On Tuesday 25 March 2025, the Commission de Surveillance du Secteur Financier (CSSF) and the Directorate for Consumer Protection issued a warning to the public regarding fraudulent credit offers circulating on social media platforms.
According to the authorities, scammers are creating fake profiles by impersonating banks or financial professionals in order to promote credit offers with seemingly attractive conditions and no financial constraints. The sole aim of these schemes is to extract money from unsuspecting individuals.
The CSSF and the Consumer Protection Directorate explained that the scam typically follows this pattern:
- fraudsters create a fake profile using the name of a well-known bank or by posing as one of its representatives;
- they contact users via social media or post fake/misleading offers in groups and comment sections (on platforms such as Facebook, WhatsApp, Instagram, etc.);
- after initial contact, they continue the conversation by email, using non-professional addresses (e.g. Gmail, Outlook, Hotmail);
- they request personal information (ID card, bank details, address, etc.) to establish a false sense of trust;
- they then demand upfront payments under the pretext of administrative fees, insurance or credit set-up charges. They may be persistent or even aggressive;
- once the money has been sent, they cut all contact, making it nearly impossible to recover the funds.
The authorities also outlined how to avoid falling victim to such scams:
- be cautious of credit offers that seem too good to be true on social media;
- if someone claims to represent a bank, contact the bank directly to verify the information;
- legitimate banks and financial professionals do not actively solicit clients via social media;
- never share personal information with unknown individuals online;
- block and report suspicious profiles to the relevant platform.
In case of doubt, individuals may contact the CSSF using its online contact form, available at: www.cssf.lu/fr/contacts.
IK
