CandleFocus FMA Flags YouTube-Based Crypto Scam as Digital Fraud Surges
2024-12-16
Author: Content Editor
The Financial Markets Authority (FMA) has issued a warning about a cryptocurrency investment scam targeting social media users. Fraudsters are using YouTube channels to offer cryptocurrency trading advice and then luring viewers into groups on WhatsApp or Telegram. Once engaged, scammers pose as experts and direct victims to fraudulent trading platforms. The scammers encourage small investments, show fabricated profits, and demand additional fees when users try to withdraw funds. The FMA has identified over 40 suspicious trading platforms and advises investors to cease contact with scammers, report incidents, and contact their bank. This follows a trend of scammers using messaging platforms like WhatsApp to promote unauthorized investment schemes. The FMA also recently warned about fake celebrity endorsements and clone scams impersonating legitimate platforms.
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