EFRI vs VISA & MasterCard – The Crusade Against Payment Crime Enablers Begins

tamir
Fri, 04 Apr 2025 14:17:49 +0000
Compliance, EFRI, ticker, Mastercard, Visa

Armed with EU authority, EFRI demands accountability from the world’s largest credit card networks for enabling mass fraud. “We are only beginning,” warns EFRI founder Elfriede Sixt.

The European Funds Recovery Initiative (EFRI), now an officially recognized Qualified Entity under Directive (EU) 2020/1828, has launched its first direct strike in a new phase of its campaign against financial crime enablers. On April 4, 2025, EFRI submitted identical letters to both VISA and MasterCard, accusing them of enabling mass fraud through negligence, systemic failures, and blind tolerance toward high-risk acquirers like Payvision B.V. This is no longer just a protest—it is the legal opening salvo in a broader war for justice on behalf of 200,000 European victims.

Download the full letter to VISA here (PDF)

Key Allegations Against VISA and MASTERCARD

Payvision B.V. processed hundreds of millions in scam transactions between 2015–2019 via VISA and MasterCard networks.

These transactions fueled criminal platforms like Option888, ZoomTrader, XMarkets, and SafeMarkets.

Over 20 regulatory warnings were issued against these platforms during the active period.

Chargeback rates exceeded 20%, far above acceptable thresholds (1% industry standard).

VISA/MASTERCARD fined Payvision in March 2017—yet allowed them to continue processing fraud-related payments.

Payvision misused merchant category codes (MCCs) to circumvent fraud detection systems and portray scam brokers as legitimate businesses.

EFRI now demands a full disclosure from VISA/MASTERCARD regarding risk monitoring, sanctions, and enforcement actions related to Payvision.

The Crusade Begins: From Scammers to Systemic Enablers

EFRI’s letter to VISA is more than just a legal inquiry—it’s a moral challenge and a public indictment. With over 200,000 victims defrauded and billions funneled through trusted credit card brands, the stakes are no longer limited to individual scams. They reach deep into the core of the global payments ecosystem.

As the letter states:

“This is not a theoretical question. It concerns the lives of thousands of families across Europe who lost everything – retirement savings, college funds, inheritances – to platforms that should have never been granted access to the payment system.”

In EFRI’s view, VISA and MasterCard were gatekeepers who failed their duty of care—and in doing so, they became accomplices-by-inaction to large-scale cybercrime.

Elfriede Sixt Speaks: “We Are Only Beginning”

EFRI founder Elfriede Sixt issued a bold declaration following the letters:

“We are only beginning to address the responsible payment facilitators. VISA and MasterCard must recognize their social responsibility and the legal framework conditions. They cannot accept scams and child porn as customers without consequences. We will remind them of this many times.”

The gloves are off. EFRI has moved from exposés to enforcement. Now armed with collective legal powers across the EU, it intends to confront the infrastructure of financial crime, from unlicensed brokers to global payment networks.

A New Kind of Legal Offensive: Redress and Injunctions

Thanks to its Qualified Entity status, EFRI is preparing mass redress actions in the Netherlands and across Europe, starting with Payvision and its former parent, ING Bank. But the real targets are larger: any company—regulated or not—that knowingly facilitates fraud, whitewashes suspicious payments, or ignores victim complaints.

VISA and MasterCard are now on notice:

No more plausible deniability.

No more turning a blind eye to systemic fraud.

No more excuses for profiting from criminal networks.

Call to Action: A Europe-Wide Mobilization for Justice

This is a turning point for investor protection and financial integrity in the EU. FinTelegram and EFRI call upon:

Victims of credit card-based investment scams

Compliance insiders in payment processors or banks

Whistleblowers in risk monitoring or fraud units

Journalists and regulators across Europe