EFRI researches online fraud schemes and the third-party actors that enable or facilitate them, including payment service providers, banks, social media platforms and other intermediaries.
Analysis of fraudulent investment platforms, recovery scams, victim acquisition methods and cross-border fraud structures.
Research on payment flows, payment processors, banks, crypto entities.
Research on Social Media platforms, affiliates, advertising networks and other intermediaries.
A research note on the scale, structure and impact of online broker scam schemes in Europe.
Read here our report.
A report about how a Dutch licensed PI enabled and supported a transnational criminal organization for years. Read here the report.
Banking Circle, Kraken and the False Comfort of a Name Match In a recent Austrian victim case, three transfers totalling €60,749 went to Banking
StablR confirms more than 20 million unbacked token units remain in circulation StablR has for the first time quantified the unauthorised EURR and USDR
Austria Builds a Stronger Payment-Blocking Regime — but Repeats Germany’s Blind Spot Government Bill 594 d.B., XXVIII. GP (amendments to the Glücksspielgesetz and the
StablR: EFRI asks MFSA what became of its 2025 ‘exhaustive analysis’ One year after the Malta Financial Services Authority told EFRI that it was
Banking Circle 2025: The Payments Bank Whose Largest Fee Line Is Not Payments An EFRI financial-structure analysis based on Banking Circle S.A.’s audited financial
Banking Circle’s vIBAN Model in Practice: Kraken, Bano and the Look-Through Problem EFRI has repeatedly argued that the principal risk of virtual IBAN structures
FINOM/Banking Circle/Triventa: a €314k pass-through at a DNB-licensed EMI A fact-based EFRI Case Note built on the FINOM account statement, Companies House filings, Banking
The OCC’s Rejection of bunq: A Continuing Fit-and-Proper Question for DNB The refusal of bunq’s U.S. banking charter is not simply a failed expansion
Wise Was Denied a Bank Charter. Will DNB License Qivalis? On 21 July 2026, the US Office of the Comptroller of the Currency has
