WhatsApp is being exploited as a tool to deceive small savers, with names like BlackRock and Morgan Stanley used as bait.
Be cautious of financial fraud spreading via WhatsApp, using the well-known names of Morgan Stanley and BlackRock as bait.
The alert was issued by Consob, the National Commission for Companies and the Stock Exchange in Italy, warning that WhatsApp, “the most widespread messaging platform” and an app owned by Meta, "can become a channel for fraudulent offers."
How does it work? According to Consob, fraudsters try to deceive users "by infiltrating their smartphones and exploiting the credibility of major international financial institutions such as Morgan Stanley and BlackRock," as stated in the authority’s press release.
Through this method, savers can be misled and may fall into "a trap that puts their money at risk."
This is the latest in a series of warnings from Consob, which previously cautioned investors about the risks posed by online trading “games” and scams circulating on social media. Now, the alert extends to suspicious messages circulating on WhatsApp.
The Modus Operandi: Exploiting Credibility to Scam Savers
The fraudulent schemes typically follow the same pattern: “unauthorized operators promote illicit offers that appear highly advantageous but are, in reality, scams.”
In this specific case, the brands of Morgan Stanley and BlackRock are used as bait to lure victims, with promises to replicate the investment strategies of these reputable institutions.
Consob has issued a new warning to protect savers, urging them to carefully evaluate financial offers and take necessary precautions. The commission recommends visiting the "Beware of Scams!" section on its website, www.consob.it, which provides basic guidelines for avoiding financial traps.
This section emphasizes that, in the "vast majority of cases, operations conducted by unauthorized entities—lacking the financial and organizational qualifications required by law—are outright scams."
Verify Before You Invest
The first step, according to Consob, for anyone who has been contacted or come across a suspicious website offering online trading, is to confirm whether the entity is authorized. This can be done by checking if the entity is listed in the SIM registry maintained by Consob.
Original article published on Money.it Italy 2024-11-18 10:52:23. Original title: Truffe investimento su WhatsApp. Attenzione ai messaggi da BlackRock e Morgan Stanley
