FMA warns of increasing attempts to fraud over WhatsApp groups and channels with “investment recommendations”

The Austrian financial market supervision (FMA) warns of increasing fraud attempts on groups and channels on the news service WhatsApp, in which supposedly lucrative stock recommendations are promised. The fraudsters often work with identity theft and specify that the channels are operated by well -known business media or financial service providers. They promise free “exclusive” tips, high profits and fast wealth. In truth, criminals are behind the channels who want to pull the money out of their pockets.

Contact with the fraud victims is often via advertisements and friendship requests on social media, but also via direct WhatsApp messages. A few weeks ago, it was a fake WhatsApp profile that appeared with the name and profile photo of FMA board member Helmut Ettl. In the past few days and weeks, fake Facebook and Instagram profiles occurred to be operated by the German financial magazine “Focus Money” or by the Austrian business magazine “profit”. Since such “clones” are quickly produced, other media or personalities could be imitated at any time.

What should those affected do?

• Check invitations to groups and channels on WhatsApp or other services for your authenticity. Often typing errors (“tavern magazine”) or minimally varied spellings (“foxus”) that cannot be right. But even if everything looks perfect, that’s no guarantee! It is best not to accept such group invitations.
• If you are offered high profits at little or no risk if time pressure is generated and transfers to foreign accounts are required, then you should light up all warning lamps in red: it is very likely to be attempted to fraud!
• Report suspicious profiles with the platforms on which you appear as a scam/fraud attempt. All platforms must offer this possibility.
• In addition, you should also report the profiles and contact with the Austrian Watchlist Internet. Watchlist Internet also informs the public about currently circulating fraud.
• You should also report investment and finance fraud in the FMA consumer information. We may issue investor warnings and determine the background.

Information from the FMA on investment fraud can be found On our websitein our blog “Let’s talk about money“And on our Instagram channel @redenwiruebergeld. Always use the FMA company databaseto check the license. The information platform Watchlist Internet describes in detail herehow the fraud is through WhatsApp groups. Here you can attempts to fraud report.