Italian CONSOB warns of sophisticated investment scams operating through WhatsApp, impersonating major investing firms.
The schemes target retail investors with fraudulent trading opportunities, prompting increased vigilance from authorities.
Italy's securities regulator, Consob, issued an urgent warning about a surge in financial fraud schemes operating through WhatsApp. According to the market watchdog, scammers
impersonate prestigious firms like Morgan Stanley and BlackRock to bait and target
unsuspecting investors.
WhatsApp Emerges as New
Channel for Investment Scams
The
fraudulent operations follow a familiar pattern where unauthorized operators
promote seemingly lucrative investment opportunities through mobile messaging
platforms, specifically targeting retail investors through their smartphones.
“The
pattern is always the same: unauthorized operators promote illicit offers on
the web that are apparently very advantageous, but behind which, however, a
scam may be hidden,” Consob commented in
the newest warning. “In this specific case, the brands of Morgan Stanley
and Blackrock are used as a decoy, two large institutional investors whose
investment strategies they propose to replicate.”
The
regulatory warning comes amid growing concerns about the evolution of financial
fraud beyond traditional channels. The schemes typically promise to replicate
the investment strategies of well-known investors, using their reputation as
bait to lure potential victims.
This data
is supported by a survey conducted earlier this year by Finance Magnates
and FXStreet. The poll indicates that scams on WhatsApp and Telegram,
another popular chat app, are the most likely to result in financial losses for
victims, occurring in approximately 60% of cases.
Traders on WhatsApp Are
Vulnerable
A survey of
631 traders has highlighted Telegram as the riskiest platform for trading
scams, with 60% of targeted traders reporting financial losses. Similar figures
were recorded for WhatsApp, while Facebook, Instagram, and SMS followed with
56%, 51.8%, and 50% respectively. Traders on X (formerly Twitter) and LinkedIn
experienced slightly lower rates of loss, at 43.7% and 45.4%.
Scam victims on social media who lost funds; Source: A Joint survey by Finance Magnates and FXStreet
While
Facebook was previously identified as a major hub for scams targeting traders,
the latest data suggests that Telegram users face an even higher risk. Another
survey by Finance Magnates and FXStreet found that rookie traders, comprising
21.8% of respondents, were far less confident in avoiding scams compared to
their more experienced counterparts. According to an industry expert, educating
new traders on scam avoidance could be an essential starting point for safer
trading practices.
Discord Joins The Chat
Discord,
originally designed for gamers, has also become a popular platform among retail
traders, offering a virtual trading floor where users can engage in real-time
discussions on market movements via desktop or mobile. This digital shift is
transforming retail trading into a social experience, attracting more
participants every day. However, the platform's growing influence has also
brought challenges, particularly in regulating its use for trading activities.
Yohay Elam, the Product Manager at FxStreet
Yohay Elam,
Product Manager at FxStreet, identifies four reasons behind Discord's
popularity among retail traders:
“First,
many of them have been used to seeking advice – and commiseration – in online
forums, and Discord provides an upgraded experience thanks to its ease of use,”
Elam commented. “Secondly, there is a significant overlap between the gaming
world, where Discord originated, and the trader world. The users share many of
the characteristics. Retail traders became familiar with Discord via gaming,
and using the platform in their community was a smooth transition.”
However,
Discord's anonymity and private channels have made it a breeding ground for
dubious activities, including pump-and-dump schemes and scams targeting
inexperienced traders. The lack of oversight enables influencers to manipulate
markets and spread misinformation, raising concerns about the risks involved in
unregulated online trading communities.
Italy's securities regulator, Consob, issued an urgent warning about a surge in financial fraud schemes operating through WhatsApp. According to the market watchdog, scammers
impersonate prestigious firms like Morgan Stanley and BlackRock to bait and target
unsuspecting investors.
WhatsApp Emerges as New
Channel for Investment Scams
The
fraudulent operations follow a familiar pattern where unauthorized operators
promote seemingly lucrative investment opportunities through mobile messaging
platforms, specifically targeting retail investors through their smartphones.
“The
pattern is always the same: unauthorized operators promote illicit offers on
the web that are apparently very advantageous, but behind which, however, a
scam may be hidden,” Consob commented in
the newest warning. “In this specific case, the brands of Morgan Stanley
and Blackrock are used as a decoy, two large institutional investors whose
investment strategies they propose to replicate.”
The
regulatory warning comes amid growing concerns about the evolution of financial
fraud beyond traditional channels. The schemes typically promise to replicate
the investment strategies of well-known investors, using their reputation as
bait to lure potential victims.
This data
is supported by a survey conducted earlier this year by Finance Magnates
and FXStreet. The poll indicates that scams on WhatsApp and Telegram,
another popular chat app, are the most likely to result in financial losses for
victims, occurring in approximately 60% of cases.
Traders on WhatsApp Are
Vulnerable
A survey of
631 traders has highlighted Telegram as the riskiest platform for trading
scams, with 60% of targeted traders reporting financial losses. Similar figures
were recorded for WhatsApp, while Facebook, Instagram, and SMS followed with
56%, 51.8%, and 50% respectively. Traders on X (formerly Twitter) and LinkedIn
experienced slightly lower rates of loss, at 43.7% and 45.4%.
Scam victims on social media who lost funds; Source: A Joint survey by Finance Magnates and FXStreet
While
Facebook was previously identified as a major hub for scams targeting traders,
the latest data suggests that Telegram users face an even higher risk. Another
survey by Finance Magnates and FXStreet found that rookie traders, comprising
21.8% of respondents, were far less confident in avoiding scams compared to
their more experienced counterparts. According to an industry expert, educating
new traders on scam avoidance could be an essential starting point for safer
trading practices.
Discord Joins The Chat
Discord,
originally designed for gamers, has also become a popular platform among retail
traders, offering a virtual trading floor where users can engage in real-time
discussions on market movements via desktop or mobile. This digital shift is
transforming retail trading into a social experience, attracting more
participants every day. However, the platform's growing influence has also
brought challenges, particularly in regulating its use for trading activities.
Yohay Elam, the Product Manager at FxStreet
Yohay Elam,
Product Manager at FxStreet, identifies four reasons behind Discord's
popularity among retail traders:
“First,
many of them have been used to seeking advice – and commiseration – in online
forums, and Discord provides an upgraded experience thanks to its ease of use,”
Elam commented. “Secondly, there is a significant overlap between the gaming
world, where Discord originated, and the trader world. The users share many of
the characteristics. Retail traders became familiar with Discord via gaming,
and using the platform in their community was a smooth transition.”
However,
Discord's anonymity and private channels have made it a breeding ground for
dubious activities, including pump-and-dump schemes and scams targeting
inexperienced traders. The lack of oversight enables influencers to manipulate
markets and spread misinformation, raising concerns about the risks involved in
unregulated online trading communities.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
XTB Profit Drops 24% as Gold Rally Fails to Offset Soaring Marketing Spend
Hannah Hill on Innovation, Branding & Award-Winning Technology | Executive Interview | AXI
Hannah Hill on Innovation, Branding & Award-Winning Technology | Executive Interview | AXI
Recorded live at FMLS:25, this executive interview features Hannah Hill, Head of Brand and Sponsorship at AXI, in conversation with Finance Magnates, following AXI’s win for Most Innovative Broker of the Year 2025.
In this wide-ranging discussion, Hannah shares insights on:
🔹What winning the Finance Magnates award means for AXI’s credibility and innovation
🔹How the launch of AXI Select, the capital allocation program, is redefining industry standards
🔹The development and rollout of the AXI trading app across multiple markets
🔹Driving brand evolution alongside technological advancements
🔹Encouraging and recognizing teams behind the scenes
🔹The role of marketing, content, and social media in building product awareness
Hannah explains why standout products, strategic branding, and a focus on innovation are key to growing visibility and staying ahead in a competitive brokerage landscape.
🏆 Award Highlight: Most Innovative Broker of the Year 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #MostInnovativeBroker #TradingTechnology #FinTech #Brokerage #ExecutiveInterview #AXI
Recorded live at FMLS:25, this executive interview features Hannah Hill, Head of Brand and Sponsorship at AXI, in conversation with Finance Magnates, following AXI’s win for Most Innovative Broker of the Year 2025.
In this wide-ranging discussion, Hannah shares insights on:
🔹What winning the Finance Magnates award means for AXI’s credibility and innovation
🔹How the launch of AXI Select, the capital allocation program, is redefining industry standards
🔹The development and rollout of the AXI trading app across multiple markets
🔹Driving brand evolution alongside technological advancements
🔹Encouraging and recognizing teams behind the scenes
🔹The role of marketing, content, and social media in building product awareness
Hannah explains why standout products, strategic branding, and a focus on innovation are key to growing visibility and staying ahead in a competitive brokerage landscape.
🏆 Award Highlight: Most Innovative Broker of the Year 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #MostInnovativeBroker #TradingTechnology #FinTech #Brokerage #ExecutiveInterview #AXI
Executive Interview | Dor Eligula | Co-Founder & Chief Business Officer, BridgeWise | FMLS:25
Executive Interview | Dor Eligula | Co-Founder & Chief Business Officer, BridgeWise | FMLS:25
In this session, Jonathan Fine form Ultimate Group speaks with Dor Eligula from Bridgewise, a fast-growing AI-powered research and analytics firm supporting brokers and exchanges worldwide.
We start with Dor’s reaction to the Summit and then move to broker growth and the quick wins brokers often overlook. Dor shares where he sees “blue ocean” growth across Asian markets and how local client behaviour shapes demand.
We also discuss the rollout of AI across investment research. Dor gives real examples of how automation and human judgment meet at Bridgewise — including moments when analysts corrected AI output, and times when AI prevented an error.
We close with a practical question: how retail investors can actually use AI without falling into common traps.
In this session, Jonathan Fine form Ultimate Group speaks with Dor Eligula from Bridgewise, a fast-growing AI-powered research and analytics firm supporting brokers and exchanges worldwide.
We start with Dor’s reaction to the Summit and then move to broker growth and the quick wins brokers often overlook. Dor shares where he sees “blue ocean” growth across Asian markets and how local client behaviour shapes demand.
We also discuss the rollout of AI across investment research. Dor gives real examples of how automation and human judgment meet at Bridgewise — including moments when analysts corrected AI output, and times when AI prevented an error.
We close with a practical question: how retail investors can actually use AI without falling into common traps.
Brendan Callan joined us fresh off the Summit’s most anticipated debate: “Is Prop Trading Good for the Industry?” Brendan argued against the motion — and the audience voted him the winner.
In this interview, Brendan explains the reasoning behind his position. He walks through the message he believes many firms avoid: that the current prop trading model is too dependent on fees, too loose on risk, and too confusing for retail audiences.
We discuss why he thinks the model grew fast, why it may run into walls, and what he believes is needed for a cleaner, more responsible version of prop trading.
This is Brendan at his frankest — sharp, grounded, and very clear about what changes are overdue.
Brendan Callan joined us fresh off the Summit’s most anticipated debate: “Is Prop Trading Good for the Industry?” Brendan argued against the motion — and the audience voted him the winner.
In this interview, Brendan explains the reasoning behind his position. He walks through the message he believes many firms avoid: that the current prop trading model is too dependent on fees, too loose on risk, and too confusing for retail audiences.
We discuss why he thinks the model grew fast, why it may run into walls, and what he believes is needed for a cleaner, more responsible version of prop trading.
This is Brendan at his frankest — sharp, grounded, and very clear about what changes are overdue.
Elina Pedersen on Growth, Stability & Ultra-Low Latency | Executive Interview | Your Bourse
Elina Pedersen on Growth, Stability & Ultra-Low Latency | Executive Interview | Your Bourse
Recorded live at FMLS:25 London, this executive interview features Elina Pedersen, in conversation with Finance Magnates, following her company’s win for Best Connectivity 2025.
🔹In this wide-ranging discussion, Elina shares insights on:
🔹What winning a Finance Magnates award means for credibility and reputation
🔹How broker demand for stability and reliability is driving rapid growth
🔹The launch of a new trade server enabling flexible front-end integrations
🔹Why ultra-low latency must be proven with data, not buzzwords
🔹Common mistakes brokers make when scaling globally
🔹Educating the industry through a newly launched Dealers Academy
🔹Where AI fits into trading infrastructure and where it doesn’t
Elina explains why resilient back-end infrastructure, deep client partnerships, and disciplined focus are critical for brokers looking to scale sustainably in today’s competitive market.
🏆 Award Highlight: Best Connectivity 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #BestConnectivity #TradingTechnology #UltraLowLatency #FinTech #Brokerage #ExecutiveInterview
Recorded live at FMLS:25 London, this executive interview features Elina Pedersen, in conversation with Finance Magnates, following her company’s win for Best Connectivity 2025.
🔹In this wide-ranging discussion, Elina shares insights on:
🔹What winning a Finance Magnates award means for credibility and reputation
🔹How broker demand for stability and reliability is driving rapid growth
🔹The launch of a new trade server enabling flexible front-end integrations
🔹Why ultra-low latency must be proven with data, not buzzwords
🔹Common mistakes brokers make when scaling globally
🔹Educating the industry through a newly launched Dealers Academy
🔹Where AI fits into trading infrastructure and where it doesn’t
Elina explains why resilient back-end infrastructure, deep client partnerships, and disciplined focus are critical for brokers looking to scale sustainably in today’s competitive market.
🏆 Award Highlight: Best Connectivity 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #BestConnectivity #TradingTechnology #UltraLowLatency #FinTech #Brokerage #ExecutiveInterview
In this video, we take an in-depth look at @BlueberryMarketsForex , a forex and CFD broker operating since 2016, offering access to multiple trading platforms, over 1,000 instruments, and flexible account types for different trading styles.
We break down Blueberry’s regulatory structure, including its Australian Financial Services License (AFSL), as well as its authorisation and registrations in other jurisdictions. The review also covers supported platforms such as MetaTrader 4, MetaTrader 5, cTrader, TradingView, Blueberry.X, and web-based trading.
You’ll learn about available instruments across forex, commodities, indices, share CFDs, and crypto CFDs, along with leverage options, minimum and maximum trade sizes, and how Blueberry structures its Standard and Raw accounts.
We also explain spreads, commissions, swap rates, swap-free account availability, funding and withdrawal methods, processing times, and what traders can expect from customer support and additional services.
Watch the full review to see whether Blueberry’s trading setup aligns with your experience level, strategy, and risk tolerance.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
🔗 LinkedIn: /financemagnates
👍 Facebook: /financemagnates
📸 Instagram: https://www.instagram.com/financemagnates
🐦 X: https://x.com/financemagnates
🎥 TikTok: https://www.tiktok.com/tag/financemagnates
▶️ YouTube: /@financemagnates_official
#Blueberry #BlueberryMarkets #BrokerReview #ForexBroker #CFDTrading #OnlineTrading #FinanceMagnates #TradingPlatforms #MarketInsights
In this video, we take an in-depth look at @BlueberryMarketsForex , a forex and CFD broker operating since 2016, offering access to multiple trading platforms, over 1,000 instruments, and flexible account types for different trading styles.
We break down Blueberry’s regulatory structure, including its Australian Financial Services License (AFSL), as well as its authorisation and registrations in other jurisdictions. The review also covers supported platforms such as MetaTrader 4, MetaTrader 5, cTrader, TradingView, Blueberry.X, and web-based trading.
You’ll learn about available instruments across forex, commodities, indices, share CFDs, and crypto CFDs, along with leverage options, minimum and maximum trade sizes, and how Blueberry structures its Standard and Raw accounts.
We also explain spreads, commissions, swap rates, swap-free account availability, funding and withdrawal methods, processing times, and what traders can expect from customer support and additional services.
Watch the full review to see whether Blueberry’s trading setup aligns with your experience level, strategy, and risk tolerance.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
🔗 LinkedIn: /financemagnates
👍 Facebook: /financemagnates
📸 Instagram: https://www.instagram.com/financemagnates
🐦 X: https://x.com/financemagnates
🎥 TikTok: https://www.tiktok.com/tag/financemagnates
▶️ YouTube: /@financemagnates_official
#Blueberry #BlueberryMarkets #BrokerReview #ForexBroker #CFDTrading #OnlineTrading #FinanceMagnates #TradingPlatforms #MarketInsights
