EFRI #Cyberscam Campaigns go Europe – fighting #Cyberscams on European Level

EFRI Letter from European Commission
Spread financial intelligence

For FinTelegram and the European Funds Recovery Initiative (EFRI) launched by FinTelegram under the leadership of the auditor and former Ernst & Young partner Elfriede Sixt, it is apparent that the European fight against cybercrime in general and cyberscams, in particular, requires a supranational approach. Therefore FinTelegram and EFRI do not only provide information to enforcement agencies and prosecutors in the individual jurisdictions, but also to the European Commission. The EU Commission has already launched some initiatives to fight cybercrime, e.g. the Cybersecurity Month.

EFRI Cyberscam Report to EU Commission

EFRI has recently provided a report on cyberscams to the European Commission. In a reply from Commissioner Jourová’s Cabinet, the Commissioner assured our EFRI initiative that the risk of cyberscams to retail investors in the EU has been recognized, is monitored, and actions are taken.

National consumer authorities, under the coordination and the support of the European Commission, continuously monitor online commercial practices of several online platforms and engage in actions that aim in bringing them in line with EU consumer law.

Statement of Commissioner Jourova’s Cabinet to EFRI

In the report, FinTelegram and EFRI had provided the EU with their extensive findings on cyberscams. The report is based on

  • the analysis of victims data and
  • the associated documents (payment documents, payment services provider involved, companies and people involved, etc)
  • structured whistleblowers findings, and
  • FinTelegram research finding and conclusions

The information has been condensed and submitted to the EU Commission.

The next weeks and months will be decisive for the fight against #cyberscams! We must break the dynamics of cyberscams and stop their expansion!

Fight attacks on EU retail investors from Non-EU perpetrators

In recent years, perpetrators from non-EU countries such as Israel have been able to attack and cheat almost unhindered small investors in the EU. The Israeli Gal Barak together with dozens of other Israelis established E&G Bulgaria in Sofia, Bulgaria. Boiler rooms and broker scams are operated via this Bulgarian company. This Israeli cyberscam organization has found a home in the EU member state Bulgaria. Other attackers from non-EU countries have settled in Estonia and Lithuania and have obtained licenses to operate financial services providers. In doing so, they facilitate scams that attack EU retail investors! That has to be stopped!

Not least thanks to the information provided by FinTelegram and EFRI, the authorities were able to obtain an EU arrest warrant on the basis of compelling evidence. Gal Barak‘s partner, the German Uwe Lenhoff, has already been arrested and is waiting with 4 more accused co-conspirators for indictment and trial.

The extradition of Gal Barak to Austria, where the investigating authorities have taken over the EU-wide coordination for the clarification of this cyberscam case, is absolutely necessary.

EFRI petitions against Cyberscam

With the EFRI petition for the extradition of Gal Barak, I hope we can help the authorities to thoroughly address this European precedent. Many hundreds of people have already supported the EFRI petition and sent it to the Prosecutor General of Bulgaria and the relevant embassies. This petition has been a great success so far in mobilizing victims, small investors and financial market participants.

Together we can make online Europe safer. Let us not let up in the fight against cyberscam.

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