An EFRI case note on how investment fraud turns victims into conduits for third-party money, the criminal and civil risks they face, and the payment chains revealed by data-access requests.
EFRI examines NomuPay’s acquisitions, high-risk merchant exposure and the publicly backed investment funds behind the payments group.
Who owes EURR and USDR holders their money? EFRI examines StablR’s OAFS referral, custodian liability and irregular tokens in omnibus wallets.
EFRI Briefing · 21 October 2026 · Mastercard Stablecoin Security and Qivalis’s planned euro token. This briefing analyses market and regulatory developments; it makes no finding of liability against any institution named. When a fraud victim’s money leaves a European bank and reaches a scammer’s wallet, the institutions along the
EFRI Briefing · De Nederlandsche Bank authorises Qivalis B.V. as an electronic money institution (announced 14 October 2026) · Published 15 October 2026 On 14 October 2026 Qivalis announced that De Nederlandsche Bank (DNB) has authorised it as an electronic money institution (EMI). The Amsterdam-based company, owned by a consortium
The latest Bank of America and American Express AML penalties repeat the failures exposed at ING in 2018. EFRI calls for credible licence restrictions, personal accountability and compensation for victims.
€250 Is the Hook: The FTD in Online Investment Fraud Court records, regulators and fraud operators’ own scripts show that the FTD (first-time deposit) is the designed entry point of investment fraud, not a small loss The victim sees a test. The operators see the start of a relationship Every
German Court Holds Meta Liable for Scam Ads – But What About the Victims? A German court has taken an important step in defining the responsibility of social-media platforms for fraudulent advertising. On 16 September 2026, the Regional Court of Frankfurt am Main held Meta liable for fake advertisements and
Seven Years of Work, 63 Victims, €1.48 Million in P2P Refunds Approved After years of victim identification, payment reconstruction and persistent follow-up, the P2P GmbH case is finally producing a concrete result for victims. The Cologne Regional Court has approved refunds totalling €1,479,152.91 for 63 victims coordinated through EFRI. The
ING has a Payvision Accounting Problem Contradictory figures, missing audit evidence and unresolved victim claims demand documented answers. ING announced Payvision’s phase-out in 2021, citing commercial reasons, and reported its operational completion in 2022. Years later, the Payvision companies’ latest accounts – just filed with KvK – contain material contradictions
