German Authorities Uncover $300 Million Payments Fraud Scheme

The investigation has ensnared staff at multiple payment processing companies across Europe.

Apr. 2, 2026 at 4:53am

Got story updates? Submit your updates here. ›

Five years after the collapse of Wirecard, German authorities have uncovered a €300 million fraud scheme that has implicated employees at several payment processing companies, including the now-defunct Wirecard AG and Payone, which is part of Worldline SA. The investigation was sparked by the 2020 arrest of German national Ruben Weigand at Los Angeles International Airport, who had connected the companies to lucrative but allegedly fraudulent customers such as operators of pornography and dating websites.

Why it matters

The Wirecard scandal left a lasting impact on Germany's reputation as a financial center, and this new fraud case threatens to further undermine confidence in the country's payments industry. The scale of the alleged scam also raises concerns about oversight and due diligence practices at some of Europe's largest payment processing firms.

The details

According to people familiar with the matter, Ruben Weigand had connected Wirecard, Payone, and other payment companies to high-risk customers in industries like online pornography and dating. Authorities believe these customers were engaged in fraudulent activities that resulted in over €300 million in losses. The investigation was sparked by Weigand's arrest at LAX in March 2020 as he was passing through on a layover.

  • Ruben Weigand was arrested at Los Angeles International Airport in March 2020.
  • The alleged €300 million fraud scheme is said to have occurred over several years prior to the investigation.

The players

Ruben Weigand

A German national who allegedly connected payment companies to fraudulent high-risk customers, leading to over €300 million in losses.

Wirecard AG

A now-defunct German payment processing company that was implicated in the alleged fraud scheme.

Payone

A payment processing company that is now part of Worldline SA and was also connected to the alleged fraud.

Got photos? Submit your photos here. ›

What’s next

Authorities in Germany are continuing to investigate the full scope of the alleged fraud scheme and the involvement of additional payment processing companies and employees.

The takeaway

This case highlights the ongoing challenges faced by the payments industry in Europe to maintain integrity and public trust, especially in the wake of high-profile scandals like Wirecard. It also underscores the need for stronger oversight and due diligence practices to prevent such large-scale fraud from occurring.