0.00%
Austrian Financial Market Authority: 594 victims of financial fraud contacted the Austrian Financial Market Authority (FMA) in 2020 – an all-time high in an increasing trend over a period of several years. The average loss sustained is around 42,000 Euro per person. Around 40% of victims of fraud were contacted by telephone – a practice known as “cold calling” and were offered investments that apparently promised high returns during the course of the telephone call. Around 60% lost their money over the Internet – with “insider” tips and financial products promising large returns with a low risk attached being the most frequent bait. Around half of all fraud methods are based on investments in crypto assets. “Unfortunately, we have been observing an increase in investment-based fraud for a number of years. Financial fraudsters lure their victims into the trap with unrealistic promises, generally promising high returns with a low risk attached”, the FMA’s E