At EFRI, we are contacted almost daily by victims of online investment scams who have been pushed into “investing” in crypto assets. The pattern is always the same: first, victims are convinced to invest in crypto – they either buy crypto on the scammers’ instructions or transfer existing crypto assets
No surprise for us: ING has been supporting scams! On Monday Stichting Collectief Forward Gold Sale (“FGS”) filed a WAMCA -collective action – in the Amsterdam District Court against ING Bank N.V. and Bunq B.V..According to the writ of summons (registered under Article 1018c(2) Dutch Code of Civil Procedure) the
In an interesting verdict from the Copenhagen City Court, Bo Stengaard, the former CEO of Københavns Andelskasse, has been handed a four-month suspended prison sentence for violations of Denmark’s Anti-Money Laundering Act during his tenure from 2017 to 2018. Stengaard admitted his failure to act on suspicious transactions totalling approximately
In the world of crypto fraud, a new facilitator has quietly emerged: Nested Services – sometimes referred to as the “money mule equivalent” of the crypto age. These services play a critical role in laundering crypto-assets stolen from unsuspecting investors. What are Nested Services? A Nested Service is a crypto
A huge fine turns out to be a pure joke! København Andelskasse (now FS Finans VI A/S), which was heavily involved in facilitating cybercrime activities from 2016 to July 2018, has been fined DKK 794 million (€103 million) for laundering billions on behalf of international cybercriminal organisations. While this substantial
In recent years, several high-profile cases in the Netherlands have raised serious doubts about whether justice is applied equally to all. From cryptocurrency developers to board members of banks and payment companies, these cases reveal a troubling pattern: wealth and influence often seem to provide a shield, prompting many to
Due to the significant rise in online fraud, particularly in losses from Authorised Push Payment (APP) fraud in the UK, a new mandatory reimbursement scheme for APP fraud victims will be implemented. It introduces a legal requirement for payment service providers to refund victims for losses incurred when they are
Although financial institutions worldwide step up their efforts in fighting criminals from using their systems for money laundering, more than 99% of money laundering proceeds remain in the hands of criminal gangs. It’s not just the massive amounts of money that go unseized that’s troubling (UNODC estimates that between two
The United Nations has finalised a draft for a new cybercrime convention, marking the first multilateral anti-crime treaty in over 20 years and the first UN Convention against cybercrime. This draft, expected to be adopted by the General Assembly later this year, aims to become the first global legally binding
Payvision B.V./Rudolf Booker is now known to have been the primary payment service provider for the fraudulent websites of the Wolf of Sofia and Uwe Lenhoff from 2016 to 2019. Less well-known, but equally significant, is the fact that Payvision (a subsidiary of one of Europe’s largest banks, the Dutch
