Warning Against Fund Recovery Scam: European Funds Recovery Services (EUFRS)

tamir
Wed, 06 Mar 2024 08:53:25 +0000
Black Compliance, Fund Recovery, ticker, EUFRS, European Funds Recovery Services, PayVision

We are issuing an urgent warning about a deceptive operation known as the European Funds Recovery Services (EUFRS), which falsely claims to be associated with the reputable European Fund Recovery Initiative (EFRI), a legitimate and highly reputable non-profit organization based in Vienna. Regrettably, fraudsters have been exploiting EFRI's respected name in an attempt to swindle victims through a clone entity—EUFRS, purportedly situated in Stockholm.

Editorial Note: FinTelegram clarifies that Transparent Business Solutions B.V. is not accused of operating, controlling, or being affiliated with the EUFRS scheme. At the time of publication, EUFRS publicly named Transparent Business Solutions B.V. in its terms and conditions. Our report explicitly stated that this appeared to be a misuse of company data by unknown third parties. FinTelegram has no evidence that Transparent Business Solutions B.V. was involved in the EUFRS scheme. Since publication, the website eufrs.org has gone offline. The warning against EUFRS remains in full force.

FinTelegram issues a strong public warning against European Funds Recovery Services (EUFRS), an alleged fund-recovery operation that exhibits multiple indicators of a classic recovery-room scam.

EUFRS is not affiliated with the legitimate European Fund Recovery Initiative (EFRI), a Vienna-based non-profit association that has been supporting victims of online fraud since 2018 and coordinating verified legal actions together with licensed lawyers in multiple jurisdictions. EFRI has repeatedly warned that its name and reputation are being misused by third parties attempting to deceive scam victims.

Misuse of Third-Party Company Data

At the time of publication, the EUFRS website publicly referenced Transparent Business Solutions B.V. in its terms and conditions. FinTelegram explicitly found no evidence that Transparent Business Solutions B.V. operated, controlled, or was otherwise affiliated with EUFRS.

On the contrary, all available indicators suggested that EUFRS was misusing third-party company data without authorization, a well-known tactic used by fund-recovery scams to create an appearance of legitimacy.

The publicly available corporate information of Transparent Business Solutions B.V. did not correspond with the activities claimed by EUFRS. Notably, EUFRS presented itself as a fund-recovery operation, while the referenced company’s public profile described unrelated services. This discrepancy strongly supported the assessment of impersonation or identity misuse by unknown actors.

Pattern Typical of Fund Recovery Scams

FinTelegram reiterates that the overwhelming majority of fund-recovery offers targeting scam victims are themselves fraudulent. In many documented cases, such schemes are operated by individuals or networks connected to the original scams. These actors often possess insider knowledge, enabling them to convincingly approach victims under the pretext of asset recovery.

EUFRS displayed several of these red flags, including:

unsolicited victim outreach,

unverifiable claims of recovery success,

lack of transparent legal representation,

misuse of third-party organizational identities.

Since publication of our warning, the domain eufrs.org has gone offline, a development consistent with the lifecycle of short-lived recovery scams.

FinTelegram Position

FinTelegram does not accuse any legitimate third-party company of operating EUFRS. Our warning is directed exclusively at the EUFRS scheme itself and its unknown operators, based on documented impersonation indicators and victim-protection concerns.

EUFRS has therefore been placed on FinTelegram’s Black Compliance List, and victims are strongly advised not to engage with any entity operating under this name or similar variations.

Key Data

Trading name

EUFRS
European Funds Recovery Services

Fraud activity | Acts as clone of EFRI
Domain | https://eufrs.org

Legal entity

fake entities, the scam abused the names of
Transparent Business Solutions B.V. (DBA EUFRS)
and EFRI to chase victims

Jurisdiction | Denmark (fake)

Contact data

+46 3 3323 7384
support@eufrs.org

Related individuals | not disclosed
Compliance rating | Black

How You Can Help

If you possess any information regarding EUFRS, its operators, or facilitators, we urge you to come forward and share this with us through our whistleblower system, Whistle42. Your insights could be invaluable in preventing further victimization by these scammers and in assisting legitimate recovery efforts for those affected by online frauds.