Credit Card Giants Criticized for Alleged Complicity in Online Illicit Activities

A whistleblower filed a complaint against Mastercard and Visa, alleging they failed to stop payments for illegal content on OnlyFans. The credit card companies dispute these claims and cite their compliance measures. Federal agencies have not confirmed any actions taken following the complaint.

Mastercard and Visa are under scrutiny following allegations that they failed to prevent their payment networks from being used to process transactions related to child sexual abuse material and sex trafficking on OnlyFans. This comes after a whistleblower complaint was filed with U.S. authorities.

The whistleblower, a senior compliance expert, claims the card companies were aware of such illegal activities since at least 2021. Despite this, the firms allegedly chose to overlook the illicit revenues processed through their systems, prompting calls for regulatory bodies to take action.

Mastercard and Visa deny the allegations and highlight their compliance efforts, with a Visa spokesperson stating that institutions and merchants not adhering to compliance requirements will be disconnected from their network. The federal agencies involved have yet to comment on any measures taken following the complaint.

(With inputs from agencies.)