Since its inception in November 2018 until May 2020, the European Funds Recovery Initiative (EFRI), the EFRI Fund used to be part of the FinTelegram News Group with the mission to support defrauded retail investors in the recovery of lost funds.
Whistleblowers are the central element in the fight against scammers and online fraudsters. Regulatory authorities such as the SEC or CFTC have long recognized this. For us too, whistleblowers are the strongest weapon in the fight against cybercrime. Therefore the EFRI FUND finances a Whistleblower Program through which whistleblowers are rewarded for useful tips.
A decentralized society is the perfect breeding ground for cybercrime attacks. The minimum requirement in the fight against cybercrime is therefore the creation of a regulatory framework for financial institutions in order to make it more difficult for cybercriminals to gain access to the financial system and the money of potential victims.
In 2018, EFRI started out with the mission to be retail investors' advocate and support them in their fund recovery procedures with fraudulent providers of financial services, online trading, and investment. By May 2020, more than 1,500 defrauded investors had registered via the website www.efri.io. Of these, almost 800 have granted EFRI a Power of Attorney (POA) to recover their losses from the scammers and the banks, payment processors, and partners involved.