, terrorist financing, and transnational organized crime, after which it blocked US banks from making payments, as well as correspondent accounts. Also banned opening or maintaining. In July 2014, Bank of Cyprus initiated temporary administration at the local branch of FBME Bank and suspended its operations.
After blocking, Cypriot branch owners launch dubbed probe Project waxing… Private detectives discovered “the apparent involvement of one of MasterCard’s top managers in criminal activity” and said that the bank’s shareholders informed the US prosecutor’s office that the payment system could be involved in the scandal.
Detectives discovered thousands of thousands of fictitious transactions designed to “surround or eject” Visa and MasterCard fraud monitoring systems. This includes, high rates of “chargebacks”, “cancellations” or canceled transactions resulting from illegal activities. Thus, scammers hoped to avoid checks by the payment system. When a customer complains about a paid product or service, a refund occurs. The credit card company keeps payments pending investigation. The payment system pays special attention to such transactions. It is believed that one of the directors of MasterCard helped the fraudsters hide suspicious activity.
Investigators concluded that bogus transactions between the British and Cypriot shell companies added “net” payments to the total volume of transactions, reducing the proportion of fraudulent transfers.
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As a reminder, the Wirecard scam surfaced last month when an audit revealed a decrease in Wirecard’s accounts in the amount of Euro 1.9 billion. Earlier, money was listed as an asset in the financial statements. The prosecutor’s office believes the amount was not originally present and was pointed out in the report to make investors and clients look more attractive.
After the money was lost from the company’s accounts, the former chief was arrested in Germany – he himself came to the prosecutor’s office. Thereafter, the new management of the company decided to file an application for bankruptcy in Munich court.
Read: Media has established Wirecard’s position of ex-top manager: he wants worldwide