The Warning: How to Avoid Being Scammed

Bluff ads on social media where you lure with pictures of celebrities or cryptocurrencies. It's now increasingly common bait among scammers. The Financial Supervisory Authority warns of a dramatic increase.

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The Warning: How to Avoid Being Scammed
Photo: Magnus Hjalmarson Neideman/SvD/TT

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According to the Financial Supervisory Authority, they issued warnings for 4,500 companies and websites last year, an increase of 37 percent compared to the previous year.

"It's a significant increase. However, the warning list does not only contain names of actors that FI has decided to warn about, but the majority consists of warnings that we have received from foreign authorities. The increase is due to foreign authorities issuing more warnings," says Mikael Sandahl, financial inspector at FI and expert on investment fraud, in a press release.

The fraudsters primarily use various false advertisements in social media. These are often designed to look like an article in a daily newspaper and are illustrated with pictures of celebrities who allegedly, for example, have invested in crypto assets.

"Fraudsters always try to lure with the latest trends. Therefore, it's not surprising that AI and crypto assets became common in fake ads last year. Always be skeptical when you read that you can make a lot of money in a short time," says Mikael Sandahl.

Another problem is that those who have once fallen victim to investment fraud are likely to be targeted again, according to the Financial Supervisory Authority. This is because the contact information remains with the fraudsters who often get in touch with new investment offers.

The Financial Supervisory Authority is now urging people to visit the authority's warning list where names of fraudulent companies and websites are listed.

1. Be cautious with your bank ID, don't let unknown people access your computer.

Never use your bank ID or log in to your bank at someone else's request. Don't let anyone you don't know remotely access your computer either.

2. Don't do business with companies you don't know.

If you or someone you trust doesn't know the company, you shouldn't let them handle your money either.

3. Check that the company has a permit from FI and avoid companies on the warning list.

Don't do business with a company that lacks a permit. Also, check if FI has warned about the company.

Source: Financial Supervisory Authority

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By TTEnglish edition by Sweden Herald, adapted for local and international readers

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