Man from Schwendt loses about 500,000 euros in online scams

A 63-year-old man from Schwendt lost around 500,000 euros in cryptocurrency, gold and credit scams, ORF reported, citing police.

The Austrian reported the fraud to police in Kössen on Tuesday, by which time he realised the money was gone. He was targeted between July 2025 and June 2026 through social media and online platforms.

The biggest loss came from a supposed cryptocurrency investment. The fraudsters promised high returns and repeatedly demanded fees and taxes before the money could be paid out.

The man also lost a mid-five-figure sum in fraudulent gold investments and futures trading. In another scam, he was offered a loan worth a high five-figure sum through a fraudulent platform. He was then instructed via WhatsApp to pay various fees and transfer money to accounts in Germany, causing a further loss in the low five-figure range, police said.

Police issued another strong warning about supposedly lucrative investment offers on the internet and social media. Unrealistically high returns and demands for additional fees or tax payments before a payout are clear warning signs of fraud, police said. Investments should be made only through reputable and verifiable providers.