warning

Finansinspektionen (FI), the Swedish financial market regulator, has recently published a press release in view of the increasing prevalence of investment fraud targeting consumers, with a focus on fraudulent schemes related to cryptocurrencies, particularly Bitcoin, and loans. In this press statement, the regulator warns about recent fraud typologies it has observed in the third quarter of 2023. These include the following:
(1) E-mail scams: Fraudsters are increasingly using email to target consumers with false claims. Specifically, these scammers inform consumers that they have cryptocurrencies registered under their email addresses and suggest that these assets can be unlocked for a fee. This threat pattern appears to be particularly prevalent in connection with Bitcoin.
(2) Loan fee scams: An emerging issue involves consumers being targeted with fraudulent loan offers through deceptive websites. These websites falsely promise quick and easy access to loans at low interest rates. Typically, the process begins with advertisements on social media platforms. After the loan is allegedly approved, victims are coerced into paying a fee to have the loan disbursed. However, once the fee is paid, the loan is actually never granted.
(3) Investment scams: A final threat pattern involves investment scams. Fraudsters thereby make enticing promises of simple investments and significant profits to lure potential victims. These promises may be delivered through various means, such as emails, social media, or other forms of communication. In most cases, investors eventually lose their paid money, as the promised investments are not genuine.
In view of these risks, Finansinspektionen warns about falling victim to such fraud and urges the public to remain vigilant in this context. Furthermore, FI notes that it will continue to publish information and tips to help consumers recognize and avoid falling prey to fraudulent schemes. In this context, FI also refers to its warning list which sets out a list of firms operating without the needed licenses.

Other Features
Blockchain/DLT
CFD
companies
crypto-assets
fees
fraud
interest rate
investor warning
investors
loan
payment services
risk
risk management
shareholders
trading
trading venues
Date Published: 2023-10-25
Regulatory Framework: not applicable
Regulatory Type: warning
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