In the latest edition of its consumer information series “Let’s talk about money”, the Austrian Financial Market Authority (FMA) warns about investment fraud, and in particular about the particularly frequently occurring type of scam, the “authority scam”. In this type of fraud, the fraudsters impersonate employees of the FMA or other public institutions, or use counterfeit correspondence in order to lure victims to divulge personal details or make payments.
“Beware – the FMA will never ask you to divulge sensitive banking details like your PIN or password, to transfer money, and it also does not release transactions,” the FMA’s Executive Directors, Helmut Ettl and Eduard Müller stated. “In any case of doubt, contact the FMA’s consumer information team, and check whether contact being established is to be treated seriously as well as how you ought to proceed further.”
The types of scam always follow the same patterns. For example, utmost caution must be taken when you are asked to provide personal data, as well as when you receive unsolicited phone calls, and if you are placed under any form of disproportionately high pressure. There is a checklist of tell-tale warning signals on the FMA website.
In the past year more than 630 victims of financial fraudsters contacted the FMA. On average every victim lost € 32,600. 53% of the cases of fraud known to the FMA related to apparent investments in crypto assets.
Further information can be found at:
Let’s talk about money
Spotting financial fraudsters
Contact the FMA Consumer Information team:
(+43-1) 249 59-3444 or online
Journalists may address further enquiries to: