Austria is still a country of savings accounts. Due to the zero interest policy, however, there is nothing to earn there for a long time. Many investors are therefore looking for alternatives. This, in turn, led to more and more financial fraudsters trying to seize the moment. Here are the best tips to avoid falling into the trap.
The number of crooks who want to steal money from consumers is constantly increasing. Where the Netherlands Authority for the Financial Markets (FMA) had to warn against 33 dubious investors in 2016, there were almost four times as many last year (see chart below).
The scams are diverse. It is currently very popular to pretend to be an authority such as the Financial Markets Authority (FMA) or the National Bank. Personal data, including account numbers, are requested via website, e-mail or telephone. As the reason z. B. said that an investigation found a bitcoin wallet with your name on it. The following applies: Never pass on data and never transfer money. Authorities would never demand this.
Stay away from “express loans”!
In the case of credit fraud, criminals want to make money from people’s misery. Advertisements are placed on the internet with “loan loan” or “debt settlement without credit check”. Anyone who falls into this category must make a down payment in advance (for example, administration costs), otherwise the loan will not be granted. There is also pressure. The same applies here: Hands off, because paying the loan amount was never the intention. It is similar to prepayment fraud: for example, if you are the sole heir, the assets are transferred against payment – which, of course, never happens. “What sounds too good to be true usually isn’t true,” says financial market regulator Helmut Ettl.
Seven out of ten cryptocurrency scams
Currently, seven out of ten scams involve cryptocurrencies (Bitcoin, Ethereum, etc.). Investors are lured to the wrong platforms via social media or websites. Investing there will quickly feign profit – so you pay even more money. However, at the end of the day, the capital is lost, emails, phone calls, etc. are unsuccessful. FMA board member Eduard Müller (pictured bottom right): “High profit with low risk – there is no such thing”.
According to AK consumer lawyer Christian Prantner, “phishing” is also a real scourge. Fraudsters “fish” for personal information such as: B. Access to online banking data. Therefore, never click or install links in such emails or text messages, he advises.
Attention is generally required in the following cases:
- For cold calls where investment opportunities are made palatable
- When account information is required
- When you need time
- In “Insider Tips”
- About tempting offers with crypto assets
On the FMA website (fma.gv.at) you will also find all providers that are warned, as well as a list of all financial service providers that we have accredited.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
