In the past days, we have received multiple reports that criminals are once again abusing the name European Funds Recovery Initiative (EFRI) to run classic recovery scams. Victims have forwarded emails claiming to come from “EFRI Department” and promising that large sums are “ready for payout” once the victim pays a
The collapse of Wirecard exposed one of the worst regulatory failures in modern European financial history. For years, Germany’s financial watchdog BaFin ignored whistleblowers, dismissed detailed press investigations, attacked journalists instead of fraudsters, and even imposed a short-selling ban that stabilised the share price of what was, in fact, a
Across Europe, fraud is not only on the rise – it is also being systematically concealed. In the UK, only around 13% of fraud against individuals is reported. In Canada, authorities estimate that only 5–10% of scams ever reach the official system, while the real annual loss is believed to
The digital-asset market is slowly running into exactly the same legal questions that have shaped traditional payment law for decades: Who is liable when an inter-exchange transfer fails, is misrouted, or reaches a blocked address? Can doctrines like the Drittschadensliquidation (DSL, third-party damage liquidation) – developed in German banking law
We are now in talks with many victims across Europe as we prepare a collective action, and Payvision is the clearest proof that the EU’s ADR architecture fails fraud victims. What the public record already establishes about Payvision Wind-down and exit: ING announced the phase-out of Payvision’s PSP/acquiring business in
A leaked Commission draft for a so-called “Digital Omnibus” would undermine core GDPR protections under the guise of “simplification.” It would narrow the scope of what constitutes personal data, curtail data-subject rights, create AI-specific carve-outs (even for sensitive data), and relax device-level protections currently anchored in the ePrivacy regime. If
A Billion-Dollar Betrayal When Reuters revealed last week that Meta Platforms earns an estimated $16 billion per year from advertisements “clearly showing signs of being fraudulent,” it confirmed what EFRI warned about already in 2022: Europe’s Digital Services Act (DSA) does not protect victims of online fraud — it protects
On 6 November 2025, the Central Bank of Ireland (CBI) announced enforcement action against Coinbase Europe Limited for serious anti-money laundering (AML) monitoring failures, imposing a monetary penalty of €21,464,734 (discounted from €30,663,906 under the settlement scheme; subject to High Court confirmation). What the regulator found Scope of failure: Configuration
We have formally filed a Woo (Open Government) request with De Nederlandsche Bank (DNB) to disclose the 2020 on-site inspection report on Payvision B.V.—plus its attachments, the 2019/2020 Kroll compliance review, and the criminal complaint DNB filed regarding Payvision. Victims have waited long enough. Redact what you must; disclose what
Prosecutors in Cologne have filed an indictment relating to alleged illegal payment collection in support of large-scale online investment fraud. The case materials held by EFRI name Oleg Shvartsman and Rainer Treuer. Proceedings are ongoing, and all parties are presumed innocent.If your transfers were made to B2G GmbH or P2P
