Phantom investments: this is how the scam that can cost you your savings works

For users who seek to obtain a certain return on their savings, banks offer various investment products that are customised to different customer profiles.  

This practice does not go unnoticed by cybercriminals, who take advantage of this argument to try to carry out their scams by offering false investment deals through websites and telephone calls and promising high returns in a short period of time.  

How do they carry out the scam?

Through phone calls or by creating ads on social networks and the internet, scammers promote themselves as brokers or investment managers that offer high returns for investing your savings. If they are able to convince you that it is a unique opportunity to obtain a large amount of extra money, you will be given a bank account number to make a small deposit and try it out. 

Once the transfer is made, the cybercriminal usually provides you a username and password to access a fake website or an app they will have told you to download beforehand, where you can supposedly track the performance of your small investment. This performance is controlled by the scammers, who will show you how it doubles or triples over a very short period of time, an argument they use to insist that you invest more money. Once the transfer is made, the cybercriminal usually provides you a username and password to access a fake website or an app they will have told you to download beforehand, where you can supposedly track the performance of your small investment.

And what happens when you want to recover your money and ask for a total or partial redemption of the funds? At this point, the scammer will come up with different excuses to get you to make one last transfer under the pretext of, for example, paying the taxes on the profit. Usually, once you have made this last payment, you will lose all communication with the individual as well as your money.

How can I avoid becoming a victim?

If you receive a phone call or advert from an alleged broker or investment manager via social media or another internet channel, we recommend:

• If you are asked to invest any sum, whether large or small, use common sense and never rush to a decision. Cybercriminals usually try to create the feeling of urgency, and it is precisely this that should generate maximum concern.
• Be suspicious of phone calls and advertising from companies or individuals that promise or guarantee investments with high returns in a very short period of time. Always be extremely careful when presented with offers that seem too good to be true
• Do not download or install programs on your computer or mobile if asked to do so by strangers. 
• If you suspect that you are the victim of a scam or you have provided your bank details, immediately contact the branch manager or call +34 93 887 25 25 / +34 900 40 40 90.