Investment Scams in Serbia
Investment fraud in Serbia exploits a growing retail investor class with fake forex brokers, unlicensed fund schemes, and pyramid structures promoted on social media.
Part of: Investment Scams
Last reviewed: 1 June 2026
Serbia has seen rapid growth in retail investing and financial awareness, particularly among younger urban professionals. Fraudsters have responded by launching a wave of fake investment platforms, unlicensed brokers, and pyramid schemes that promise outsized returns on forex, cryptocurrency, and stock market products.
The National Bank of Serbia (NBS) and the Securities Commission (HANFA equivalent) regularly publish warning lists of unauthorised firms, but awareness among the general public remains limited. Scams are promoted aggressively through Instagram, YouTube, and Viber — the messaging platform widely used in Serbia — often featuring testimonials from local-sounding influencers.
How this scam works on Serbia
Victims encounter investment advertisements on social media that feature Serbian-language testimonials, local references, and promises of 20–50 % annual returns. A representative contacts the victim, provides a brief 'free consultation', and assists them in opening an account and making an initial deposit.
The platform shows rapid growth. The representative encourages further deposits and discourages withdrawal, citing 'compounding benefits'. When the victim ultimately tries to withdraw, the platform demands fees, delays payment indefinitely, or closes the account.
Pyramid variants operate through Viber groups and church or community networks, using social trust to recruit investors. These collapse when recruitment slows, leaving later entrants with total losses.
Common red flags
- A platform promises fixed monthly returns with no explanation of how returns are generated.
- The firm is not listed on the NBS or Serbian Securities Commission registers.
- An 'account manager' discourages withdrawals or adds fees each time you try.
- The investment is promoted primarily through personal testimonials in community groups.
- You are pressured to recruit others to earn additional bonuses.
- The company's Serbian address is a virtual office or does not appear in business registry searches.
How to protect yourself
- Check any investment firm against the NBS warning list at nbs.rs and the Serbian Securities Commission.
- Never invest based on a social media advertisement alone.
- Be sceptical of any guaranteed return — all investments carry risk.
- Attempt a small withdrawal before depositing significant funds.
- Consult a licensed financial adviser before committing to any investment.
- Report suspected pyramid schemes to the NBS and the Serbian Competition Authority.
How to report it
- File a complaint with the National Bank of Serbia (NBS) consumer protection unit.
- Report to the Serbian Securities Commission (Komisija za hartije od vrednosti).
- Contact your bank or card issuer to explore chargeback options on recent deposits.
Frequently asked questions
How do I check if an investment firm is licensed in Serbia?
Check the NBS website at nbs.rs for banking and payment firm licences, and the Securities Commission website for investment firm licences. Both maintain public registers and warning lists of unauthorised operators.