Over the last decades, the world has witnessed increasingly massive cybercrime attacks across borders. These crimes are very often facilitated by supervised financial entities, crypto exchanges. With the European financial supervisory authorities being very reluctant to take decisive action against payment companies involved in fraud scams, the harm done continues
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
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 about scammers trying to convince them to invest in promising crypto ventures. So, crypto scams are still a plague, and
The phasing out process of PAYVISION ends today (June 30, 2022)! On October 28, 2021, ING announced that it would start phasing out the business activities of its subsidiary PAYVISION as a payment service provider (PSP) and acquirer. According to the announcement, this was done after a thorough evaluation of
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
Kobenhavns Andelskasse: A Small Bank’s Role in Massive Financial Fraud Kobenhavns Andelskasse (a.k.a. Copenhagen Cooperative Fund or KBH Andelskasse), a small Danish-regulated bank, became a key enabler of international fraud by collecting and transferring hundreds of millions of euros in stolen funds to boiler room scammers in 2017 and 2018.
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? Despite being aware of the money-laundering allegations, BitRush Corp.’s then Chief Technology Officer, Joachim Kalcher, teamed up with Uwe Lenhoff. He continued to push his
Amid the COVID-19 pandemic, hundreds of millions of people are locked down in their homes or must apply social distancing rules. Hence, their social activities are limited to social media and messenger services. The perfect environment for financial fraud is right now reaching new dimensions. Acting cross-border is an essential
PAYVISION B.V. was the primary payment service provider for big scammers PAYVISION B.V., registered in Amsterdam, is a payment service provider founded in 2002 by Rudolf BOOKER and his partners to offer payment services to online shops. PAYVISION has been granted a license as a Payment Institution under the Payment
On 1 September 2020, Gal BARAK, a citizen of Israel, 33, also called – the Wolf of Sofia – was sentenced to 4 years in prison at the Regional Court of Vienna, by the Senate of lay judges chaired by judge Christian Böhm for severe commercial fraud and money laundering
