Cybercrime Southeast Europe Newsletter No. 111

Serbian Ministry of Interior Warns of Growing Online Fraud Risks

Serbian Ministry of Interior Warns of Online Scams: “Easy Money”, Data Theft and AI Misuse Among Growing Risks

The Serbian Ministry of Interior has issued new warnings regarding online fraud and other forms of cybercrime, highlighting how modern technology is allowing fraudsters to make their methods increasingly convincing and sophisticated.

Particular attention has been drawn to the theft of personal and login information, misuse of payment cards and online accounts, fake profiles, fraudulent messages and social media schemes, as well as the increasing misuse of artificial intelligence.

In one of its recent warnings, particularly aimed at younger internet users, the Ministry also identified false promises of “easy money” as a significant risk that can result not only in financial losses but also in the misuse of personal information.

Why are promises of “easy money” particularly important?

These warnings are also highly relevant in the context of online investment fraud.

Many investment scams no longer begin with an unexpected telephone call from a supposed “broker”. Initial contact may come through a social media advertisement, a private message, a messaging application, or online content that appears to be an endorsement by a celebrity, financial expert or legitimate company.

Potential victims may then be offered a simple way to earn additional income through cryptocurrency, stock or foreign exchange trading, or through an alleged automated trading system powered by artificial intelligence.

The initial investment requested may be relatively small. The purpose can be to build confidence in the platform before the victim is encouraged to transfer increasingly larger amounts.

Artificial intelligence makes scams more difficult to recognise

The Ministry’s warning regarding the growing misuse of artificial intelligence is particularly significant.

AI tools can be used to create increasingly convincing messages, photographs, videos, voice recordings and other content designed to make an investment opportunity appear to be associated with a real person or legitimate institution.

As a result, a professional-looking website, a well-produced advertisement or even a video apparently showing a known person promoting an investment can no longer be treated as sufficient evidence that an offer is genuine.

The identity of the individual or company offering an investment should always be verified independently from the promotional content itself.

A single click can be enough

The Ministry has warned that anyone using a smartphone, computer, social media or electronic banking can potentially become a target.

A fraudulent link may lead to a website designed to imitate a legitimate bank, investment platform or other trusted service. If users enter their login credentials, card details or other personal information, that information may be obtained and misused by fraudsters.

For this reason, the Ministry recommends the use of strong passwords and two-factor authentication, caution when opening links, verification of the identity of people making contact online and careful protection of personal information.

What should you verify before investing?

Before transferring funds through any online investment platform, investors should establish which legal entity will actually receive or manage their money and whether that entity is properly authorised to provide the investment services being offered.

Particular caution is required when simple or virtually guaranteed profits are promised, when an unknown person initiates contact through social media or messaging applications, when there is pressure to transfer funds quickly, or when users are instructed to install software allowing remote access to their computer or mobile phone.

The same caution applies to platforms claiming to use “AI trading”, automated algorithms or other advanced technologies. The technology used to market an investment platform is not evidence that genuine trading is taking place or that the investment service is properly regulated.

The Serbian Ministry of Interior has advised citizens not to guess when they are uncertain whether a message, link or website is safe, but to verify it before taking action.

The latest warnings once again demonstrate that online fraud is evolving alongside technology. The methods may be becoming more sophisticated, but the fundamental rule remains the same: before trusting someone with your money or personal information, verify who is actually on the other side of the screen.

DefendMe Legal Team