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Investing.com -- Worldline shares plunged more than 22% on Wednesday following allegations from a group of 21 European media outlets that the French payments firm concealed client fraud to safeguard its revenues. In response to the claims, Worldline said it has taken steps since 2023 to improve risk controls and has ended relationships with clients that failed to meet compliance standards. The stock was down 22.7% at €3.55 as of 09:13 GMT. The investigation, dubbed "Dirty Payments," draws on internal documents and data from Worldline, the media outlets said. It accuses the company of knowingly working with “questionable” clients across Europe, including businesses in pornography, gambling, and dating. Worldline stated it has carried out a “thorough review” of its high-brand-risk merchants—such as online casinos, stock trading platforms, and adult dating services—since last year. The review affected clients representing €130 million in annualized revenue for 2024. “As an indication, according to the latest international schemes reports, Worldline’s fraud ratio is below the industry average,” the company said in a press release. It added that it has a “zero-tolerance” stance on non-compliance and maintains ongoing dialogue with regulatory bodies. Worldline, which provides payment services similar to Adyen (AS:ADYEN) and Klarna, facilitates transactions for both online and physical retailers. Under regulatory requirements, such firms must block fraudulent clients from using their platforms for illicit financial activity. According to Dutch newspaper NRC, Worldline’s Dutch subsidiary, Global Collect Services, continued working with certain high-risk clients “because they brought in ‘good business.’” One example cited is an Indian company accused of selling deceptive software via phone pop-ups mimicking virus alerts. While Adyen cut ties with the firm years ago, Global Collect Services allegedly maintained the relationship. The Dutch central bank, De Nederlandsche Bank (DNB), began investigating Global Collect Services in 2022 and, per NRC, found its client screening practices insufficient.

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