Marina BARAK was the acquittal a misjudgment?

MARINA BARAK – was her preliminary acquittal a misjudgement?

When German and Austrian prosecutors arrested Gal BARAK (the Wolf of Sofia) in Sofia on January 29, 2019, Marina BARAK took over the management of the boiler rooms of the cybertrading platforms xtraderfx, OptionStarsglobal, and safemarkets. Some of the victims registered with EFRI transferred money to the scam platforms by

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the money flow of the scammer´s industy

The money flow in the scammers´ industry!

The professionalism of today’s cybercriminal organizations (in short: the scammers’ industry) correspond to the professionalism and procedures of legitimate big international corporations. Technology, development activities, human resources, accounting, finance, marketing, legal departments are carried out by different departments independently under the professional leadership of the management people hired by criminals.

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Kobenhavns Andelskasse scammers

How Kobenhavns Andelskasse got hijacked by scammers!

Kobenhavns Andelskasse (a/k/a Copenhagen Cooperative Fund or KBH Andelskasse), a small Danish regulated bank, collected and transferred hundreds of millions of stolen money to boiler room scammers in 2017 and 2018 after it got hijacked by scammers.   To date, EFRI represents more than 1.100 European consumers who have been

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Postbanks many shell company accounts

Postbank´s many shell company accounts

Our research shows that Postbank Germany (a subsidiary of Deutsche Bank) was definitely “the bank to go” for scammers in 2016 – 2020 to open bank accounts for shell companies. We collected the data of more than 90 shell companies with bank accounts with different Postbank branches all over Germany.

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Enhance the drafted DMA

Enhance the drafted DMA!

As we have seen so often in the past years, the European authorities have been mainly concerned with protecting the interests of the business users in drafting the Digital Markets Act (DMA) and have forgotten about the so much-needed consumer protection. It is about time to enhance consumer protection in

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ESG criteria

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

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HSBC cybercrime

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

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

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