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Financial Fraud as a “Growth Industry”: Record Losses and New Scams According to the Austrian Financial Market Authority
The Financial Market Authority (FMA) is sounding the alarm: financial fraud has developed into a real “growth industry”. According to the authority's latest figures, the total loss reported by financial fraudsters in 2024 amounted to around 15.5 million euros - an increase compared to the previous year, when the figure was 12.8 million euros. The dramatic increase in crypto-based fraud cases is particularly worrying. According to the FMA, the majority of these fraud cases could indicate that illegal financial markets are increasingly attracting the attention of criminals.
The FMA issued a more frequent warning to investors in 2024, highlighting the growing issue of financial fraud on trading platforms. / Picture: © Wikimedia Commons; Startac, CC BY-SA 3.0 Unported DEED (https://creativecommons.org/licenses/by-sa/3.0/deed.en)
In 2024, a total of 840 people contacted the FMA's consumer hotline. This is significantly more than in previous years. The highest reported loss by an individual amounted to a staggering 996,109 euros. One striking trend that is being observed more and more frequently is the high financial losses, which can lead to significant life changes for those affected.
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