As stablecoins edge closer to mainstream adoption, their implications stretch far beyond digital asset markets. They are emerging as potential pillars of a new global payment infrastructure, prompting concerns not only about monetary sovereignty but also about legal liability and consumer protection. According to the Financial Times, stablecoins are expected
EFRI is now approved as a so-called “Qualified Entity” to bring collective redress actions in courts throughout the European Union. Such action under Directive (EU) 2020/1828 can either be an “injunction” or a “redress” measure. “Injunctions” generally prohibit a company from engaging in illegal practices. “Redress” measures enable a European
The Trump administration’s decision to halt the activities of the US Consumer Financial Protection Bureau (CFPB) is a critical misstep with potentially far-reaching consequences for American consumers. Established in response to the 2008 financial crisis, the CFPB has played a crucial role in promoting financial fairness, transparency, and accountability. Rolling
People keep asking us why we are so convinced that Payvision B.V., a subsidiary of ING Bank N.V., and a supervised Dutch payment institution, is liable for millions of losses suffered by thousands of innocent fraud victims between 2013 and 2019. In addition, we are also asked why we believe
It is about time for the Dutch authorities to support the victims of the Wolf of Sofia! Thousands of victims of the fraudulent websites operated by the Wolf of Sofia (Xtraderfx, Safemarkets, OptionStarsGlobal, Golden Markets) and Uwe Lenhoff (Option888, Xmarkets, Zoomtrader, Tradovest, Tradeinvest90) continue to suffer severe consequences from the
Wichtige Mitteilung an alle Betroffenen der Betrugssysteme Barak (Wolf of Sofia) und Lenhoff Wir – die European Funds Recovery Initiative (EFRI), ein in Wien eingetragener gemeinnütziger Verein zur Bekämpfung von Cyberkriminalität gegen Kleinanleger und Verbraucher – setzen uns seit mehreren Jahren aktiv für die Interessen von Opfern dieser Betrugssysteme ein.
Report on the Call for Evidence about The Financial Conduct Authority The UK Financial Conduct Authority (FCA) has been exposed as a deeply flawed institution in a recent report by the All-Party Parliamentary Group (APPG) on Investment Fraud and Fairer Financial Services. This investigation highlights systemic incompetence, alarming treatment of
Here’s something banks don’t tell victims when they request a chargeback or refund for card payments after realising they’ve been scammed: if you transferred your funds via a credit card payment. Section 75 of the UK Consumer Credit Act 1974 creates joint liability between credit card providers and retailers for purchases
Recently, Wired featured a story about the massive growth rates of pig butchering scam victims worldwide. Scams have caused extensive financial and human damage worldwide. In 2023 alone, the FBI reported nearly $4 billion in losses (mostly involving cryptocurrencies), with global estimates exceeding $75 billion over time. The impact is
Today, 7 October 2024, the UK Payment Systems Regulator (PSR) implements new mandatory reimbursement protections for victims of Authorised Push Payment (APP) fraud. These rules aim to ensure that victims of bank transfer scams, where people are tricked into sending money to fraudsters, are reimbursed quickly and consistently by their
