COVID 19: Fraud-oriented initiatives adopted for taking profit of the coronavirus pandemic

The National Commission for Companies and the Stock Exchange (Consob) warns that the dramatic news about the development of viral outbreaks can represent for scammers a suitable opportunity for spreading false or misleading information with the purpose of taking an unfair profit out of the fears related to the coronavirus pandemic (Covid-19).

In particular, savers must keep alert against real fraud attempts, managed mainly through the Internet.

These scams may assume variable features and they could involve, among other things, the offer - through promotional material and the provision of fake news - of non-existent stocks or bonds of imaginary companies alleged as taking initiatives for the containment or the cure of the coronavirus or with relation to the offer of alleged high-yield investment opportunities in various contexts, including trading of alleged virtual currencies linked to the spread and lethality features of viral contagion (such as "Coronacoin").​

April 9, 2020