The “Just the Rails” Defence: What the Zelle Fraud Case Means for Wero and Europe On 20 July 2026, the Supreme Court of the State of New York, New York County refused to dismiss the New York Attorney General’s fraud action against Early Warning Services, LLC (EWS), the operator of
Money Moves in Seconds. Europe’s Fraud Framework Is Too Slow to Obtain Financial Evidence — And Too Weak on What Must Follow The EU is improving bank-account discovery, fraud monitoring and information sharing. Three EFRI case files show the two gaps that remain: authorities still lack a sufficiently fast and
Austria Builds a Stronger Payment-Blocking Regime — but Repeats Germany’s Blind Spot Government Bill 594 d.B., XXVIII. GP (amendments to the Glücksspielgesetz and the Telekommunikationsgesetz 2021); introduced in the Nationalrat on 5 August 2026. The new § 56e GSpG enters into force at the end of 31 December 2026. EFRI
Banking Circle’s vIBAN Model in Practice: Kraken, Bano and the Look-Through Problem EFRI has repeatedly argued that the principal risk of virtual IBAN structures is not the IBAN itself. It is the separation between the bank whose name appears in the payment chain, the regulated intermediary that is the bank’s
FINOM/Banking Circle/Triventa: a €314k pass-through at a DNB-licensed EMI A fact-based EFRI Case Note built on the FINOM account statement, Companies House filings, Banking Circle’s Article 15 GDPR response, the DNB register and public-register publications, a Sumsub onboarding report, correspondence, a Kifid decision and published Dutch judgments. It makes no
The UK Financial Conduct Authority and the Financial Ombudsman Service have launched CP26/9, “Modernising the Redress System”, presenting it as a package designed to improve predictability, transparency and early intervention in consumer redress. The FCA says the aim is to create a smoother system for consumers while giving firms greater
The UK’s new Fraud Strategy 2026–2029 is an important and overdue step – but on its current design it is unlikely to stop global scam networks on its own. From EFRI’s perspective, the core missing piece is a hard, enforceable “primary gatekeeper” regime for payment service providers and major online
Crypto coverage is already treating the Uniswap dismissal as another big win for the sector. That reaction is understandable, but it overreads the judgment. On 2 March 2026, Judge Katherine Polk Failla dismissed the Second Amended Complaint with prejudice in the class action Risley v. Universal Navigation Inc. Yet the
On 5 March 2026, Advocate General Athanasios Rantos delivered his Opinion in Case C-70/25, Tukowiecka, a case that could become highly important for victims of online banking fraud across the European Union. According to the Court of Justice press release, the Advocate General’s position is clear: a bank cannot refuse
As the EU evaluates its “Fighting Online Fraud – Action Plan,“ a new emerging operating model is taking center stage: FRAML (the integration of Fraud and Anti-Money Laundering systems) to fight fraud real-time and more efficiently. At EFRI, we view FRAML as a double-edged sword. While it is a significant
