(AP) The online banking company WesbanCo said Monday it will launch a $50 billion online banking business in 2021.
WesbanCo, which is based in Wesbancourt, Colorado, has struggled with growing competition from its rivals like Amazon.com Inc., which has a massive presence in the area, and has been struggling to retain customers as it has been acquired by Microsoft Corp. Wesban is seeking to expand into areas like credit card processing and payment processing.
Wesbincourt has more than 1,000 employees, and is the fastest-growing tech city in the state.
The company has also said it is seeking about 1,500 employees in the Denver metro area.
In a statement, Wesban said it expects to create a $5 billion business in the first quarter of 2021.
It said the new business will help the company meet its expansion goals.WESBANCOURT, Colo., Feb. 14, 2021 (AP: Tim Allen)Wesbancorp’s online payments business has been plagued by fraud.
Wesbnco said it has experienced more than $10 million in fraud losses in the last two years, and had to shut down several accounts due to account theft.
The loss of customers and inability to attract new ones led to the company’s exit from the financial services business in January.
The company said it will focus on a new technology to process payments, called Blockchain, which will allow it to process and process more transactions in real-time.
Wesbenco said that it will make a list of customers for blockchain-enabled payments, including retailers and service providers.
WesleybanCo announced in January that it was planning to close its Wesbancoin-like virtual currency-based online payments platform, which had been in use since 2007.
The move came after WesbanCoin, which was used to pay for services at Wesbannocos stores, became a target of hackers.
WesbinCo said the attack was the result of a poorly thought-out security plan and that it is working to mitigate risks.WESABIO, Colo.-Boulder County Sheriff’s Office source Associated News article BOULDER, Colo.—(AP) A Boulder County sheriff’s office officer says a woman who had an arrest record was ordered by the judge to be sent to jail after she was arrested and convicted of stealing $10,000 from a Wesban Co. online banking account.
The Boulder County District Attorney’s Office filed the arrest warrant for 28-year-old Kristina Eberle Monday after she and another woman were arrested on a theft charge at the company.
The woman also pleaded guilty to the same charge.
The warrants accuse Eberles of stealing about $10.6 million in Wesbancoins from the account and then using the money to purchase merchandise at the store.
The warrants also say Eberls credit card was used in connection with the transaction.
Eberles lawyer told the Associated Press that he is confident that the charges will be dropped.
A hearing is scheduled for Thursday in Boulder County for Eberley.