(Reuters) -Worldline shares fell over 20% on Wednesday after an investigation by 21 European media outlets alleged the French digital payments company covered up client fraud to protect revenue.

Responding to the reports, Worldline said in a statement that since 2023 it has strengthened merchant risk controls and terminated non-compliant client relationships.

The "Dirty Payments" investigation, which the media oultets said is based on confidential internal documents and data from Worldline, alleged the company accepted "questionable" clients across Europe, including pornography, gambling and dating sites.

The company said it has conducted a "thorough review" of its high-brand-risk portfolio, such as online casinos, stockbroking and adult dating services, since 2023, affecting merchants representing 130 million euros in run-rate revenue in 2024.

It said it maintains "zero-tolerance" for non-compliance and engages regularly with regulatory authorities.

Worldline did not immediately respond to Reuters' request for further comment beyond its statement.