On 22 February 2024, the EU Council and the EU Parliament voted 28 to 26 to establish the new Anti-Money Laundering Authority in Frankfurt, Germany. This authority, anticipated in the highly regarded EU Anti-Money Laundering (AML) Package, is expected to play a crucial role in combating money laundering within the
Crypto assets, hailed as a remarkable innovation, have become a perfect vehicle for fraud. Crypto assets opened the door to a shockingly high level of fraud. The lack of regulatory oversight about crypto assets contributes to the issue. Crypto assets have a different status in different jurisdictions. Even with recovery
Ruthlessness reaches a new high! Despite ongoing criminal proceedings for culpable money laundering, despite pledging to the Dutch prosecutor to remedy compliance shortcomings under the oversight of DNB, and despite being fully aware of the dirty business Payvision B.V. was in, ING Bank N.V. — one of the world’s largest
The Pursuit of Justice for Victims of Payvision/ING Since 2019, the European Fund for Retail Investors (EFRI) has championed the cause of over 300 victims, seeking reimbursements from PAYVISION, a wholly-owned subsidiary of ING, one of Europe’s leading banks. PAYVISION, akin to WIRECARD, facilitated numerous cyber trading platforms, acting as
Cybercrime has become a threat to our society! Recent data reveals an alarming rise in cybercrime, posing a significant threat to our global society. A comprehensive study conducted by the renowned digital industry association Bitkom, underscores the gravity of the situation. It indicates that cyberattacks, often linked to organized crime
Around 300 victims from all over Europe, coordinated and supported by EFRI, have been requesting restitution payments for their losses since they learned about the reckless and willful involvement of Payvision in Barak and Lenhoff´s online scams. Legal claims in Austria and Germany are already pending. Additionally, a larger group
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
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
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
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 about scammers trying to convince them to invest in promising crypto ventures. So, crypto scams are still a plague, and
