Payment service provider for 24option

Payvision/ING also processed card payments for #24option!

Payvision/BOOKER is now known to have been the primary payment service provider for the fraudulent websites of the Wolf of Sofia and Uwe Lenhoff’ from 2016 to 2019. Less well-known, but equally significant, is the fact that Payvision (a subsidiary of one of Europe’s largest banks, the Dutch ING) has

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FBI closed down payback

FBI shut down Payback Ltd!

Recovery scammers are probably even worse as the original scammers! When victims realize that they got scammed they are desparate and are searching for help. This is when recovery scammers – having bought the customer (victims) lists from the original scammers – show up and offer help for a substantial

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Payvision settlement agreement

Mossack and Fonseca in the “Panama Papers” case acquitted!

In a further setback against money laundering and financial crime, Jürgen Mossack and Fonseca Mora, the beneficial owners and directors of the infamous Mossack Fonseca, were acquitted of all charges by a Panama court (Baloísa Marquínez) on June 29, 2024. The defendants were accused of money laundering by establishing 215,000

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how to fight payment fraud

How the EU plans to tackle payment fraud!

The payments landscape has undergone significant changes over the past decade. The changes have been mainly driven by fast-paced technological advancements. Digital payments in the EU have steadily increased, reaching a value of EUR 240 trillion in 2021 (compared to EUR 184.2 trillion in 2017). This trend has been accelerated

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Verbandsklagen in Austria

The Austrian version of the European Collective Redress Directive!

On December 4th, 2020  Directive (EU) 2020/1828 on representative actions for the protection of the collective interests of consumers was published in the Official Journal of the European Union.   AIM of the new redress DIRECTIVE! This Directive gives powers to organisations or public bodies designated by European Union (EU)

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to tackle Payment fraud

How the UK plans to tackle payment fraud!

As previously discussed, Great Britain is undeniably the frontrunner in financial crime in Europe. Being one of the global headquarters for financial services comes with a high price for the British people. In 2023, Britons lost about £459.7mn to Authorised Push payment fraud — which includes purchase scams, online investment

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Payvision settlement agreement

Booker and Cheng Liem Li fined for massive KYC-failures!

On April 5, 2024, the Dutch Prosecutor announced that the criminal charges against Payvision´s board members were settled out of court. Booker and his collegue Cheng Liem Li were found to have (2016 – April 2020) structurally and for many years violated the European Know your Customer rules and accepted

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Brokerscams

Extent of #BrokerScams in Europe!

The damage currently caused to small European investors by fraud on online trading websites (from now on, also referred to as #BrokerScams or #InvestmentScams) promising high returns for investments (right now mainly cryptos) in Europe is estimated at (at least) 1 billion euros per month (!). This is only a

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AMLA goes to frankfurt

AMLA in Frankfurt or to “to set a fox to guard the henhouse”

On 22 February 2024, the EU Council and the EU Parliament voted 28 to 26 to establish the new Anti-Money Laundering Authority in Frankfurt, Germany. This authority, anticipated in the highly regarded EU Anti-Money Laundering (AML) Package, is expected to play a crucial role in combating money laundering within the

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authorized push payment

Get prepared for a massive increase in APP scams in Europe!

Approvement of the new EU Instant Payments Regulation! On 7th February 2024, the European Parliament formally approved the new Instant Payments Regulation.  Under the new regulations for Instant Payments (also known as Real-Time Payments), all European payment providers are required to give their customers the option to conduct Euro-denominated credit

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