About EFRI
EFRI supports victims of online scams by documenting fraud schemes, analysing payment flows, and coordinating affected consumers in order to facilitate complaints, regulatory engagement, and collective redress mechanisms where legally available.
Our work focuses on identifying systemic failures in the handling of fraud-related transactions and on bringing substantiated, evidence-based concerns to the attention of competent authorities, regulators, and legal representatives.
Our Mission
EFRI’s mission is to empower victims of online investment fraud, to promote accountability within the financial system, and to contribute to improved enforcement of existing consumer-protection and anti-money-laundering frameworks.
EFRI does not conduct criminal investigations and does not provide legal representation. Its role is to support affected consumers through structured documentation, aggregation of claims, and cooperation with licensed legal professionals and public authorities.
Our Work
EFRI’s activities include the documentation and analysis of fraud schemes, the aggregation of affected consumers across jurisdictions, and the preparation of factual submissions, complaints, and reports addressed to regulators, supervisory authorities, and law-enforcement bodies
Where applicable, EFRI supports collective redress initiatives in accordance with national and European legal frameworks and acts within the scope of its statutory mandate.
Our Legal and Institutional Framework
The Austrian non-profit organization “Initiative for Fighting Cybercrime in Europe – EFRI” (Initiative zur Bekämpfung von Cyberkriminalität an Konsumenten und Kleinanlegern in Europa – EFRI) was established in Vienna on May 25, 2020.
We are registered with the Austrian Vereinsregister (ZVR 1493630560) and have been approved by the Austrian authorities as a qualified entity in accordance with Section 1(1) of the Austrian QEG. Additionally, we are registered in the EU registry for qualified entities.
EFRI is funded by a one-time membership fee of €75.
EFRI assists individual victims with out-of-court refund claims. In these cases, no legal action is planned under Section 5(3) Z 2 of the Austrian QEG (Qualified Entities Act). The matter remains limited to the individual claim. For such proceedings, the fee is capped at 10% of the compensation obtained through EFRI’s assistance.
When legal action is initiated under Section 5(3) Z 2 of the Austrian QEG, EFRI may collaborate with litigation funders. Specific arrangements must then be made, but these will always comply with Section 6(3) QEG to ensure that the victims’ interests are fully protected. Each victim will be informed and must give consent to the procedure. For participation in collective legal actions, an additional admission fee may be charged in accordance with Section 9 QEG.
Structure 2024: Of total income, only 0.002% came from membership fees in 2024, while the remainder was generated through success fees. This marks a drastic shift compared to previous years, when membership fees accounted for up to 75% (2022: 83%) of income, and success fees from out-of-court settlements represented only a small share.
For more information, please read our 2024 activity report.
In September 2024, EFRI was granted donation privileges under Section 4a(4) of the Austrian Income Tax Act 1988 by the Federal Ministry of Finance. This status allows us to receive corporate donations (up to the legally permitted limit) in support of our activities.
Our Board
Elfriede Sixt is an Austrian Certified Public Accountant and Auditor, former EY Audit Partner, Author, Co-Founder and Chairwoman of EFRI. Find her LinkedIn Profile here.
Nigel Kimberley is a British-born Senior University Lecturer who lives in Finland. You can find him on Facebook.
Our Executive Advisory Board
Our Executive Advisory Board (EAB) is set up to support the Management Board in strategic and financial decisions.
Joachim Fisch (a German living in Sweden) retired in 2019, scam victim. He received his money back via Cybercrime Bamberg in October 2025.
Simone Devereux (British)
is a business owner of 20 years based in the UK. You can view her LinkedIn profile here.
Roumiana Velikova (Bulgarian) holds a PhD in International Economics from the University of National and World Economy, Sofia, and an MA in European Studies from the University of Birmingham.
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Howard Clapham (Scottish) is a qualified UK lawyer and C.A. (Certified Accountant) with more than 50 years of entrepreneurial experience.
Impressum
Initiative zur Bekämpfung von Cyberkriminalität an Konsumenten und Kleinanlegern in Europa
Registered in Vienna ZVR 1493630560, Austria
contact: [email protected], phone: 00436644251353
The Articles of the Association (in english) of the not-for-profit organization are downloadable here.
Through its work, EFRI seeks to contribute to greater transparency, accountability, and effective enforcement in the fight against online investment fraud, while ensuring that its activities remain evidence-based, proportionate, and within the limits of its legal mandate.