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Fraud

New investment frauds: The art of false promises

Lately a more sophisticated method for creating fake ads has emerged. Celebrities appear in videos where they strongly promote an investment opportunity. But the purpose is to trick people into investing their money in castles in the sky.

man-with-glasses-looking-at-phone

Digital ads with different celebrities telling us how they made a fortune is a fraud method that is becoming increasingly common. Sometimes with headlines such as “N.N.’s latest investment baffles experts and banks are trembling”. The ad appears to be from a well-known newspaper that you are likely to trust. You are encouraged to click the link to the article to read more and explore how you could make a similar investment.

“These ads can be found all over the Nordics and Europe. The scammers use a famous person’s name and image to draw the readers’ attention, but the celebrity has nothing to do with the ad,” says Amalia Krantz, Nordea’s fraud expert.

Amalia Krantz, Nordea’s fraud expert in Sweden.

From stills to videos

This method has now been refined using AI-generated deepfake technology. Instead of simply using the person’s name and picture, the scammers are now creating videos where the celebrity appears to be in an interview setting, telling the audience about the incredible investments they have made. 

“We have seen this happening to celebrities in several countries – Elon Musk for example. And now this seems to be occurring more often also in the Nordics. Earlier this year, a video was spread featuring a Swedish minister encouraging Swedes to invest in biogas."

Promises of more than just riches

In several re-occurring cases the scammers promise wealth by investments in different crypto currencies. But there are also cases where the incentive is an entirely different one. It could be a request for funds to research the cure for a disease or to provide aid to war-stricken areas. 

“The basic idea is to prey on the victims’ emotions, and not everyone is motivated by being rich. If a loved one is afflicted by a deadly disease, the victims can become easy targets, as they really want to believe that they are funding a research team on the verge of finding a cure.”

To protect yourself against investment fraud you need to be alert and pay attention to the warning signals. 

Amalia Krantz, Nordea’s fraud expert in Sweden.

Here is how to protect yourself against investment fraud

To protect yourself against investment fraud you need to be alert and pay attention to the warning signals. Common signs of investment fraud could be promises of fast and unrealistic returns, without providing adequate information or using very pushy sales methods.

Also keep this in mind:

  • Take the time to carefully evaluate each investment opportunity. Ask yourself if the returns seem reasonable, and if you understand the business model – and the risks.
  • Do a proper due diligence of the people or companies behind the investment. Check their background, previous achievements and any warnings or reports of fraud.
  • Talk to one of our knowledgeable savings advisers about how to invest your money. They can help you assess the risks and provide objective advise.

You can find our investment advice here:

Fraud
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