Interview Part II: Decipering cybercrime and scams!

Interview Part II

Q 6. How did BitRush develop into the Lenhoff cybercrime case? Although knowing about the money laundering claims, Joachim Kalcher, the then technical chief operator of Bitrush Corp teamed up with Uwe Lenhoff. He evidently continued to pursue his idea of using the crypto payment system of Bitrush to launder the illicit proceeds of Uwe Lenhoff although BitRush Corp could not be used for the […]

A historic chance to reduce illegal content on online marketplaces!

Out of about 1.100 victims registered with EFRI more than 620 (about 57%) victims told us that they got lured into investments scams by fake or misleading ads on Facebook. This correlates with the findings of the British Action Fraud from end of May 2021[1],  summarizing that in a 12-month period, 5,039 reports of investment […]

The Danish FSA and its relaxed approach regarding Københavns Andelskasse and Clearhaus A/S

As of January 21, 2021 UNZER (formerly Heidelpay) announced its acquisition of two Danish payment companies: Clearhaus A/S an acquiring company (payment institution supervised by the Danish FSA and QuickPay in Aarhus in Denmark – subject to the approval of the relevant supervisory authorities. As EFRI represents 77 victims who have deposited their life savings […]

What about the S and the G in ESG?

It became a modern trend in the financial sector that each organization likes to provide sophisticated wordings about the importance of sustainable finance and the application of Environmental, Social, and Governance (ESG) criteria in their day to day business and asset allocation. Above all big banks and financial institutions heavily publish about their high ESG […]

HSBC – a dirty bank as an accomplice of big style Cybercriminals!

HSBC Die Skandalbank ARTE

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 of the world’s largest banks, […]

Deutsche Handelsbank closes down its payment services business

Since more than two years we have been delivering information about bank accounts of Deutsche Handelsbank used for scamming peoples to the German authorities. Already when we have been working on the #Wirecard money laundering complaint (back in January 2020) it was evident that some of the scammers used both Wirecard and Deutsche Handelsbank (both […]

EFRI´s request to open infringement proceedings against several European countries for not yet implementing properly the Directive on the Rights of Victims (Directive 2012/29/EU)

By going through the existing Directive for the Rights of Victims (DIRECTIVE 2012/29/EU) and also by working through the Directives already in existence for the protection for consumers in the European Union we realized that these Directives have prescribed everything what is needed to protect consumers and to care for victims of fraud already for […]

Scammers and their bankers III – The legal entity monopoly played by PAYVISION to bypass regulatory frameworks

No scams without payment facilitators The investment scam tsunami currently sweeping Europe, would not be possible without willingly participating Payment Service Providers (PSPs). We are convinced that the scammers’ fraudulent business is made possible, in part, by their lengthy, personal and close relationship with the management of the payment processors. Details about the extent and […]