The money laundering scandals of recent years in the European Union have shown that the European Union’s banking sector, particularly, remains highly vulnerable to cross-border money laundering. Some late scandals like the #Wirecard scandal in Germany and the #Kobenhavn Andelskasse scandal or the Danske Bank scandal in Denmark made the
Did you transfer money to a scammer by using online-banking tools? If yes, pls read this: So scammers convinced you to send money via online banking to an account controlled by the scammers. As you gave instructions to your bank and authorized them to send the money to a different
So you just noticed that your “best buddy” – a boiler room guy who has told you that he is probably one of the most experienced online traders ever – is no longer reachable for you. Neither he nor anyone else from the frenzy online trading website reacts to your
During the hearing of the witnesses in the Vienna Cybercrime Trials last week (please read more here on FinTelegram), it got evident that the remote software tool AnyDesk was involved in all fraud cases. More or less all Gal Barak’s victims told the judge that the boiler room agents heavily pushed them to download
As you read this blog post, the #Wirecard tsunami sweeps over Germany and destroys the reputation of the capital market and its institutions. The responsible authorities (mainly #BAFIN) and involved companies (especially EY Germany) are blaming each other and are trying to overcome the issue. The frightening truth is that Germany
When we started to collect the deposit slips of the many victims that registered with us, some registered and unregistered (illegal) payment service providers continuously kept showing up. One often showing up illegal payment processor was B2G GmbH, Cologne (HRB 89485) a German company owned and managed by Rainer Treuer and Oleg Shvartsman.
At the end of June 2020, Wirecard, a DAX-listed financial services company, experienced a collapse. For over two decades, Wirecard has facilitated the receipt and distribution of illicit funds by fraudsters. We summarised our findings on Wirecard’s money-laundering activities in a complaint filed in January 2020. Wirecard as a cybercrime
All investment scams out there show a similar pattern. The victim´s trading account shows massive gains and growing balances during the initial phase. When the victims start to request the withdrawal of the funds, communication with trading people gets complicated. No email communication is possible any longer. Unagreed trades result in negative
The EFRI’s mission is to advocate consumers and small investors in the fight against scammers and cybercrime. For this purpose, we have founded the EFRI NGO (Initiative zur Bekämpfung von Cyberkriminalität an Konsumenten und Kleinanlegern in Europe ZVR 1493630560 in Vienna. Pls, find more about this not-for-profit organization here. Fraud
As discussed in our latest blog post, EFRI continues to file money-laundering complaints against scam facilitating payment processors based on the documentation provided by victims. We think that only if the European banks or the acquiring organizations stop to enable the money flow from the victims to the fraudsters the ongoing
