In July 2022, the British FCA (Financial Conduct Authority) confirmed that it would be introducing a higher standard of customer protection, requiring regulated firms (including payment institutions and e-money companies) to put their customers’ needs first. The new “Consumer Duty” rule consists of three elements: New consumer principle. The new
There are rumors that ING is eager to do a new settlement agreement with the Dutch authorities for the Payvision money laundering case. ING is quite experienced in doing settlement agreements for money laundering cases letting the shareholders pay the fine. But considering ING´s checkered money laundering track record it
Why are acquirers to be held accountable for illegal activities The digitalization pushed by governments worldwide and praised for its benefits in efficiency and productivity comes with high risks for consumers. Online fraud is by now the most commonly experienced crime. In England and Wales, fraud accounts for approximately 41%
ING ´s ESG Committee is to enforce adherence to ESG principles On March 9, 2023 the Dutch ING Groep NV published its annual report for 2022. In this annual report ING Groep NV talks a lot about social responsibility (compare the section: STAYING SAFE AND SECURE) and about the essential
EFRI`s open letter to the European Authorities in charge of anti-money laundering. Based on our findings of the activities of some European licensed Payment Institutions and e-money institutions in the online fraud industry (in specific Payvision B.V., Wirecard Bank AG, Moneynet Int LTD) we formulated some recommendations and established an
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
The professionalism of today’s cybercriminal organizations (in short: the scammers’ industry) correspond to the professionalism and procedures of legitimate big international corporations. Technology, development activities, human resources, accounting, finance, marketing, legal departments are carried out by different departments independently under the professional leadership of the management people hired by criminals.
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
EFRI, an association based in Vienna, Austria, set up in spring 2020, by now represents more than 1,052 European consumers who were defrauded by cybercriminals. As of writing the victims lost over EUR 59.2 million in the form of investment scams also referred to as boiler room scams. HSBC, one
In preparing the civil legal claims against PAYVISION B.V., we dig deeply into the criminal files for Option888 and the Wolf of Sofia. We learn a lot about how these fraudulent schemes work. In addition, we also know a lot about the enablers of these enormous fraudulent activities. Unscrupulous regulated
EFRI is the abbreviation for European Funds Recovery Initiative. The legal entity behind this Initiative is a not-for-profit organisation (EFRI-Association) registered in Vienna, Austria. Here you can read the statutes of the not-for-profit organization. Read More
