Financial fraud always moves with the times and is traditionally among the early adopters of technological innovations. Deep fake videos featuring celebrities, WhatsApp groups with fraudulent “investment tips”, and chatbots driven by artificial Intelligence (AI) are the latest trends in investment fraud. These are the findings of statistics compiled by the Austrian Financial Market Authority (FMA) about consumer enquiries and investor warnings in the past year.
In 2025 some 843 cases of fraud were reported to the FMA with the total amount of €19.6 million being a record. Not only are fraudsters becoming more innovative, but they are becoming more successful and are scamming higher amounts. The largest loss incurred stood at around € 830,000. (Previous year: 853 reports received, with a total loss amount of around €15.5 million). The FMA issued 97 warning notifications about providers who were active in an unauthorised manner, most of which were in relation to trading platforms.
A new trend: WhatsApp groups
The innovations of 2025 was fraud using WhatsApp groups. Investors are being luredvia closed chat groups, for example, by advertising for online platforms or deep fake videos with celebrities making statements, or contacted directly with unsolicited invitations to invest. Such groups discuss “trading tips” and “exclusive investment opportunities” as a way to build up trust. FMA analysis identified that such groups frequently use AI-powered chat bots to simulate an active “community”. In parallel private chats, they target victims and coerce them to invest in fraudulent platforms or apps. The funds then flow into accounts or wallets held overseas.
Challenges for the supervisor
Perpetrators act anonymously and flexibly: group names change frequently and entity names or URLs are omitted. This impedes being able to attribute an activity to a specific provider. While public websites previously provided clues, unauthorised conduct of business is increasingly moving over to private social media channels. This makes it more difficult to conduct investigations and may also delay or impede the publication of warning notices. While apparently fraudulent advertisements and fake profiles on social media platforms can be reported, it is often an unreliable and protracted process due to the complex and fairly opaque process for doing so. The FMA will be tackling this issue in the year ahead.
Prevention and warnings
- Check invitations to groups: watch out for typing mistakes or use of alternative spellings, although invitations that seem perfectly formed are also no guarantee – the best approach is not to accept such invitations.
- Recognise the warning signals: high returns with a low risk, time pressure and being requested to transfer money to foreign accounts are clear indicators for scams.
- Report suspicious profiles: use the platform’s function to make reports (scam/attempted fraud).
- Inform Watchlist Internet: also report suspicious profiles and initiating contact. The platform contains public warnings about current scams.
- Get the FMA Consumer Information team on the case: report suspicious activities, so that investor warnings can be published and the motives investigated.
The FMA explains
Explaining about investment fraud is a focus for the FMA’s communications with consumers. The FMA’s information series “Let’s talk about money” primarily serves this purpose, and also forms the basis for teaching materials for schools drawn up by Vienna University of Economics and Business’ Center for Financial Education.
To adapt to changing media consumption habits, in 2025, the FMA also brought the format to social media, started the Instagram channel @redenwiruebergeld, and launched a podcast under the same name. The FMA’s experts use video clips entitled “1 Minute – 1 Begriff” (“A term explained in a minute”) to explain relevant concepts for consumers from the financial world. All formats will continue in 2026.
Journalists may address further enquiries to:
Boris Gröndahl (Media Spokesperson)
Telephone: +43/(1)249/59-6010
Mobile: +43 676 8824 9995
E-Mail: [email protected]