- Finns lost a total of more than €16 million to investment scams in 2023. This represents a growth of 90% from the previous year. The figures are based on data collected from Finance Finland’s member banks.
- Investment scams typically involve crypto-assets and claim to offer high returns quickly and at little or no risk.
Finance Finland’s Head of Security and Loss Prevention Niko Saxholm warns against making hasty decisions on investment offers, however promising they may seem. According to Saxholm, it is wise to first consult with an experienced friend or acquaintance who can give their opinion on the offer. If an opportunity sounds too good to be true, it probably is.
“Only invest in what you know. This is a good rule of thumb for anyone making investment decisions”, Saxholm underlines. He reminds retail investors interested in crypto investing that there are many safe and trustworthy trading platforms in the market.
“If you want to invest in crypto-assets, it’s best to choose from one of the licensed crypto exchanges that are supervised by the Finnish Financial Supervisory Authority”, Saxholm explains.
Saxholm advises everyone to exercise caution because scammers are continuously finding new channels and methods to contact potential victims. A fraudulent offer can come in a text message or an e-mail, through a social media channel or by phone.
Don’t hesitate to contact your bank and the authorities
In May, Finance Finland launched an anti-fraud campaign Stick it to the scammers – Catch on to fraud before it catches you. The aim of the campaign is to raise awareness of the prevalence of fraud: anyone can fall victim to a scam regardless of their age, gender or profession. The campaign also encourages victims to contact their bank and the authorities without hesitation. Everyone should know that help is available – there is no need to be ashamed or suffer alone.
Visit the campaign website at www.huijaamaton.fi
Rules of thumb – Keep at least this in mind
- Be wary of any links you receive in an e-mail or text message. Don’t click on any suspicious links. Never use your banking credentials to log into a website you opened through a link someone sent you.
- Don’t give your online banking credentials or passwords to anyone. Remember that your bank or the authorities will never ask for your banking credentials and that they have no need for them.
- Your online banking credentials are meant for your personal use only. Don’t give them out to anyone.
- Never use a search engine to access the e-services of banks, public institutions and authorities, such as the post office, the tax authority, the police, etc.
- Always make sure you’re visiting the real website by manually typing in the full URL address or by using the service provider’s mobile application.
If you suspect you have been defrauded
- First and foremost, call the Finnish banks’ 24/7 blocking service or your own bank’s customer service to block access to your card or account. Quick action can prevent or at least mitigate damages.
- Report the offence to the police.
- Don’t suffer alone. Anyone can fall victim to fraud ‒ there is no need to be ashamed of it. Reach out to friends and family and seek professional help, if necessary.
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