Austria’s Financial Market Authority (FMA) and the Vienna University of Economics and Business (WU) focused their third financial education breakfast on helping students recognize investment fraud, particularly online and on social media. Their existing cooperation has reached around 100 schools and 12,000 students over three years, translating supervisory and consumer protection experience into classroom materials. Fraudulent investment offers increasingly reach consumers through digital channels. Purported success stories, celebrity endorsements and invitations to messaging groups can create trust and suggest quick profits. Experts from the FMA, WU and Austria’s Federal Criminal Police Office examined fraud methods, investigative work and how students can identify suspicious offers. FMA Executive Board member Mariana Kühnel urged consumers to verify offers before investing rather than being swayed by social media popularity or promises of rapid gains. The educational resources draw on insights from around 65,000 complaints and inquiries received by the FMA’s consumer information service. WU’s financial education competence center adapts selected editions of the FMA’s “Let’s Talk About Money” information series into classroom slides, exercises and project suggestions. Existing materials address fraud prevention, borrowing and investing. The FMA also distributes financial education content through Instagram and short videos explaining financial terms.
Austria's Financial Market Authority focuses third financial education breakfast on investment fraud
Austria’s Financial Market Authority and the Vienna University of Economics and Business devoted their third financial education breakfast to detecting investment scams, including those promoted through social media. Their established partnership converts supervisory and consumer protection insights into teaching resources and has reached around 100 schools and 12,000 students over three years.