On 8 July 2020, the cybercrime trial of the alleged scammer and principal of a European cybercrime organization, Israeli Gal BARAK, started in Vienna. The public prosecutor accuses Gal Barak of investment fraud with his broker sites like XTraderFX, SafeMarkets, Golden Markets, OptionStars, Golden Markets, or CryptoPoint. EFRI represents more than 225 European victims with stolen funds of more than 6.7 million Euros from this scammer.
The many investment scams out there show one very similar pattern: After the initial phase with huge wins and growing capital, the money is gone suddenly. While victims begin to realize that they have most likely lost their money they desperately try to find someone for help to get their money back, and very often they fall victim to the next fraud: recovery scams!
Wanted: Victims` Voice to Expose Shortcomings of EU Cybercrime prevention
The EU Parliament evidently is convinced that the rules and measures undertaken by the European Parliament against cybercrime (for retail investors) are sufficient and that there are no significant structural shortcomings in the implementation of the rules currently in place.
EFRI has developed promisingly over the last two years thanks to its members and supporters. Together with our supporters, EFRI launched several campaigns against cybercrime in Europe. As of June 29th, 2020, 820 victims from investment scams registered with EFRI with a loss of more than 34 Mio Euro.