Case Study_ payment Institutions

Acquirers are liable for enabling the Wolf of Sofia´s scams

Why are acquirers to be held accountable for illegal activities The digitalization pushed by governments worldwide and praised for its benefits in efficiency and productivity comes with high risks for consumers. Online fraud is by now the most commonly experienced crime. In England and Wales, fraud accounts for approximately 41%

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Danish Financial Complaint Board

Poor performance of the Danish Financial Complaint Board!

Legal purpose of Financial Ombudsmen in Europe! According to Directive 2013/11/EU of the European Parliament and of the Council  of 21 May 2013 on Alternative Dispute Resolution for consumer disputes and amending Regulation (EC) No 2006/2004 and Directive 2009/22/EC Alternative Dispute Resolution (ADR) like the Danish Financial Complaint Board  are

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The European Court of Justice did a landmark ruling!

As of March 23, 2023, the European Court of Justice published its judgment in the case GAL BARAK against the Bamberg public prosecutor´s office (Case C-365/2). The court ruled in favor of the German authority.  In addition, the European court provided the German court with elements of interpretation of EU

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annual report about Payvision

Open Letter to ING´s ESG Committee

ING ´s ESG Committee is to enforce adherence to ESG principles On March 9, 2023 the Dutch ING Groep NV published its annual report for 2022. In this annual report ING Groep NV talks a lot about social responsibility (compare the section: STAYING SAFE AND SECURE) and about the essential

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JUSTICE FOR VICTIMS

Spotlight on the Danish Financial Complaint Board!

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

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We need efficient and effective anti money laundering enforcement in Europe!

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

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Payment processors

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

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Holding credit card companies accountable

Holding VISA accountable for processing illegal transactions!

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

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Supervised financial institutions facilitating scams

Supervised financial entities showing up in criminal files

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

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