Fraud via WhatsApp: Man misses out on thousands of euros!

Fraud via WhatsApp: Man misses out on thousands of euros!

A 55-year-old man from Sankt Augustin fell victim to a perfidious scam via a messaging app at the beginning of October. As meinestadt.de reports, an unknown perpetrator contacted this man and offered him an investment that promised high profits. Hoping for a good deal, the injured party transferred several thousand euros to an unknown account. But when he wanted to withdraw the promised winnings, it turned out that the perpetrator was demanding further payments. Becoming skeptical, the man contacted the police and filed a report.

The police responded promptly and launched an investigation into fraud. There are some important clues that the investigators emphasize: Distrust is the key here! Unsolicited contact via messengers or social networks is a warning signal. Promises of high returns are usually a reason for caution and money should never be transferred to unknown accounts. The truth is, high profit promises always come with high risk.

Beware of dubious offers

This example is not the only case, as such machinations are flourishing all over Germany, as bafin.de notes. Self-proclaimed financial professionals use social media to promote their supposed trading strategies in WhatsApp or Telegram groups. They often build trust before pointing out their trading platforms and apps. They initially encourage their victims to deposit small amounts, only to then cut off communication once larger sums have been transferred. Under these circumstances, it is not uncommon for these fraudsters to contact the injured investors again years later with the promise of recovering lost money in exchange for advance payment.

In Austria, fraudsters stole around 95.5 million euros through investment fraud last year. They cleverly exploit the boom in online trading and advertise via social media channels such as TikTok and Instagram as well as via messenger services such as WhatsApp. The scam? Victims are lured to fake trading platforms where they are promised high profits and unrealistic returns. After registering, investors receive calls from self-proclaimed investment professionals who want to further entice them.

Protection against fraud

So it's high time to show a healthy distrust. BaFin and other supervisory authorities strongly advise to be careful when dealing with unsolicited offers. Check the licensing of the providers and make sure you are investing in safe hands. Many offers turn out to be bubbles, and your deposits often end up directly in the scammers' wallet - not in a trading account that belongs to you. Profits are only faked to lull investors into security.

For anyone who wants to delve into the world of investments, the following applies: Before making any investment, you should be well informed and, if in doubt, it is better to ask twice before handing over personal data or money. If your suspicion of fraud is confirmed, you should contact the police immediately.

Fortunately, the authorities are standing by to protect citizens and take action against such schemes - but it is also up to each individual to be vigilant.