Romanian Association of Banks warns of a new type of investment scam

The Romanian Association of Banks (ARB) warns of a type of fraud by which customers are manipulated into providing bank details with the false promise of obtaining gains from financial investments, especially through the purchase of cryptocurrencies, including through trading platforms. Customers are advised not to provide bank details, to exercise caution and to thoroughly check the offers received.

The victims of such frauds are contacted through various communication channels by people who claim to be representatives of investment companies or investment platforms that facilitate the purchase of cryptocurrencies. The attackers demand the payment of sums of money or bank account/card data or the installation/use of a remote control application.

In exchange for false promises of high earnings, the fraudsters convince the targeted persons to provide access data to online banking services (Internet/ Mobile Banking), bank card data (card number, security code on the back of the card) and SMS codes. People are also driven to install apps that allow unauthorized people to access their phone remotely.

Thus, the attackers end up having access to the bank accounts, a fact that determines the possibility of carrying out operations. In some cases, to create an appearance of credibility, the efforts are presented as being promoted by a public figure or with experience in the financial field.

People eager for substantial and quick earnings risk not being able to withdraw the invested sums if they make any money transfer or being victims of frauds by disclosing account or bank card details.

Ways to protect yourself from investment fraud:

• Be sure to cross-check any high-earning investment proposal from unknown individuals. Big winnings can hide a fraud;
• Beware of unsolicited e-mail or social media messages that offer you quick or big winnings. Do not access links on social media platforms that promise big money earnings in a short period of time;
• Do not communicate or maintain a relationship with false representatives of financial platforms, regardless of their insistence and the pressure they exert to invest;
• Do not install applications on your phone/computer except from official sources;
• Make sure you are the only person who has access to the investment apps/sites, not the person who told you about the investments;
• Never provide personal or banking data to other people (account, user, Mobile/Internet banking password, card number, security code on the back of the card, etc.);
• When you receive a suspicious e-mail, do not respond to it and do not access links from its content;
• If you think you have been cheated or have provided your bank details to other people, immediately notify the bank where you have the accounts and the police.