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Wirecard: A novel approach to payments

Wirecard: The age old saying holds true: If it sounds too good to be true, it probably is.

The age old saying holds true: If it sounds too good to be true, it probably is. See video below from the FT:

FT’s Dan McCrum on Wirecard’s missing€1.9b

Wirecard is a case in point. I had never heard of the firm before news of the fraud broke, nothing too strange there. That said, many had brought up the strangeness the company and its actions.

Wirecard’s motto is/was: Beyond Payments. Their novel approach certainly goes beyond the business of processing payments straight into massive fraud.

The bad faith actions by BaFin described by Dan McCrum in the video above puts the German reputation for following rules to shame.

Winners:

  • The Financial Times, and Dan McCrum in particular
  • Stripe (for showing how real payment processing should be done)

Losers (apart from Wirecard):

  • BaFin (Showing same level of competence as Swedish Finansinspektionen, FI)
  • E&Y (Though when fraud goes all the way to the top, it is really tough for auditors to detect)
  • The EU’s dream of building Big Tech Companies in Europe.

Patrik


Learn more about Chrono.se. If you want to get in touch, feel free to reach out on Twitter or email me at Patrik[at]chrono.se

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