Wirecard AG is an insolvent German payment processor and financial services provider whose former CEO, COO, two board members, and other executives have been arrested or otherwise implicated in criminal proceedings.
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Wirecard AG is an insolvent German payment processor and financial services provider whose former CEO, COO, two board members, and other executives have been arrested or otherwise implicated in criminal proceedings.
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Wirecard is being dismantled after it sold the assets of its main business unit to Santander Bank for €100 million in November 2020.
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Wirecard offered electronic payment transaction services and risk management, and issued and processed physical and virtual cards.
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On 25 June 2020, Wirecard filed for insolvency following revelations that an amount of €1.
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Wirecard consolidated the company and focused the business model on providing internet payment services, initially mainly to porn and gambling websites.
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Predecessor company of Wirecard regarding the IPO was InfoGenie AG based in Berlin, whose shares had been listed in the Neuer Markt stock market segment since October 2000.
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In 2006, Wirecard was included in the TecDAX and in September 2018 in the DAX.
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In 2008, Wirecard introduced virtual prepaid credit cards for online payments and in the following year a fraud prevention suite for fraud detection.
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In 2014, Wirecard expanded to New Zealand, Australia, South Africa and Turkey.
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On 30 January 2019, Wirecard shares plunged after the Financial Times reported that a senior executive was suspected of "falsification of accounts" and "money laundering" and round-tripping in the company's Asia-Pacific operations.
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Wirecard issued a statement calling the report "false, inaccurate, misleading and defamatory".
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Wirecard announced a lawsuit against the Financial Times for "unethical reporting" and a lawsuit for market manipulation.
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In March 2020, Wirecard claimed that KPMG concluded that no discrepancy was determined during the audit.
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In January 2020, Wirecard announced that a contract extension would be offered to chief executive Markus Braun.
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Criminal investigation began on 22 June 2020 and Wirecard's recently resigned CEO, Markus Braun, was arrested the same day.
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Report published in June 2020 by the interdisciplinary journalism laboratory Citizen Lab at the University of Toronto stated that persons and organisations publicly critical of Wirecard had been the target of sustained hacking and phishing attempts by a hackers-for-hire group dubbed Dark Basin.
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Wirecard was an international supplier of electronic payment and risk management services.
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Wirecard offered products and services in the areas of mobile payments, e-commerce, digitisation and finance technology.
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Since 2014, Wirecard has offered its Checkout Portal – a fully automated application for easily connecting different payment methods in online shops, with a focus on SMEs and virtual marketplaces.
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In 2016, together with the WMF Group, Wirecard developed a mobile app which connects store purchases with online sales.
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On June 22,2020, Wirecard announced that financial data for the previous years might be incorrect.
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Wirecard is a global company founded in 1999, which operates across all continents worldwide since 2017.
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Wirecard has been strengthening its operations in the Asia-Pacific region, the Middle East and Africa since 2014.
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