ruling from ECJ in the GAL BARAK case is still pending

ECJ has issued clear guidelines on the transparency duties of banks!

Cybercrime has become a threat to our society! Recent data reveals an alarming rise in cybercrime, posing a significant threat to our global society. A comprehensive study conducted by the renowned digital industry association Bitkom, underscores the gravity of the situation. It indicates that cyberattacks, often linked to organized crime

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Money flow in the card systems

Why do scammers need to work with card companies!

The only purpose of doing scams is to get hold of victims’ money.   With the “Follow the Money” approach becoming a well-known investigation tool for the prosecutors, opaqueness, and complexity in structuring the money flow from the victims to the scammers are critical for cybercriminals.  The more opaque and

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brands processed by payvision

Payvision´s cooperation with Gal Barak and Uwe Lenhoff

The cooperation of Payvision B.V., a Dutch supervised Payment Service provider, with the cybercriminals Gal Barak, Uwe Lenhoff, and his accomplices (Gery Shalon, Vlad Smirnov, and others) began in 2013. The cooperation ended at the end of January 2019 with the arrest of Gal Barak and Uwe Lenhoff. When reading

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UK Companies House set for reforms

UK companies are a plague, reforms are badly required!

Graham Barrow has been highlighting the misuse of the UK Companies House for years now.  Today he announced on Linkedin that as of yesterday, 18 April 2023, 11,069,109 companies are registered with the UK  Companies House Register. Out of these 11 million registered entities, only  5,227,447 are active. Founded in

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Case Study_ payment Institutions

Acquirers are liable for enabling the Wolf of Sofia´s scams

Why are acquirers to be held accountable for illegal activities The digitalization pushed by governments worldwide and praised for its benefits in efficiency and productivity comes with high risks for consumers. Online fraud is by now the most commonly experienced crime. In England and Wales, fraud accounts for approximately 41%

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The European Court of Justice did a landmark ruling!

As of March 23, 2023, the European Court of Justice published its judgment in the case GAL BARAK against the Bamberg public prosecutor´s office (Case C-365/2). The court ruled in favor of the German authority.  In addition, the European court provided the German court with elements of interpretation of EU

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We need efficient and effective anti money laundering enforcement in Europe!

EFRI`s open letter to the European Authorities in charge of anti-money laundering. Based on our findings of the activities of some European licensed Payment Institutions  and e-money institutions in the online  fraud industry (in specific Payvision B.V., Wirecard Bank AG, Moneynet Int LTD)  we formulated some recommendations and established an

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