Fake Trading Platforms in Italy
Fraudulent investment portals impersonating CONSOB-regulated Italian brokers rob victims of savings through high-pressure online trading schemes.
Part of: Fake Trading Platforms
Last reviewed: 1 June 2026
Italy has seen a proliferation of fake online trading platforms that clone the branding of legitimate brokers and even display forged CONSOB authorisation numbers. These sites target Italian savers searching for alternatives to low-yield bank deposits, promising guaranteed returns on Forex, CFDs or crypto.
The Polizia Postale's CNAIPIC unit reports that clone-firm fraud has grown substantially, with Italian losses running into tens of millions of euros annually. Victims are often recruited through targeted Italian-language Facebook and Google ads that use deepfake celebrity endorsements.
How this scam works on Italy
After clicking an ad, the victim receives a call from a fluent Italian-speaking 'account manager' who opens a small demo account and shows impressive simulated gains. A pressure campaign encourages escalating real deposits, often via bank wire to accounts in Eastern Europe or crypto wallets.
The platform interface shows a rising balance, but any attempt to withdraw triggers requests for identity documents, then invented fees labeled as 'commissione di prelievo' or 'imposta sulle plusvalenze'. Documents submitted are often used in subsequent identity-theft schemes.
When victims push back, the account manager disappears and the site goes offline, sometimes reappearing under a new domain.
Common red flags
- Platform contacted you first via an online ad or cold call
- CONSOB registration number cannot be verified on consob.it
- Pressure to deposit more than you planned — 'limited time bonus'
- No physical Italian address or Italian company registration number
- Withdrawal fees invented after profits accumulated
- Celebrity endorsement ads on social media for the platform
- Account manager unreachable after deposit is made
How to protect yourself
- Always initiate contact with brokers yourself — do not respond to unsolicited calls
- Check the CONSOB public register and the ECB's list of authorised institutions
- Start with no more than a small test deposit and verify you can withdraw it
- Use credit-card payments where possible for chargeback rights
- Save screenshots of all platform communications as evidence
How to report it
- CONSOB investor protection: consob.it — submit a formal complaint online
- Polizia Postale cyber-crime portal: commissariatodips.it
- Guardia di Finanza financial crimes: gdf.gov.it — report financial fraud
Frequently asked questions
How do I check if a trading platform is licensed in Italy?
Visit consob.it and use the 'Intermediari autorizzati' search tool. Also check the CONSOB alert list of unauthorised firms at consob.it/web/investor-education/societa-e-siti-non-autorizzati.