The Swedish Financial Supervisory Authority published its 2024 compilation on investment fraud, warning that scammers continued to use fake social media advertising and increasingly relied on cryptoassets and AI-themed claims to lure consumers into bogus investments. In 2024, the authority warned about 4,500 companies and websites, an increase of 1,241 (37%) compared with the previous year, largely driven by a higher volume of warnings issued by foreign authorities and collected into its warning list. Preliminary figures from the Police show 3,286 investment fraud reports in 2024, down 17% year on year, although the authority noted it is too early to conclude a sustained trend and that underreporting may be significant. Typical ads were designed to resemble articles from major newspapers, used celebrity photos, and claimed the celebrity invested in cryptoassets managed by an AI service, with the objective of collecting contact details and then persuading consumers to transfer funds to non-existent investments. During the fourth quarter, the authority warned about, among others, Handelsrummet and BT-Norden, which claimed to offer trading in shares, cryptoassets, indices and commodities and promoted an AI service that would trade automatically, while also making false claims about authorisations and collaborations with well-known banks. Consumers were directed to check the authority’s warning list, with the caveat that absence from the list is not evidence that a firm is legitimate, and victims were cautioned about follow-on contacts offering “help” to recover losses in exchange for fees.

Original source View in tracker