Supervised financial institutions showing up in criminal files.

Dear all, Andre Maarten Valkenburg, CEO of PAYVISION filed a preliminary injunction against our table of financial service providers  showing also his name. Although we showed the court extensive proof for the fact that the high-risk business of PAYVISION was going on even after BOOKER and his colleagues left the

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Holding credit card companies accountable

Holding VISA accountable for processing illegal transactions!

EFRI always was convinced that payment companies like PAYVISION or Wirecard willingly and knowingly process illegal transactions for Cybercriminals are to be held accountable. The European supervisory authorities massively fail to do this job. So victims have to go legally against the fraud-enabling payment processors. EFRI supports victims that  filed

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DSA Article 5.3

The New Digital Services Act – a Missed Chance!

During the past four years, the European Commission worked on legislative initiatives to upgrade the EU’s digital services rules: the Digital Services Act (DSA) and the Digital Markets Act (DMA). The Digital Services Act is aimed to establish a new set of obligations for hosting services, marketplaces, and online platforms

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Popular crypto scams

Most popular crypto scams and how to avoid them

Crypto scams are a plague Although we are in a crypto winter with the crash on the markets also driving down the crypto valuations, we still receive emails from victims telling us about the scammers trying to convince them to invest in promising crypto ventures. So Crypto scams are still

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CySEC announcement regarding Maxigrid

CySEC takes action against Maxigrid Ltd and initiates compensation for clients!

Administrative fines and bans for Maxigrid Ltd Finally, on June 17th 2022, The Cyprus Securities and Exchange Commission (CySEC) took action against Maxigrid Ltd. It announced administrative fines totalling € 210,000 and bans against four exercising directors for management functions in Cyprus Investment Firms (C.I.F.s). In specific, CySEC imposed the

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Marina BARAK was the acquittal a misjudgment?

MARINA BARAK – was her preliminary acquittal a misjudgement?

When German and Austrian prosecutors arrested Gal BARAK (the Wolf of Sofia) in Sofia on January 29, 2019, Marina BARAK took over the management of the boiler rooms of the cybertrading platforms xtraderfx, OptionStarsglobal, and safemarkets. Some of the victims registered with EFRI transferred money to the scam platforms by

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Kobenhavns Andelskasse scammers

How Kobenhavns Andelskasse got hijacked by scammers!

Kobenhavns Andelskasse (a/k/a Copenhagen Cooperative Fund or KBH Andelskasse), a small Danish regulated bank, collected and transferred hundreds of millions of stolen money to boiler room scammers in 2017 and 2018 after it got hijacked by scammers.   To date, EFRI represents more than 1.100 European consumers who have been

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Interview EFRI

Interview Part II: Decipering cybercrime and scams!

For Part, I of the interview with the EFRI founder Elfriede Sixt go here. Q 6. How did BitRush develop into the Lenhoff cybercrime case? Although knowing about the money laundering claims, Joachim Kalcher, the then technical chief operator of Bitrush Corp, teamed up with Uwe Lenhoff. He continued to pursue his

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