FMA warns about increasingly frequent fraud attempts via WhatsApp groups and channels for "investment tips"

31. July 2025 |

Press Release

The Austrian Financial Market Authority (FMA) warns about increasingly frequent fraud attempts via groups and channels in the WhatsApp messaging service, promising seemingly lucrative stock tips. Fraudsters frequently commit identity theft, and claim that such channels are operated by well known financial media or financial services providers. They promise free “exclusive” tips, high returns and getting rich quick. In reality, the channels are run by criminals seeking to leave their victims out of pocket.

Adverts and contact requests are frequently used to establish contact with fraud victims on social media, as well as directly by means of WhatsApp messages. A few weeks ago, a fake WhatsApp profile appeared using FMA Executive Director Helmut Ettl’s name and profile picture. In recent days and weeks, fake Facebook and Instagram profiles have appeared that claim to be operated by the German financial magazine “Focus Money“ or the Austrian business magazine “Gewinn”. Such “clones” can be produced quickly, so other media outlets or personalities could be impersonated at any time.

What should you do if you receive an invitation?

Check whether invitations to WhatsApp groups and channel or other services are real. Spelling mistakes (e.g. “Wirtsdhaftsmagazin”) or alternative spellings (e.g. “Foxus”) are frequent tell-tale signs that something isn’t right. However, even when everything seems perfect, this is still no guarantee! To be on the safe side, don’t accept invitations to such groups.
If you are promised high returns for zero or low risk, are placed under pressure to react quickly, and requested to make bank transfers to foreign accounts, all the alarm bells should already be ringing: it is almost certainly attempted fraud!
Report suspicious profiles on the platform they appear on as a scam or attempted fraud. All platforms are required to provide such an option.
In addition, you should also report the profiles and the contact attempt to the Austrian platform Watchlist Internet. Watchlist Internet also informs the public about typical scams currently doing the rounds.
You should also notify investment and financial fraud to the FMA Consumer Information team. Where appropriate, we issue investment warnings, and to investigate the background of such scams.

The FMA has published information about investment fraud on its website, in its blog"Let’s talk about money” and on its Instagram channel @redenwiruebergeld.

If you have any doubt about unknown financial services providers, always check the FMA Company Database to see whether they are licensed.

The Watchlist Internet information platform explains in detail here (in German), about how fraud takes place via WhatsApp groups. Report attempted fraud to the FMA here.