“To prevent the loss of lifelong savings, DECO PROteste and CMVM urge consumers to consult DECO PROteste’s website and magazines and CMVM’s Investor Portal before making any investments, emphasizing that prevention is the best defense,” the statement released today reads.
The two organizations further recommend that consumers stay especially vigilant regarding content circulating on social media, whether fraudulent messages or misleading advertisements using logos and names of well-known banks and companies to legitimize “safe and profitable investments” or “unique investment opportunities.” The schemes gather banking data from victims, leading them to transfer money which they are unlikely to recover.
“Strengthening financial literacy is the focus of this partnership with DECO PROteste. An informed consumer with critical thinking, who becomes suspicious when an offer seems too good to be true, is a crucial step in preventing these scams from spreading,” highlights Maria João Teixeira, Director of the Department of Behavioral Supervision and Investor at CMVM, as quoted in the statement.
DECO PROteste and CMVM advise consumers who fall victim to scams to first gather all information regarding the case—transfers, emails, screenshots, messages, or any element that could serve as evidence.
Subsequently, they can reach out to DECO PROteste, particularly through the Reclamar platform, and contact CMVM, which will analyze the situation to determine if it falls within its competency or, if a crime is involved, forward the information to the relevant authorities.
DECO emphasizes that “the intensive use of digital platforms and social media, often rapidly and distractedly consumed, increases the likelihood of clicking on malicious links or believing falsified content” and considers that “generative artificial intelligence has exacerbated the phenomenon, through the creation of ‘deepfakes’—fake videos—of public figures advising investments.”
“On small smartphone screens, the flaws in these manipulations become less visible, with the elderly and young people emerging as two of the most vulnerable groups,” it states.
Nuno Pais de Figueiredo, spokesperson for DECO PROteste, states in the communiqué that “no one is safe from falling into one of these scams.”
“Our role is to ensure that consumers are informed so that, despite the growth trend, the number of victims decreases,” he adds.
DECO further mentions that among the most reported scams are investment websites that appear legitimate but are fake, tricking victims into entering banking data and transferring money, and losing access to these investment platforms when they attempt to withdraw funds.
Fake investment apps are also highlighted—those not found in official stores like Google Play and the App Store—which, akin to the sites, lead investors to transfer money, only for their accounts to be blocked days later, along with pyramid schemes in which an investment platform promising huge returns entices victims to not only invest but also invite those close to them to invest in a fraudulent platform.
