CONSOB Issues Warning Over WhatsApp-Based Financial Fraud

The Italian Companies and Exchange Commission (CONSOB) has issued a new warning about the risks associated with messages spread through WhatsApp, following an alert about the pitfalls of online trading "video games" and scams circulating on social networks.

According to CONSOB, WhatsApp, the world's most widespread messaging system, has become a vehicle for illicit offers that exploit the names of well-known international finance firms like Morgan Stanley and Blackrock to mislead savers. These offers, which appear on users' smartphones, lure individuals into traps that can lead to significant financial losses.

CONSOB noted that the tactics used by scammers remain consistent: unauthorized operators promote seemingly profitable offers online, which are, in reality, sophisticated scams. In this specific case, the brands of Morgan Stanley and Blackrock, two major institutional investors, are being used as bait to defraud the public. Defraudsters are falsely replicating their investment strategies.

CONSOB highlights necessary precautions when evaluating financial offers and urges savers to familiarize themselves with basic rules for avoiding scams.