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.
EFRI Case Note · Bitcoinforme, S.L. (Bit2Me), CNMV-authorised crypto-asset service provider · EURR e-money token issued by StablR Ltd (Malta) · Vanadi Coffee, S.A.
An EFRI case note on how investment fraud turns victims into conduits for third-party money, the criminal and civil risks they face, and the payment chains revealed by data-access requests.
EFRI examines NomuPay’s acquisitions, high-risk merchant exposure and the publicly backed investment funds behind the payments group.
When can routine payment processing become complicity in fraud? EFRI examines German case law and why fraud indicators must be assessed together.
Who owes EURR and USDR holders their money? EFRI examines StablR’s OAFS referral, custodian liability and irregular tokens in omnibus wallets.
StablR’s 19 October update leaves EURR and USDR redemption suspended without a timetable. EFRI examines what changed since August, the unresolved status of unauthorised tokens and the supervisory questions facing the MFSA.
EFRI Briefing · De Nederlandsche Bank authorises Qivalis B.V. as an electronic money institution (announced 14 October 2026) · Published 15 October 2026 On
€250 Is the Hook: The FTD in Online Investment Fraud Court records, regulators and fraud operators’ own scripts show that the FTD (first-time deposit)
From Two Facebook Ads to 852: CERT Polska Maps a Toll-Fraud Network on Meta On 23 September 2026, CERT Polska, Poland’s national Computer Security
