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.
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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:
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▶️ 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
Exness CMO Alfonso Cardalda on Cape Town office launch, Africa growth, and marketing strategy
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- Exness’s marketing approach in South Africa
- What makes their trading product stand out
- Customer retention vs. acquisition strategies
- The role of local influencers
- Managing growth across emerging markets
👉 Watch the full interview for fundamental insights into the future of trading in Africa.
#Exness #Forex #Trading #SouthAfrica #CapeTown #Finance #FinanceMagnates
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Filmed during the grand opening of Exness’s new Cape Town office, Alfonso sits down with Andrea Badiola Mateos from Finance Magnates to discuss:
- Exness’s marketing approach in South Africa
- What makes their trading product stand out
- Customer retention vs. acquisition strategies
- The role of local influencers
- Managing growth across emerging markets
👉 Watch the full interview for fundamental insights into the future of trading in Africa.
#Exness #Forex #Trading #SouthAfrica #CapeTown #Finance #FinanceMagnates
How does the Finance Magnates newsroom handle sensitive updates that may affect a brand?
How does the Finance Magnates newsroom handle sensitive updates that may affect a brand?
Yam Yehoshua, Editor-in-Chief at Finance Magnates, explains the approach: reaching out before publication, hearing all sides, and making careful, case-by-case decisions with balance and responsibility.
⚖ Balanced reporting
📞 Right of response
📰 Responsible journalism
#FinanceMagnates #FinancialJournalism #ResponsibleReporting #FinanceNews #EditorialStandards
Yam Yehoshua, Editor-in-Chief at Finance Magnates, explains the approach: reaching out before publication, hearing all sides, and making careful, case-by-case decisions with balance and responsibility.
⚖ Balanced reporting
📞 Right of response
📰 Responsible journalism
#FinanceMagnates #FinancialJournalism #ResponsibleReporting #FinanceNews #EditorialStandards
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Kieran explains where Darwinex sits on the CFDs-broker-meets-funding spectrum, and how the model differs from the typical setups seen across the market.
We finish with a look at how he uses AI in his daily workflow — both inside the brokerage and in his own trading.
Here is our conversation with Kieran Duff, who brings a rare dual view of the market as both a broker and a trader at Darwinex.
We begin with his take on the Summit and then turn to broker growth. Kieran shares one quick, practical tip brokers can use right now to improve performance. We also cover the rising spotlight on prop trading and whether it is good or bad for the trading industry.
Kieran explains where Darwinex sits on the CFDs-broker-meets-funding spectrum, and how the model differs from the typical setups seen across the market.
We finish with a look at how he uses AI in his daily workflow — both inside the brokerage and in his own trading.
Why does trust matter in financial news? #TrustedNews #FinanceNews #CapitalMarkets
Why does trust matter in financial news? #TrustedNews #FinanceNews #CapitalMarkets
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📰 Verified reporting
🔎 Human-led scrutiny
✅ Facts over noise
According to Yam Yehoshua, Editor-in-Chief at Finance Magnates, in a world flooded with information, the difference lies in rigorous cross-checking, human scrutiny, and a commitment to publishing only factual, trustworthy reporting.
📰 Verified reporting
🔎 Human-led scrutiny
✅ Facts over noise
