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Watch for financial scams! Consob Warning about the risks of deception (19 February 2024)

Watch for financial scams!
Consob Warning about the risks of deception

Watch for financial scams! Whether they come through internet or by phone, whether they propose offers in cryptocurrencies, in stocks of well-known companies, or even misuse the Consob name in order to deceive investors, the result is always the same: who fall into the trap lose their money.

Consob issues a warning to alert investors to the many pitfalls that threaten them.

Scams can take many different forms. All have in common promising of very high earnings in a very short time, replaying the schema of the “Fox and the Cat and the golden coins producing tree”, made famous by an episode in Pinocchio, Collodi’s fairy tale.

The scammers may resort to celebrities from sports or entertainment, whose image is misused to recommend investments with great returns.

Consob’s own logo is exploited to present already defrauded investors with the deceptive chance of debt collection, but actually is nothing more than scam after scam. Consob has nothing to do with these initiatives.

Consob draws investors' attention to the importance of adopting the greatest diligence when they are solicited to adhere to seemingly promising offers, which are often promoted by unauthorized subjects.

It is always recommended to consult the "Watch out for scams!" section on the Authority's website

Rome, February 19, 2024