"Fake-Check Geldanlage" aims to prevent investment fraud

The consumer protection agencies have launched the “Fake-Check Geldanlage.” The online questionnaire helps potential investors to recognize clear warning signs of possible fraud.

The “Fake-Check Geldanlage” is accessible on the website of the consumer protection agency of North Rhine-Westphalia. It is a free online tool that provides an initial assessment of “whether a specific investment offer could be dubious.”

Tempting, professionally designed offers

The problem is that many fraudulent offers are tempting, and professionally designed websites also give a serious impression. Dubious offers, which are noticeable, for example, through aggressive advertising on social media and promises of quick profits, “repeatedly lead to high losses for consumers,” explain the consumer protection agencies. Such fraud attempts often occur with supposed crypto investments, forex trading, or speculative CFDs (Contract for difference).

The providers promise high and quickly achievable returns and offer supposedly professional support with “brokers”; in addition, they allegedly offer simple ways to profit from, for example, Bitcoin or other price movements. This already reveals warning signs: promises of high profits with no or low risk, the creation of time pressure, contact via telephone, messenger, social media, or email, and the delay or blocking of payouts or their linking to further conditions. “Cases are piling up at the consumer protection agencies where savers lose large parts of their savings through such online trading platforms,” explain the consumer protection agencies.

To counter this, consumer advocates have now launched the “Fake-Check Geldanlage.” It can be used for free, anonymously, and without registration to check an investment offer for potential warning signs of fraudulent practices. The tool asks questions that concern the typical warning signs and provides an assessment at the end of whether such warning signs are present.

If the “Fake-Check Geldanlage” warns of fraud, users should not transfer any further money. Instead, they should note down all data about the provider and secure documents, emails, chat logs, and bank statements, and break off contact with the platform, advise the authors. They should also not allow remote access to their computer and not install any additional apps recommended by the platform. Subsequently, those affected should report the suspicious investment to the police or even to BaFin. They can also receive help from the local consumer protection agency.

(dmk)