During the past years, EFRI approached the Danish authorities frequently over the Kobenhavn Andelskasse money laundering case. Until now, we have been disappointed. They do not care a lot about European online fraud victims. Next to Deutsche Handelsbank and the German Wirecard, Kobenhavn Andelskasse, a small Danish cooperative bank, showed
As of 8 October 2020, an investigation report submitted by the Dutch Supervisory Authority (DNB) to the management of Payvision B.V. – a licensed Dutch payment institution in Amsterdam, owned by one of the biggest banks in Europe, ING – stated that an on-site audit carried out by DNB
EFRI`s open letter to the European Authorities in charge of anti-money laundering. Based on our findings of the activities of some European licensed Payment Institutions and e-money institutions in the online fraud industry (in specific Payvision B.V., Wirecard Bank AG, Moneynet Int LTD) we formulated some recommendations and established an
In addition to the acquiring bank, issuing bank, and card association, the merchant frequently employs the services of a payment processor to facilitate this process and act as the technical interface between the merchant and the payment system. Here you will find a list of the payment processors working with
EFRI always was convinced that payment companies like PAYVISION or Wirecard willingly and knowingly process illegal transactions for Cybercriminals are to be held accountable. The European supervisory authorities massively fail to do this job. So victims have to go legally against the fraud-enabling payment processors. EFRI supports victims that filed
Crypto Exchange Management Scam involved Supervisory authority/FIU Moon Pay Limited Ivan SOTO-WRIGHT, Victor FARAMOND Bybit, Knight Service Group Malta Financial Services Authority rejected authorization Simplex Payment Services UAB Nimrod LEHAVI Bybit Bank of Lithunia MoneyAmber UAB; MoneyMaple Tech LTD. MoneySwap OÜ Aleksandr Vasilev, Petr Kozyakov, Antons Blohins Glaremarkets, CryptoDock, AMarkets
Over the last decades, the world has witnessed increasingly massive cybercrime attacks across borders. These crimes are very often facilitated by supervised financial entities, crypto exchanges. With the European financial supervisory authorities being very reluctant to take decisive action against payment companies involved in fraud scams, the harm done continues
During the past four years, the European Commission worked on legislative initiatives to upgrade the EU’s digital services rules: the Digital Services Act (DSA) and the Digital Markets Act (DMA). The Digital Services Act is aimed to establish a new set of obligations for hosting services, marketplaces, and online platforms
Over the last months, the EU regulators and the United States started to develop crypto asset regulations and frameworks that (are intended) to promote innovation and growth while protecting investors. MiCA as part of the Digital Finance Package of the European Union On 24 September 2020, the European Commission (EC)
Crypto scams are a plague Although we are in a crypto winter with the crash on the markets also driving down the crypto valuations, we still receive emails from victims telling us about the scammers trying to convince them to invest in promising crypto ventures. So Crypto scams are still
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
