ING

ING´s checkered money laundering track record!

There are rumors that ING is eager to do a new settlement agreement with the Dutch authorities for the Payvision money laundering case. ING is quite experienced in doing settlement agreements for money laundering cases letting the shareholders pay the fine.  But considering ING´s checkered money laundering track record it

Read More »

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

Read More »
the money flow of the scammer´s industy

The money flow in the scammers´ industry!

The professionalism of today’s cybercriminal organizations (in short: the scammers’ industry) correspond to the professionalism and procedures of legitimate big international corporations. Technology, development activities, human resources, accounting, finance, marketing, legal departments are carried out by different departments independently under the professional leadership of the management people hired by criminals.

Read More »
Kobenhavns Andelskasse scammers

How Kobenhavns Andelskasse got hijacked by scammers!

Kobenhavns Andelskasse (a/k/a Copenhagen Cooperative Fund or KBH Andelskasse), a small Danish regulated bank, collected and transferred hundreds of millions of stolen money to boiler room scammers in 2017 and 2018 after it got hijacked by scammers.   To date, EFRI represents more than 1.100 European consumers who have been

Read More »
ESG criteria

What about the S and the G in ESG?

It became a modern trend in the financial sector that each organization likes to provide sophisticated wordings about the importance of sustainable finance and the application of Environmental, Social, and Governance (ESG) criteria in their day-to-day business and asset allocation. Above all big banks and financial institutions heavily publish about

Read More »
HSBC cybercrime

HSBC – a dirty bank as an accomplice of big style cybercrime!

EFRI, an association based in Vienna, Austria, set up in spring 2020, by now represents more than 1,052 European consumers who were defrauded by cybercriminals. As of writing the victims lost over EUR 59.2 million in the form of investment scams also referred to as boiler room scams. HSBC, one

Read More »
EU countries with serious ML issues

EU countries with serious ML issues!

Today, EFRI represents 876 mainly European victims who lost their life savings of more than EUR 45.9 million to boiler room scammers. Fraud victims transferred EUR 45.9 million to beneficial owners of fraudulent websites through various European banks/financial service providers. Our updated Follow the Money evaluation (downloadable here) and our studies of the

Read More »