The financial market regulator issued a warning via its official website stating that a certain entity is “not legally authorized to conduct advertising or client prospecting aimed at concluding financial intermediation contracts” as well as any other activities under the CMVM’s supervision.
The supervisor reminded that entities authorized to provide investment services in financial instruments in Portugal can be consulted on its website.
“Avoiding the Loss of Lifetime Savings”: The Plan to Combat Fraud
DECO PROteste has partnered with the Comissão do Mercado de Valores Mobiliários (CMVM) to launch a joint plan for the prevention of online financial frauds, by cross-referencing complaints received with information gathered by the regulator.
“To avoid the loss of lifetime savings, DECO PROteste and CMVM urge consumers to consult the DECO PROteste website and magazines and the CMVM Investor Portal before making any investment, emphasizing that prevention is the best defense,” reads a statement released today.
Both entities further advise consumers to be particularly alert to content circulating on social networks—whether misleading messages or ads—utilizing logos and names of known banks and companies to legitimize “secure and profitable investments” or “unique investment opportunities,” collecting victims’ banking information and leading them to transfer money that they are unlikely to recover.
“Enhancing financial literacy is the focus of this partnership with DECO PROteste. An informed consumer with a critical mindset, who becomes suspicious when an offer seems too good, is a fundamental step in preventing these scams from spreading,” emphasizes Maria João Teixeira, director of the CMVM’s Behavioral and Investor Supervision Department, as cited in the statement.
DECO PROteste and CMVM advise scam victims to first gather all information related to the case—transfers, emails, screenshots, messages, any evidence that could be useful.
Subsequently, they may reach out to DECO PROteste, particularly through the Reclamar platform, and contact the CMVM, which will analyze the situation to determine whether it falls under its jurisdiction or, if it’s a crime, forward the information to the competent authorities.
DECO highlights that “the intensive use of digital platforms and social networks, often consumed rapidly and distractedly, increases the likelihood of clicking on malicious links or believing in falsified content” and notes that “generative artificial intelligence has exacerbated the phenomenon by creating ‘deepfakes’—falsified videos—of public figures advising on investments.”
“On small smartphone screens, the flaws of these manipulations become less visible, making elderly and young people two of the most vulnerable groups,” it states.
Nuno Pais de Figueiredo, spokesperson for DECO PROteste, quoted in the statement, argues that “no one is immune to falling for 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 also notes that among the most reported schemes are investment websites that appear real but are fake, luring victims into entering banking data and transferring money, losing access to these investment platforms when they attempt to withdraw their money.
Fake investment apps—which are not available on official stores like Google Play and the App Store—are also highlighted, leading investors to transfer money only to have their account blocked days later, along with pyramid schemes, where an investment platform promising high returns leads victims not only to invest but also to invite those close to them to invest in a fraudulent platform.
