A 21-year-old from Graz fell for investment fraud via an internet website and lost several thousand euros. According to the police, the man had been approached by a person via a news service and informed of allegedly lucrative investment deals. The Steiermarker then transferred money since June, but when he tried to access his alleged profits of several tens of thousands of dollars, the scam came to light.
At the end of July, the 21-year-old wanted to withdraw his money, but he was denied access, the Styrian state police reported Friday. When he contacted the site’s customer service, he was asked to transfer several thousand euros again to access his funds. De Grazer then filed a complaint. It is doubtful whether he will ever see his investments again.
Money disappears in criminal networks
The scams of the scammers are called “cybertrading fraud”: potential investors on the internet are tricked into paying money for supposedly lucrative investment transactions. The victims are recruited through internet advertisements, social networks, calls from specially set up call centers or mass mailings.
The platforms are very professionally designed and initially fake high profits to entice victims to make further payments. However, the money paid is not invested, but disappears into the criminal network, the investigators warned. “Quick money and high odds of winning also do not exist on the internet. If something seems “too good to be true” to you, it is most likely a scam,” the police said.
How to protect yourself?
- Research the internet to see if there are any warnings or complaints about these platforms or companies, for example: internet watchlist, search engine results pages.
- For trading or trading platforms, obtain a corresponding license from the Netherlands Authority for the Financial Markets (FMA) and check whether there is already a warning from the FMA about this platform or the operating companies. Information and questions can be found at www.fma.gv.at
- Take a closer look at the trading platform: is there a printout? Can a responsible person be reached by telephone? Do you take the time to explain the business model to you? If these points do not apply, stay away from the store.
- Read the General Terms and Conditions, AGB for short. Are these convincing and serious?
- If you are contacted immediately after making your first deposit and you are urgently asked for more money, do not pay any more amounts.
- Credit card payments can sometimes be canceled for up to three weeks and the payments can be reclaimed.
- If you have already suffered damage, report it to the nearest police station. Don’t be ashamed – your cooperation can be useful for investigative activities. Also report the facts to the FMA.
Source: Krone
I am Ida Scott, a journalist and content author with a passion for uncovering the truth. I have been writing professionally for Today Times Live since 2020 and specialize in political news. My career began when I was just 17; I had already developed a knack for research and an eye for detail which made me stand out from my peers.
