How to Protect Yourself from Fake Investment Platforms and Crypto Scams

In the era of digital finance, fraud related to cryptocurrencies and fake investment platforms has become one of the most common types of online crimes. According to data from the Ministry of Interior (MoI) and the Financial Supervision Commission (FSC), in the past two years alone, dozens of Bulgarian citizens have fallen victim to such schemes, losing significant sums of money — often transferred to bank accounts outside the European Union.
Protection against such crimes requires a combination of awareness, legal literacy, and technological vigilance.

The safest way to protect yourself from fake investment intermediaries is to verify whether a given website or application has a license to provide financial services.
In Bulgaria, the Financial Supervision Commission (FSC) maintains a public register of licensed brokers and management companies on its official website – www.fsc.bg.

In addition, the FSC regularly publishes a list of “Unauthorized entities” that operate without permission under the Markets in Financial Instruments Act (MFIA).
If the platform where you plan to invest does not appear in any of these registers — do not invest.

For crypto assets, it is essential to verify whether the platform is registered under EU Regulation (EU) 2023/1114 (MiCA), which introduces a unified licensing regime across the European Union starting from 2025.

According to official analyses by the European Commission and Europol, more than 70% of crypto scams begin with social media advertisements promising “high profits with no risk.”
This is a major warning sign. Legitimate financial intermediaries never guarantee profits and never require immediate transfers after a phone call.

The European Securities and Markets Authority (ESMA) advises citizens to be particularly cautious when they see ads featuring the logos of well-known banks, international exchanges, or public figures — these are often forged.

The FSC and ENISA (European Union Agency for Cybersecurity) recommend always checking the website address of any platform.
Many fraudulent sites use domain names similar to real ones — for example, “invest-bnb.com” instead of “bnb.bg”.
The absence of a physical address, company ID number, management data, or phone contact is a serious red flag.

GDBOP (General Directorate for Combating Organized Crime) warns that in many cases, “consultants” from fake investment platforms ask users to grant access to their phone or computer screens through programs such as AnyDesk or TeamViewer.
This allows the fraudsters to take control of the device and make unauthorized banking operations.
Never provide remote access to your device and never share authentication codes.

According to Europol and the MoI, dozens of fake applications imitate legitimate brokers or crypto exchanges.
Before downloading any app, make sure it is published by an official issuer (e.g., Binance, Kraken, Revolut, etc.) and has genuine reviews.
ENISA recommends downloading apps only from official stores such as Google Play or the App Store, and never from links received via email or chat messages.

If you have transferred money to a suspicious platform, immediately notify your bank and file a report with:

• GDBOP – Cybercrime Department

• Financial Supervision Commission (FSC)

• National Revenue Agency (NRA) – if there are signs of illegal financial activity

For cross-border cases, the complaint may also be submitted via the Europol cybercrime reporting platform.
In certain cases, if the funds were transferred within the EU, banks may freeze the transactions if action is taken quickly.

Victims of crypto scams have the right to seek protection under Articles 209 and 212a of the Bulgarian Criminal Code, as well as to file a civil claim under Articles 45 et seq. of the Obligations and Contracts Act for compensation of the damages.
International cooperation through the Prosecutor’s Office and Eurojust is also possible when the money flows through foreign jurisdictions.

Protection against fake investment platforms requires critical thinking and verification at every step — from registration to the transfer of funds.
Bulgarian and EU legislation provide the necessary protection mechanisms, but their effectiveness depends on the timely reaction of citizens.
The safest approach is to trust only licensed intermediaries, never share personal data, and regularly check official warnings from the FSC, MoI, and Europol.

This article is for informational purposes only and does not constitute legal advice. For specific cases related to crypto fraud or investment scams, you should consult a qualified lawyer Mihail Tomov specializing in criminal and financial law.