Sparkasse sounds the alarm: A new scam on social media lures people with fake investment promises. Fraudsters use fake WhatsApp groups to do this.
Sparkasse has issued a warning about a new type of fraud that is currently spreading across platforms such as Instagram and Facebook. Fraudsters mingle with users who have fake savings bank accounts and use slightly modified logos and names to create trust.
Warning from Sparkasse: Fake WhatsApp group
These fake accounts advertise supposedly profitable investment opportunities but at first glance appear legitimate. In fact, they are simply misleading. Once potential victims are approached via social media platforms, they are invited to join large WhatsApp groups.
Sophisticated fraud takes place in these groups: over weeks, purported information regarding financial markets and investment tips appears, intended to strengthen the trust of members. The culmination of this strategy was urging group members to invest money in an alleged trading platform, which ultimately turned out to be fake and did not allow withdrawals.
Sparkasse denies any social media transactions
Sparkasse emphasized that he did not carry out any investment transactions via social media or WhatsApp groups. In particular, the financial group’s computer emergency team highlighted the risks of these deceptive scams and recommended that such offers be approached with caution.
Suspicious profiles or messages that could indicate fraud should be immediately reported to the respective platform operators and savings banks.
What you need to know about savings banks
- The savings bank is one of the oldest banks in Germany and its roots go back to the 18th century. Their initial goal was to make financial services accessible to the majority of society.
- There are currently more than 350 such institutions in Germany, all of which operate regionally and focus on an approach oriented towards the common good.
- Savings banks offer a variety of services to private customers, including various checking accounts. Depending on customer requirements, it is equipped with different services.
- Financial institutions also offer various savings and investment options such as daily savings accounts, fixed term deposit accounts, building savings contracts, and securities deposits.
