The temptation is great: high promises of profits, attractive interest rates and tempting welcome bonuses are increasingly attracting investors to the Internet and the telephone. But caution is advised because fraudsters have perfected their scams. The Baden-Württemberg State Criminal Police Office (LKA BW) is sounding the alarm because the number of cases in this area has increased dramatically.
Fraudsters disguise themselves as supposedly safe money providers
The days when investment fraudsters remained hidden behind dubious trading platforms are over. The danger now also lurks in overnight and fixed-term deposits that are considered safe. But what do the perpetrators promise the unsuspecting investors?
“The investments are advertised with a fixed term, a fixed interest rate and an attractive welcome bonus. This is often linked to the amount of the investment and, according to the fraudsters, increases in percentage terms by up to 50% of the amount to be invested,” warns LKA spokesman David Fritsch. But the reality is bleak: “The injured parties ultimately receive neither the promised interest, nor the welcome bonus, nor the sum invested.”
Even seemingly safe fixed-term deposits are not safe
Even supposed fixed-term deposits without utopian conditions are not safe from fraudsters. These pretend to be intermediaries for alleged partner banks and present serious-looking application forms that look deceptively real.
Young investors are also at risk
Not only older citizens are affected, young investors also fall for the scams. Young people in particular are being approached via social media to participate in rapidly growing wealth. But how does this perfidious mechanism work?
“The first contact is often made via messenger services, which is initially used to gain the trust of the victims. Once trust has been established, smaller amounts are usually required to achieve a high profit within a very short period of time, which often leads the injured party to invest larger amounts. The fraud is only exposed when the winnings are demanded to be paid out,” explains Oliver Hoffmann, head of the economic crime department at the LKA BW.
Tips from the LKA BW: How to protect yourself from fraud
The LKA BW gives important tips to protect yourself from fraud:
- Be wary of promises of unusually high interest rates or returns with little risk.
- Be sure to research the trading platform carefully before signing up or transferring money.
- Don't let yourself be put under pressure. Take your time to carefully examine and evaluate the offer.
- Keep in mind the high speculative risk with cryptocurrencies.
- Be wary of alleged bonus levels that you can achieve by paying a sum of money or of investments that are transferred abroad.
- Do not give anyone else remote access to your smartphone or computer.
- Find out more from the consumer advice center, Stiftung Warentest, the Federal Financial Supervisory Authority or your bank and have the offers available to you checked.
Conclusion: Protection is the best investment
At a time when financial temptations lurk around every corner, caution is advised. The LKA BW warns urgently about fraud in the area of financial investments and appeals to citizens to be vigilant. Despite the slim chances of recovering the funds, there are always successes in the investigations. It is therefore important to report victims of fraud and not to be blinded by tempting promises.
Protect your hard-earned money and do your research before making any financial decision. In a world full of financial temptations, caution is the best investment.
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Also read: The clip that deceived Germany: violent video not from Würzburg!
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