How Not to Fall for Fraudulent Phone Calls?

A Fictional Story from Real Life

Jozef is a successful entrepreneur. One day, he received a call from an unknown number. The man on the line spoke fluent Slovak, though with a slight foreign accent. He introduced himself as an investment analyst from a reputable Swiss crypto company and offered Jozef access to an exclusive investment package.

“This offer is available only to selected entrepreneurs from Slovakia. You can earn up to 300% per year. Moreover, everything is guaranteed by our licenses from the National Bank of Slovakia,” the man claimed – words that piqued Jozef’s curiosity. After registering on a platform that looked professional, Jozef deposited his first €5,000. A week later, his “portfolio” showed a profit of €750. Encouraged by this result, he sent another €10,000.

However, when he tried to withdraw his money a month later, the system informed him that he first needed to pay €2,000 as an “AML verification fee.” He paid it. After several days of waiting, the platform disappeared – along with Jozef’s entire investment.

Fraudulent Phone Calls in 5 Steps

1. Scammers mainly target entrepreneurs, freelancers, or individuals appearing in media and public registers, but also ordinary consumers. They often prepare contact lists from public databases – though sometimes they even have access to non-public information.
2. The scammer sounds confident and professional. They use the vocabulary of a financial analyst and often refer to “regulations,” “licenses,” or “global portfolios.”
3. The victim is presented with a unique investment opportunity – high returns, minimal risk. A common phrase is: “This offer is valid only today.”
4. After the initial deposit, victims are shown growing portfolios. Everything looks legitimate – until they try to withdraw their money. Then, new “fees” appear, such as AML verification fees, tax payments, or transfer fees.
5. Once the fees are paid, contact is cut off and the platform disappears or stops responding. Victims are defrauded not just once, but often twice – when they pay additional fees for withdrawal.

Explanation of the Scam

Scammers conducting unsolicited investment calls often target entrepreneurs and freelancers – though similar frauds can affect regular consumers as well. These scams follow a recurring pattern. The first contact happens over the phone. The person on the other end poses as a financial expert, analyst, or representative of an “international investment company.” They speak professionally and sound convincing.

The victim is introduced to an “exclusive” investment opportunity available only to a limited number of clients. Promised returns are extraordinary – for example, 300% per year or 1.5% per day. In some cases, victims are told that they already have an account on the platform, that their investment has grown significantly, and they only need to “withdraw” their profits.

The victim receives a link to an investment platform that looks professional – featuring a modern design, live chat support, and portfolio tracking. In reality, it is not a legitimate trading platform, exchange, or company.

After the first deposit (e.g., €5,000), the portfolio value quickly increases. The victim sees fake profits, motivating them to invest more. When they attempt to withdraw, the platform claims they must first pay a “tax,” “AML verification fee,” or “proof of funds confirmation.” Even after paying, withdrawal remains impossible. The victim is scammed repeatedly. After several failed withdrawal attempts, the platform becomes inaccessible.

In other cases, the victim is sent a link to a legitimate portfolio-tracking website (such as CoinMarketCap.com). After entering their email, they see a “portfolio” allegedly worth thousands of euros, supposedly under their name. In reality, this is a fabricated portfolio meant to motivate the victim to pay additional “withdrawal fees.”

Advice from the National Bank of Slovakia

Fraudulent investment calls may appear professional and trustworthy at first glance — but the opposite is true. To avoid falling victim to such scams, keep the following in mind:

• Ignore unsolicited investment calls and offers.
• Always verify the company before investing.
• Never send money based solely on a phone conversation.
• Be cautious if you feel pressured by time limits.
• Never pay any fees to withdraw money from a platform.

If you suspect fraud, contact the Police of the Slovak Republic.

Last updated on 20 Nov 2025