Fake investment and crypto advisers: the call that promises big returns

The phone rings and a friendly, professional-sounding voice tells you about an opportunity: investing in crypto, in the stock market or in "AI trading" with returns no bank will ever offer you. Sometimes the call comes after you left your details on an ad featuring a celebrity; other times it comes out of nowhere. This is the fake investment adviser scam, one of the phone frauds that takes the most money per victim. The first thing you should know: no legitimate firm cold-calls you to guarantee high, risk-free returns.

How does the scam work?

It almost always follows the same script, in stages designed to draw you in little by little:

1. The hook. An ad on social media or a website imitating a newspaper, with a celebrity "recommending" a platform, or a cold call. They ask for your name, phone and email "so an adviser can contact you".
2. The small first investment. The adviser asks for 200 or 250 euros (or the equivalent) "to open the account". It's not much money and it sounds reasonable.
3. The fake profits. You get access to a platform with charts and a balance that grows day after day. It's all a website they control: the numbers don't match any real investment. Sometimes they even let you withdraw a small amount to earn your trust.
4. The pressure to invest more. Frequent calls, a "senior account manager", opportunities that "close today". They encourage you to take out a loan, use your savings or install a remote-access app (AnyDesk, TeamViewer or similar) "to help you with the trades".
5. The lockout. When you try to withdraw your money, taxes, fees or "guarantee deposits" suddenly have to be paid first. Whatever you pay, the money never comes out.

What is the recovery room scam?

It's the second scam, and it arrives once you've already lost money. You're contacted by a supposed law firm, a "recovery agency", a fake regulator or even someone claiming to be from the police or a European cybercrime unit. They know how much you lost and on which platform, because they are often the same scammers or have bought your data.

They promise to get your money back in exchange for an upfront payment: fees, court costs, a "bond" or a fund-release tax. It's a trick: no police force or public body charges you to recover your money, and no serious firm guarantees the outcome before starting.

What are the red flags?

• High, guaranteed returns. In real investments, higher returns mean higher risk. "Risk-free" and "guaranteed" are scam phrases.
• Calls you didn't ask for, or calls that arrive after filling in a form on a celebrity ad.
• Constant urgency: "the opportunity closes today", "if you don't get in now you lose the bonus".
• A request to install a remote-access app on your phone or computer.
• Payments in crypto, transfers to foreign accounts or to private individuals, never to an identifiable institution.
• You're asked to pay in order to withdraw your own money.
• Secrecy: "don't tell your bank, they don't understand this".
• The firm isn't on the official registers. In Spain, firms allowed to offer investment services are registered with the CNMV (the national securities market regulator), which also publishes warnings about unauthorised firms. Elsewhere, check your country's financial regulator.

What do I do if they're calling me right now?

1. Don't give any details and don't agree to "just find out more". Hang up politely and without explanations.
2. Don't install anything they ask you to, especially remote-access apps.
3. Don't send money or crypto, not even the "small test amount".
4. Check the firm yourself in the registers and warning lists of the CNMV (in Spain) or your national financial regulator, searching for the exact name. If it isn't listed as authorised, stop there.
5. Block the number and report it in the spam numbers directory so others can recognise it.
6. If you're unsure, ask your bank by calling the official number on your card or in its app. In Spain you can also get free guidance from INCIBE's 017 helpline; elsewhere, your national cybersecurity agency or consumer helpline.

What if I've already invested or paid?

Don't blame yourself: these networks use highly polished scripts and fool people with financial training. What matters is acting fast:

1. Stop paying. No taxes, no withdrawal fees, no "final transfer". Every extra payment is money lost.
2. Uninstall any remote-access app and, from another trusted device, change the passwords for your online banking and your email. Turn on two-step verification.
3. Call your bank on its official number. Explain what happened, ask them to block cards or pending transfers and ask what claim options are available.
4. Gather evidence: screenshots of the platform, emails, chats, phone numbers, payment receipts, crypto wallet addresses and transaction hashes.
5. Report it to the police, providing all of the above. In Spain, that's the Policía Nacional (091) or the Guardia Civil (062), with 112 for emergencies; elsewhere, your national police.
6. If you used a legitimate crypto exchange to send the money, tell them too: sometimes they can flag the destination addresses.

There are more details on claims in how to recover money lost to a phone scam.

How do I avoid the second scam?

After losing money you become a priority target. Keep in mind:

• Be wary of anyone who contacts you offering to recover your money without you looking for them, especially if they know details of your case.
• The police don't call to charge you. They will never ask you for money, crypto or to install anything to give back what you lost.
• Don't pay upfront to anyone who guarantees recovery.
• If you want legal advice, find the professional yourself, check they're registered with the relevant bar or professional body and ask for a written quote.

Frequently asked questions

I saw the ad with a well-known celebrity, isn't that a guarantee? No. Scammers use public figures' images without permission, with fake news stories and even manipulated videos. A celebrity in an ad for a miracle investment is a red flag, not a sign of trust.

They let me withdraw a little money at the start, so is it real? That's part of the script. A small withdrawal costs the scammers little and helps convince you to invest much more later.

Can I get back what I sent in crypto? It's hard, but reporting early and providing the addresses and transactions improves the chances. Be wary of anyone who assures you they can do it in exchange for an upfront payment.

They call from a local number, does that mean the firm is in my country? No. Numbers can easily be spoofed or rented. The prefix tells you nothing about who's behind the call.

In short

When a call promises high returns: hang up, don't install anything, don't pay and check the firm with your financial regulator (the CNMV in Spain). If you've already paid, stop, tell your bank, keep evidence and report it. And if someone later offers to recover your money for an upfront fee, it's the same scam in a different disguise. NoCall helps you identify reported numbers before you answer; if you get one of these calls, report it in the NoCall spam numbers directory so it doesn't catch anyone else.