ESAs publish tips to help consumers detect and prevent online frauds and scams

The three European Supervisory Authorities (EBA, EIOPA, and ESMA) have published two factsheets aimed at helping consumers protect themselves from online frauds and scams, including those involving artificial intelligence (AI). The factsheets will be translated into all official EU languages and shared by national authorities.

Frauds and scams have become more sophisticated with technologies like AI and blockchain, making them harder to detect. Examples include AI-generated voices or videos impersonating trusted individuals. The consequences for consumers can include financial loss, identity theft, and emotional distress.

The factsheets provide practical tips for recognizing and avoiding various scams, such as phishing, impersonation, investment scams, and Ponzi schemes. They include real-world examples and guidance on spotting warning signs, suspicious messages, or offers.

Consumers are advised to take steps to prevent scams, such as never sharing personal or banking information, verifying the source of messages, and thinking carefully before acting.

These initiatives are part of the ESAs’ mandate under Article 9(1)(b) of their founding regulations, which emphasizes promoting transparency, simplicity, and fairness in the market for financial products and services across the EU.