The FinTech Sector’s Role in Supporting Fraud The importance of financial technology providers in enabling large-scale investment fraud has become increasingly evident. U.S. prosecutors have repeatedly emphasized that online scams often rely on cooperating FinTech firms to handle transactions. Without these intermediaries, it would be significantly more difficult — if not impossible — for scam operations to collect funds from retail victims. One of the most telling examples of this is the case of Payvision, a Dutch FinTech company and former ING subsidiary, which is reported to have processed around €130 million in payments for schemes tied to Uwe Lenhoff…
Author: Tom
Payment Processors as Enablers of Online Fraud The rise of cybercrime — especially fraudulent online brokers — has often depended on the cooperation of unregulated payment processors. Over the last decade, the boom of financial technology coincided with the growth of widespread binary options fraud and broker scams. A number of payment service providers are believed to have knowingly handled transactions tied to fraudulent operations, profiting from funds that were illicitly obtained from unsuspecting investors. These processors are increasingly being recognized as critical accomplices in the broader ecosystem of financial scams, and calls for accountability have intensified. Among the companies…
Rudolf Booker, Cheng Liem Li, and Gijs op de Weegh Leave the Company A significant leadership change has taken place at Payvision. The company’s original founders — Rudolf Booker, Cheng Liem Li, and Gijs op de Weegh — have formally resigned from their positions. The announcement, made by Booker via LinkedIn, comes amid intensifying scrutiny over Payvision’s historic business ties to now-imprisoned cybercrime figures. Booker, who launched Payvision in 2002 and served as its CEO, had long-standing connections with controversial individuals such as Uwe Lenhoff and Gal Barak. Both Lenhoff and Barak are currently incarcerated and awaiting further charges in…
Dutch Journalists Uncover New Developments in the Payvision Story On May 1, 2020, the three original founders of Payvision — Rudolf Booker (45), Cheng Lim Li (42), and Gijs Op de Weegh (44) — stepped down from their executive roles, either voluntarily or under pressure. This development was brought to light in an investigative article published by Dutch outlet Follow the Money (FTM). Founded in 2002, Payvision had gained attention in the financial technology sector and was acquired by ING, a deal that proved lucrative for the founders. The valuation of the company, as highlighted in the FTM piece, was…
Focus on High-Risk Payment Processors B2G GmbH, a German-registered company, is reportedly under investigation by law enforcement authorities across multiple jurisdictions both within and outside the European Union. The company, which operated as a payment processor, has been linked to numerous controversial online investment platforms, including Option888 and Blue Trading. These platforms have been associated with deceptive practices that resulted in significant losses for consumers. Key Individuals Involved The company was managed by Rainer Treuer of Germany and his business associate, Oleg Shvartsman, a Russian national. Both individuals are currently subjects of ongoing inquiries due to their alleged roles in…
Persistent Attacks on Investigative Platforms For more than two weeks, the websites associated with ScamGrinder and similar investigative initiatives have faced sustained Distributed Denial of Service (DDoS) attacks. This isn’t a new challenge—it reflects a pattern of cyber retaliation that has emerged repeatedly since early 2018. These incidents are believed to stem from efforts to uncover cybercrime networks and fraudulent financial operations. Since its inception, this investigative effort has endured nearly a dozen major DDoS campaigns. Each wave has involved hundreds of millions of malicious requests, aimed at rendering websites and servers inaccessible. In response, the infrastructure supporting these platforms…
A Closer Look at Transparency Issues in Online Lotteries Traditional state-licensed lotteries in many countries operate under stringent regulations to ensure fairness and accountability. This includes verified draw mechanisms and secure payout systems. In contrast, the online lottery space often lacks this level of oversight. Many platforms engage in questionable practices—pressuring users, hiding behind opaque corporate structures, failing to honor winnings, or vanishing entirely before resurfacing under new identities. The Scam-Or Project has analyzed the operational and ownership structure behind LottoPalace (https://www.lottopalace.com/) and the companies supporting it. Boiler Room Operations and Aggressive Sales Tactics LottoPalace allows users to place bets…
Background: The Trial Against Gal Barak On July 8, 2020, proceedings commenced in Vienna against Gal Barak, an Israeli national accused of operating a network of fraudulent online trading platforms. Authorities across several EU member states have linked Barak, his wife Marina Barak (formerly Marina Andreeva), and a group of close associates to E&G Bulgaria EOOD, a Sofia-based company allegedly used to operate call centers and broker websites as part of a broader investment fraud scheme. While Barak is the sole individual standing trial in this particular case, E&G Bulgaria is believed to have been only one part of a…
High-Profile Case Opens in Vienna Court The trial of Israeli national Gal Barak, accused of running a network of online trading platforms allegedly used to defraud European investors, officially commenced in Vienna. The case is being closely monitored across the EU, as it may set a precedent for prosecuting cross-border cyber-financial crimes. Observers present included legal representatives connected to Russian businessman Vladislav Smirnov, a known associate of Barak. Controversial Remarks from Defense Counsel Barak, who has denied all charges, is represented by attorney Peter Lewisch, a prominent figure in Austria’s legal community. In his opening argument, Lewisch claimed that those…
Overview of Unregulated Payment Processing In the digital financial ecosystem, certain entities operate as unregulated payment processors. These organizations often present themselves as legitimate businesses in sectors like construction or IT consulting but engage in processing transactions for online investment platforms. They receive funds from individuals and forward them to various destinations, sometimes under the guise of consulting services, earning commissions in the process. Case Study: CryptoDaily Pte Ltd CryptoDaily Pte Ltd, established in Singapore in 2018, operates the crypto news platforms cryptodaily.co.uk and cryptodaily.net. Additionally, it offers cryptocurrency exchange services through an Estonian entity. Investigations have indicated that bank…