The Attorney General’s Office (PGR) has issued a warning to citizens regarding cryptocurrency scams, which “have been frequently reported to the Public Prosecutor’s Office.” These scams involve “very aggressive methods of approach” and typically begin online via advertisements on websites or fake news articles, designed to mimic legitimate news outlets. The scams lure victims by claiming endorsements from public figures such as Cristina Ferreira, Manuel Luís Goucha, Cristiano Ronaldo, or António Costa.
“These platforms are manifestations of a large-scale, organized criminal activity of an international nature, for which the public is being alerted”, the PGR stated in a communication released on Tuesday, following similar warnings from the Public Security Police (PSP).
Victims are enticed to invest money with promises of substantial returns “without any associated financial risk.”
Upon clicking fraudulent links, individuals are asked to provide an email address and phone number.
“From that point, very aggressive approaches are used via telephone contact. During these calls, supposed traders, representing these alleged financial platforms, employ very insidious methods of persuasion in order to convince victims to transfer funds for supposed cryptocurrency investments,” the Public Prosecution Service warns.
The fraud initially proposes minor investments, such as 250 euros. Once this initial investment is made, victims are given “access codes to a reserved page,” where the fictitious account is purportedly managed. On this page, victims see charts and graphs depicting the “supposed investment” that signifies “a significant financial gain.”
“These pages are fake and do not correspond to any legitimate financial or investment system. They are merely ‘masks’ constructed solely to convince the victims that their investment is highly profitable, thereby persuading them to invest more money,” they explain.
Following this initial investment, the fraudsters increase the frequency of phone contact with the victims, convincing them to “invest more money in something that does not exist.” Once the money is received, “it is never returned,” and if the victim attempts to withdraw their investment and alleged profits, “they are informed that they must pay high legal fees to do so.”
Before making any investments, the PGR advises citizens to verify whether the entities they are considering are authorized by the Bank of Portugal and registered with the Portuguese Securities Market Commission (CMVM).
“The list of such entities is publicly available for consultation. It is easily verifiable through public and open sources whether the numerous fraudulent sites identified online are authorized to operate,” added the PGR.
