Market warnings / investment scams

Here is information about how you can reduce the risk of being scammed, signs to be aware of when receiving an investment offer and what to do if you suspect that you have been the victim of a scam.

How to avoid being scammed

Does the company that gets in touch with you have the necessary authorisation?

• Always search for the company that contacts you in Finanstilsynet's registry. An authorisation from Finanstilsynet is required to provide investment services in Norway. Finanstilsynet's registry includes all companies in Norway that have been granted an authorisation. Search for the company name in the search box at the top of the page. If the company is not listed in the registry, we advise you not to invest in or transfer money to the company.
  Finanstilsynet’s registry

Has Finanstilsynet published any market warnings against the company?

• If Finanstilsynet becomes aware of companies that offer investment services in Norway without the necessary authorisation, a warning against investing through the company is published in the market warning register. You should always check whether Finanstilsynet has issued a market warning against the company before accepting an offer. The list will never be complete, and scammers often change their names. Even if Finanstilsynet has not published a market warning against the company, we recommend that you do not invest through the company until you have checked our registry, as referred to above.
  Register for investor alerts

Ask for enough written information to ensure that you understand the investment offer.

• You can never get too much information or ask too many questions about your investment. Make sure that you understand the product you are offered to invest in and that you receive written information about your investment. Both the person who contacts you and the company's website may appear professional and trustworthy. However, you must always remember that information on websites may be false, and that any promises and guarantees of high returns imply that there is an equally high risk that you may incur losses on your investment and/or that the offer is pure fraud. If you are uncertain, you should seek advice from a third party or contact your bank. Never share your bank account number or grant access to your online bank.

Take your time, don't rush it.

• Stop and think before you accept an investment offer, and don't make a rushed investment decision. Scammers often give the impression that it is important to make a decision quickly in order not to miss the opportunity. If it is a real investment offer, you have time to think about it. Be critical. If the investment entails low or no risk and high returns, why would they want to share it with you?

Characteristics of an attempted scam

• The investment offer is sent to you out of the blue
• The seller is persistent
• The seller often refers to seemingly professional websites and presentations
• Little or no information is provided about the investment risk
• Scammers often present the investment as highly profitable with no significant risk. The higher the promised profits, the higher the probability that it is a scam
• The seller or the company's website often provides information about the return achieved for other customers. Such information is often false
• Scammers tend to stress the importance of making a quick decision, either to get a discount or not to miss out on the opportunity
• Scammers often emphasise that if you feel uncertain about the investment, it may be cancelled within a few days free of charge. This frequently turns out to be impossible

If something sounds too good to be true, it probably is. Stay informed and be critical.

Do you suspect that you have been the victim of a scam?

If you suspect that you have been scammed, please contact your bank. The bank can give you useful information and may prevent that others are scammed by the same people.

Inform Finanstilsynet

Finanstilsynet does not handle customer complaints and cannot help people who have been scammed get their money back. However, tips on illegal activities can be valuable to help Finanstilsynet prevent such activities.

If you have received a questionable investment offer or suspect that you have been scammed, let Finanstilsynet know by sending an email or using our whistleblowing portal:

• Email: post@finanstilsynet.no
• Finanstilsynet’s whistleblowing portal

The tip should include

• Detailed information about what you have been offered and the name of the company or person who has contacted you.
• Please include any written information you have received.

Finanstilsynet continuously assesses, within the limits of available resources, what needs to be followed up. Consequently, not all notifications will necessarily be followed up, nor can whistleblowers expect to be informed of the current status of their case. Finanstilsynet may order companies to terminate illegal activities and publish market warnings to reduce the risk of more people being deceived.

• Finanstilsynet’s whistleblowing portal

Norwegian Consumer Council

The Norwegian Consumer Council has prepared a complaints guide for consumers. A lawyer can also assist you in securing any financial claim you may have against the company or the person who has contacted you.

How to complain

• Consider whether the police should be contacted.
• If you have been scammed, you should consider reporting the matter to your local police district.