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Banking Fraud Statistics in Sweden on the Rise Despite Economic Uncertainty
Despite a contracting economy and uncertain times, investment fraud in Sweden has seen a significant increase last year. According to the Financial Supervisory Authority (FI), 3,471 warnings were issued in 2022, a 25% rise compared to 2021.
Fraudulent Tactics Used by Scammers
The statistics show that fraudsters are using every method possible to create a reliable facade and hide their fraudulent activities. They promise high returns and minimal risk, making it difficult for consumers to distinguish between genuine and fake investment opportunities.
Demand for Cryptocurrency Payments on the Rise
One notable trend observed by FI is the increasing demand for payment in cryptocurrency, particularly bitcoin. Fraudsters often claim that this is necessary to avoid detection and provide elaborate explanations for why they require such payments. However, experts warn that serious firms do not ask for payment in this manner.
Scammers Posing as Representatives of Well-Known Companies or Government Authorities
FI has also seen an increase in reports of fraudsters posing as representatives from well-known companies or government authorities. For example, some have claimed to be calling from Binance or Blockchain, while others have said they are contacting consumers on behalf of a Swedish authority.
Fraudulent Firms and Their Tactics
The regulator has issued warnings about several fraudulent firms, including:
- Royal Oak Investment: targeting consumers with promises of high returns through trading in CFD contracts linked to cryptocurrencies.
- Aerofinancing: using similar tactics as Royal Oak Investment.
Tips to Avoid Being Tricked
To avoid being tricked, experts advise consumers to be cautious of requests for payment in cryptocurrency and to always check if the firm is listed on FI’s Company Register. They also recommend:
- Verifying the authenticity of websites
- Checking for any warnings issued by the regulator
Quote from Mikael Sandahl, Supervisor at FI
“Fraudsters are skilled and work methodically over a long period to trick people out of their money,” says Mikael Sandahl, a supervisor at FI. “It’s essential for consumers to be aware of these tactics and take steps to protect themselves.”
Resources from the Financial Supervisory Authority (FI)
The Financial Supervisory Authority has published information on a regular basis about ongoing frauds and common methods, as well as tips to help consumers avoid being caught in an investment fraud. Learn more about how to stay safe from fraudulent activities.