The UK Financial Conduct Authority (FCA) has been exposed as a deeply flawed institution in a recent report by the All-Party Parliamentary Group (APPG) on Investment Fraud and Fairer Financial Services. This investigation highlights systemic incompetence, alarming treatment of whistleblowers, and a failure to act in the interest of victims,
We are thrilled to share some important news about EFRI (European Funds Recovery Initiative): Our application for the determination of compliance with the requirements of § 4a (4) EStG 1988 has been officially approved. The authorities have confirmed that EFRI fulfills the necessary criteria. Here you can find our entry
Here’s something banks don’t tell victims when they request a chargeback or refund for card payments after realizing they’ve been scammed : if you transferred your funds via a credit card payment Section 75 of the UK Consumer Credit Act 1974 is applicable. Section 75 of the UK Consumer Credit
In recent years, several high-profile cases in the Netherlands have raised questions about whether justice is equally applied to all. From cryptocurrency developers to board members of banks and payment companies, these cases illustrate a troubling trend: wealth and influence may afford certain protections, leading many to wonder if the
These days Wired featured a story about the massive growth rates of pig butchering scam victims on a global basis. Pig butchering scams have caused extensive financial and human damage worldwide. In 2023 alone, the FBI reported nearly $4 billion in losses (mostly with cryptocurrencies are involved), with global estimates
Today, October 7, 2024, the UK Payment Services Regulator (PSR) is set to implement new mandatory reimbursement protections for victims of Authorised Push Payment (APP) fraud. These rules aim to ensure that victims of bank transfer scams, where people are tricked into sending money to fraudsters, are reimbursed quickly and
Due to the significant rise in online fraud, particularly losses from Authorised Push Payment (APP) scams in the UK, a new mandatory reimbursement scheme for APP fraud victims will be implemented starting on October 7, 2024. This scheme introduces a legal requirement for payment service providers to refund victims for
On September 11, 2024, the 8th Global Conference on Criminal Finances and Cryptocurrencies, co-organized by the Basel Institute on Governance, Europol, and the UNODC, took place in Vienna. One of the primary topics of discussion was the increasingly concerning role of cryptocurrencies in the online gambling and casino industry. As
Investors lost a record $5.6 billion to crypto-related financial crime in 2023, up 45% from 2022, according to a report from the Federal Bureau of Investigation’s (FBI) Internet Crime Complaint Center (IC3) published recenty. While the number of cryptocurrency-related complaints received by IC3 represents only about 10 percent of the
Although financial institutions worldwide step up their efforts in fighting criminals from using their systems for money laundering, still more than 99% of money laundering proceeds remain in the hands of criminal gangs. It’s not just the massive amounts of money that go unseized that’s troubling (UNODC estimates that between
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
