The 2023 annual report of the Postal Police revealed a significant increase in online scams, which generated illegal profits of around 137 million euros with a total of 3.500 people reported. The greatest increase in cases is related to fake online trading, with a loss of over 109 million euros for investors who fell victim to these financial frauds. Scams related to cryptocurrency have seen global growth of 23% compared to 2022, primarily affecting individuals between 25 and 34 years old. Even in Italy, these illicit actions are clearly increasing, with numerous reports and complaints to the competent authorities.
How to defend yourself from scams to trade online safely
Online trading is a financial activity that consists of speculating on the market price trend of various assets, such as shares, raw materials and Forex currencies. Fraudsters often act on the psychological levers that allow them to attract unsuspecting victims, for example by offering guarantee of generous economic returns without any kind of risk, or by convincing people to make deposits on fake trading platforms and then subtract the sums and disappear with the money.
It is important to protect yourself from scams contact exclusively authorized and supervised brokers, informing yourself well before opening a trading account to invest only with operators authorized by one license valid in the EU.
Today, even some banks make it available dedicated trading tools. These are controlled and verified services that do not detract from the investment possibilities, but which guide users along fraud-proof tracks. In some cases, as described above baginside.com, an information site in the economic and financial field, operations from a trading point of view are not even subordinate to the opening of a standard bank account. Fineco – for example – recently launched a 100% trading account of this type.
In any case, it is enough to verify the reliability of the person offering trading services check the Consob and Bank of Italy websites, where you can find all the references on financial companies authorized to operate in Italy and any reports of fraud and offenses committed by companies and individuals.
For greater peace of mind, the Postal Police recommends also doing some online research on industry forums and blogs, in this way it is possible to examine the operator's reputation and discover possible warnings or public reports of scams or incorrect behavior.
In addition to only using regulated platforms, this is important check costs and commissions before starting to invest, avoiding trading if clear and transparent information on all operating and deposit costs is not provided by the manager. It also needs to be done be careful in case of anomalous behaviour, for example insistent calls from the companies that administer the trading platforms or requests for deposits of money to unlock any refunds of the sums already invested.
How to invest in cryptocurrencies while protecting yourself from scams
Even those who want invest in cryptocurrencies must observe caution nowadays to avoid being scammed, but a few simple precautions are enough to minimize the risk of fraud and scams.
First, you need to select reliable and quality sources, choosing authoritative sites that offer verified information. A first check that can be done to immediately discard those who offer news, guides and useful tools for operating in the world of cryptocurrencies, is to check the existence of a company and therefore of a VAT number (to be published on the home page, as per current legislation). A site much appreciated by users is, for example, virtualcurrencies.com, born in 2016, managed by a company with registered office in Italy and with the ambitious aim of becoming the Italian reference portal on virtual currencies.
You have to stay in these circumstances Beware of misleading advertisements on social media, as cryptocurrency scammers often act on these platforms to attract new victims, also exploiting the notoriety of famous people by opening fake accounts and pages. It is necessary in this area too avoid investment services without authorizationIn fact, although the regulatory framework on cryptocurrencies is in the development phase, it is essential to invest only through authorized and monitored entities.
Also, you have to defend yourself from fake crypto projects, or by those who promote new cryptocurrencies in which to invest, promising high and rapid growth margins, when in reality they are worthless virtual currencies or even completely non-existent technologies. To do so is possible inform yourself well about new cryptocurrencies, verifying that there is a real company and serious and reliable investors behind the project, but also by studying the whitepapers of these technologies and verifying their concreteness with proven experts in the sector.
To minimize the risk of scams you obviously need to avoid offers that are too tempting, being wary of those who promise any type of return linked to cryptocurrencies or ask to send money as they could be pyramid schemes.
It is equally important to share any attempted fraud or suspicious behavior with other users, remembering that it is always necessary report scams to the competent authorities, to avoid further victims and allow the relevant bodies to carry out the necessary investigations and possibly stop the scammers.
