We live in an era where technology is advancing at an incredible speed. Every day, new artificial intelligence tools and innovations emerge, finding applications across countless industries. Unfortunately, technological progress also comes with a darker side: financial scams.

Fraudsters often exploit new technologies to refine their techniques, making them increasingly skilled and harder to detect. This is why developing strong financial awareness is now essential to protect yourself from modern fraud schemes.

If you’re wondering how to effectively defend yourself against scams, this interview is exactly what you need!

In this session, journalist Debora Rosciani (from Il Sole 24 Ore, Italy’s major financial group) interviews Andrea, who provides numerous practical tips to shield yourself from today’s most common financial scams.

The key is building the right awareness and adopting preventive strategies. A good first step is familiarizing yourself with the most common techniques scammers use so you can recognize them in time.

It’s also important to remember to be wary of deals that seem too good to be true. When faced with such offers, always verify the source's credibility. Additionally, maintaining a critical mindset and staying updated on technological trends are crucial.

In short, there are plenty of actions we can take to protect ourselves. Discover them all by watching the interview!

What you’ll find in the video interview:
•Why prevention matters today: Learn how to spot the signs of a scam and expose fraudsters before it’s too late.
•Essential defense strategies: Master practical responses and methods to block persuasive attempts.
•How to gain financial awareness: Equip yourself with the tools to avoid scams, especially in the trading world.
•Post-scam management techniques: Follow advice on what to do if you fall victim to fraud.

Enjoy the video! 😊

P.S.: Want a free copy of the “Financial Scam Defense Guide” mentioned by Andrea and Debora in the interview?

Simply head to YouTube, click the video, and comment “SCAMS.” We’ll send you the PDF free of charge!

Transcription

Introduction

Debora
In today’s financial landscape, especially in the trading world, financial scams are more rampant than ever. Andrea Unger, a four-time World Cup Trading Champion, joins us today to discuss the importance of staying vigilant when entering the world of trading, because as mentioned, scams are not only prevalent but also evolving.
This is a space where one must exercise the utmost caution because falling victim to these schemes often results in situations that are difficult to escape. For this reason, Unger Academy has spent years collecting stories—some of them quite dramatic—from people who have fallen prey to these scams. This effort has culminated in a guide to help protect individuals from such situations.
So, with that introduction, Andrea, thank you for being here. Could you share the latest insights into financial scams and how they affect traders today? While you work in trading, scams are pervasive across various industries. Which ones do you find most concerning at the moment?

What are the latest updates on financial scams?

Andrea
Yes, thank you, Debora. Well, the common denominator of scams has always remained the same: the promise of absurd, let's say outright absurd, profits. Over time, the areas of focus have shifted, and today, cryptocurrencies are heavily exploited, obviously because they are a trending topic. The notion of stellar returns on cryptocurrencies leads many to believe that this is the right field, and scammers capitalize on this belief.

Scams and Artificial Intelligence

More recently, artificial intelligence has been added to the mix. AI is being misrepresented as a tool that can dispense wealth, as if a machine were capable of determining where to invest or not. I say unfortunately, because it would be convenient if it were true—but it’s not. Even at Unger Academy, we use AI, sure, but for completely different purposes. We use it as an aid during the coding phase and for similar tasks, and it’s available to our students for these purposes.

We would never promise profits with artificial intelligence, something others in the trading and investment field do. They prey on people’s gullibility, which is unfortunate. The truth is that many people are uninformed about the actual opportunities the financial market offers. Believing there’s always someone who knows better—so much so that this person can amass incredible wealth—people are lured by this illusion. They genuinely believe they’ve found the right place to transform their lives.

Debora
Artificial intelligence today can create videos featuring well-known personalities endorsing specific investment sectors. Of course, these aren't real endorsements, but many people believe them, failing to recognize the falsified nature of these testimonials.

Beware of false testimonials

Andrea
Yes, it's absolutely crazy. The idea that a global celebrity would personally suggest an individual investment is absurd. It's similar to those old email scams claiming that Bill Gates was giving away money. The narrative was, "He’s rich, so he can afford to pay out to random people." And surprisingly, people believed it—thinking that Bill Gates was funding obscure ventures, only to fall into traps requiring them to send money to participate.

Are scams more dangerous today?

Today, the scams are much more sophisticated. They can produce videos where figures like Elon Musk or popular sports stars endorse XYZ opportunities to achieve financial freedom. Sometimes, these even feature celebrities beloved by the general public, making it feel more relatable. The unsuspecting victims often get swept away by these messages, diving headfirst without caution. These scams prey on a psychological trigger that we’ve discussed before—FOMO, the Fear of Missing Out. Victims rush in, thinking, “Finally, I have the chance to achieve my financial dreams. I can’t miss this opportunity. If I wait, it might be too late!”

Debora
We’ve always had financial scams, right? Often, when discussing this topic, we refer back to the infamous Charles Ponzi schemes. But today, they’re much more dangerous because everyone has access to a digital device. This makes it faster and easier to gather information—including the wrong kind—and fall into these traps. So, the first piece of advice would be to stay vigilant about this, don’t you agree, Andrea?

Andrea
Absolutely. I don’t see why anyone would seek us out with an offer to make money in the way these schemes promise. What we do at Unger Academy is entirely different. We teach how to trade systematically just as I do or as professional traders do. But those scams promise utterly unrealistic returns. Honestly, if anyone stopped to think for a second, they’d realize that if such returns were truly possible, the person offering them wouldn’t need to sell the idea—they’d already be a billionaire just by using their own method. Sadly, people often don’t reflect on this. They become blinded by the lure of massive profits and fall right into these traps.

Are authorities doing enough to control scams?

Debora
Scams, as we mentioned earlier, are becoming increasingly sophisticated. It’s worth noting that regulatory bodies work to shut down illegal investment platforms. However, the more they block these platforms, the more new ones seem to emerge. Additionally, many people continue to fall into these traps, possibly due to growing mistrust in traditional financial intermediaries. Combining these factors, Andrea, it’s easy to see why these problems keep spreading like wildfire. Do you think the authorities are doing enough to keep them under control?

Andrea
They’re certainly doing an excellent job, with quick responses to many issues. That said, doesn’t it sometimes feel like they’re fighting internet piracy of sports streaming more rigorously than this, which is far more dangerous? I’m joking, of course, and I do appreciate their efforts, but there are times when I can’t help but raise an eyebrow. For instance, there are certain campaigns that may make people perceive them as an enemy. I mean, think, for example, of those campaigns against cryptocurrencies. These digital assets are often seen by people as a sort of Che Guevara of finance, embodying rebellion and revolution.

Debora
And they are a world that still lacks sufficient regulation.

Andrea
Indeed, and that’s the crux of the issue. There can be illicit financial transactions, and so on. Yet, to people, it almost feels like financial regulators don’t want to embrace this newfound freedom. They appear, or at least give the impression, of clinging tightly to the traditional banking power structures. Now, I’m not claiming that’s their actual intent, let me be clear. But it does seem like they’re defending their “turf,” aligning themselves with the institutions—which, let’s face it, are often viewed as the bad guys. And you know that this perception isn’t unique to finance. Anytime we talk about those in power, whether political or financial, the narrative often casts them as the enemy. It’s a sentiment that resonates widely.

So, it might seem like they are safeguarding their established fortress while hindering the advent of this so-called "freedom." Now, I’m not saying these measures shouldn’t be implemented. I’m certainly not in a position to pass judgment on government decisions, but I understand their reasons. What concerns me, however, is that during these battles, the image that should emerge—that of financial regulators as trustworthy guardians—is somewhat overshadowed. Many people tend to perceive them as defending their own interests, their own little garden, so to speak. And when someone unscrupulous comes along, offering them the opportunity to bypass these regulations, and do what they’ve always wanted, they’re tempted to fall for it.

Debora
That’s complicated, for sure. And, as we were saying earlier, these types of schemes are proliferating rapidly. Today they target cryptocurrencies, which is why taking a stricter stance might sometimes be essential.

The importance of financial education

Andrea
Yes, and ultimately, everything ties back to financial education. In the situations we discussed earlier, I’ve received emails from people entrusting their money to...

Debora
...complete strangers...

Andrea
…yeah, exactly, strangers and completely dubious entities—names I’ve never even heard of. How is it possible that someone lacks even the most basic knowledge to evaluate the players in the market? I’m not even talking about distinguishing trustworthy ones—because even firms like FTX, which appeared rock solid, turned out to be giants with feet of clay.

However, at least FTX was a recognizable entity, like Binance is today—an exchange everyone knows and trusts. But how could someone wire money to something like "CryptoGainer," a name I just made up right now, that no one has ever heard of? This pains me deeply—seeing how people fall into these hidden traps, having no awareness whatsoever about valid points of reference in the market.

Debora
Based on my experience, people who find themselves in this situation often raise this objection: "After all, even with traditional banking or other types of conventional investments, I still end up losing money." This usually stems from not receiving professional guidance, leading them to lump everything together. For many, it's all the same.

Andrea
Yes, but there’s a big difference. Even there, I can accuse a traditional bank of overcharging fees or prioritizing their interests. I could say all this and perhaps be right or wrong—it doesn’t matter. However, except in extremely rare cases, it’s not like a traditional bank suddenly closes down, and the manager runs off to Hawaii with my money. But that’s the scenario we’re discussing here.

And that’s not all. In this case, the same person who takes off with the money might even call back and say: "Send me more because I need to buy a drink." We’ve reached absurd levels here. You can’t compare this to what some might label as a bank's scam, which isn’t a scam but rather their way of operating—perhaps debatable, if you don’t agree with their methods. But there are alternatives. Trusting a fraudster whose clear goal is to deceive you is not one of them.

Debora
Even highly educated and well-prepared individuals fall into this trap. The underlying issue remains the same: the pursuit of quick, effortless profits, often completely disconnected from the market reality. People skip basic research, such as reading financial news or understanding what a typical investment yield looks like over a given period, and instead chase something that promises much higher returns.

Andrea
Exactly. This mindset also explains why cryptocurrencies have become such fertile ground for these illusions. We all know what happened in recent years with Bitcoin—the staggering gains it achieved. Bitcoin’s incredible performance is something we’ve all witnessed firsthand. It seemed like an unbelievable opportunity not so long ago.
Then, I still remember back in 2001, when I received an unexpected call at my office from an American offering Nasdaq investments. For those who recall that era...

Debora
That was during the Dot-Com bubble.

Andrea
Yes, but by then the bubble had already burst and started to wobble. I remember he asked, "Do you know the Nasdaq?” and I said, “Yes, it dropped 10% just yesterday." And he replied, "Exactly! Now's the perfect time to invest." He was riding the wave of what still seemed like a dream scenario. The Dot-Com bubble had made Nasdaq the apparent El Dorado of the moment. But, of course, we know how that ended. Incidentally, I have no idea how he even got my office number back then—I was still working in a corporate job.

And today, we see a similar trend. People flock to areas that have made headlines for astronomical gains—like Bitcoin or Ethereum—and believe the next big opportunity is just around the corner. This mindset creates fertile ground for anyone willing to fuel these fantasies. But in most cases, this “opportunity” opens the door to a very cold, unwelcoming place, not the comfort people are hoping for.

Why is it important for an institution like Unger Academy to provide these recommendations to its audience?

Debora
Unexpected surprises behind the door. Andrea, as mentioned earlier, you've collected numerous accounts of unfortunate experiences over the years, compiling them into a dossier. But today, you've felt an urgent need to create this “Financial Scam Protection Guide”. Why do you think it’s important for someone like you, in such a specialized field, to offer these recommendations not just to your primary audience but also to a broader one?

Andrea
There are two reasons: one moral and one selfish. The moral reason stems from the many emails I receive, as you mentioned, from people who’ve been left destitute and are pleading for help. Unfortunately, there’s nothing I can do to recover their funds or help them regain it through trading. I recall an email from someone who lost $300,000 and was left with just $1,000, asking how to recover. I thought: Hey, if I knew how to turn $1,000 into $300,000, we wouldn’t even be having this conversation!

The best I can hope for is to prevent similar cases in the future, hoping that someone flipping through our guide will recognize a suspicious scheme. They might think, "This sounds a lot like that call I got recently. Let me double-check."
Then there’s the selfish reason, which is tied to the generalization that anyone involved in financial markets is labeled as a scammer. This paints me and many of my colleagues in financial education as the next potential con artist. And I hope our actions clarify that we are far from that.

More in general, it's crucial to educate people about fraud, how these schemes unfold, and most importantly, how to avoid them. The first step is basic financial awareness. And no, I’m not saying people must join Unger Academy to learn finance. Just a foundational understanding would suffice. Ideally, this would start in high schools, helping future adults grasp the basics of financial systems.

Debora
Because young people are incredibly drawn to these opportunities. Now, in your guide, you identify eight of the most common financial scams, provide all the instructions to recognize them, avoid falling into them in the first place, and finally defend oneself when the damage is already done.

Andrea
Yes, the defense is more about awareness, to prevent the problem from escalating further. For instance, the classic method we suggest to assess if the person you're dealing with is serious is to request to withdraw the money you've deposited or at least part of it. When they come up with countless excuses to avoid letting you withdraw, that's a clear sign. Unfortunately, by the time you reach this point, it often means the money has already been sent and lost. At the very least, you avoid continuing this practice and sending more money in response to absurd requests like, "You need to send me money so I can send you money." It's a contradiction from the start, isn't it?

The evolution of scams

Debora
And then there's the newer, equally distressing evolution: the so-called lawyer who either calls or writes to the victim of one of these scams and says, "Look, I can unlock your situation or organize a class action lawsuit since many others have been scammed in the same way. I’ll represent all of you in court, but you need to wire me another 10,000 or 20,000 dollars." That money, of course, will also disappear forever.

Andrea
Exactly, and you have to wonder how this so-called lawyer even finds the scammed person. If I haven’t made any specific request, how does this person come to me and say, "You were scammed, and I’m the lawyer handling these cases"? But people don't think about this because they're desperate and feel they’ve finally found a lifeline. "Now I’ve got a lawyer from London," because London lawyers are seen as competent by default, "and they'll get me out of this mess." Unfortunately, these lawyers are often sitting in the office next to the scammer’s, simply stealing more money. It’s a grim reality.

The pyramid scheme of scams

Debora
And of course, the guide also highlights the classic pyramid scheme, the kind of scam where the last person to join essentially funds the returns of the first entrants in the system. But eventually, these pyramids collapse.

Andrea
It’s essentially a Ponzi scheme. Yes, it works by paying visible, tangible returns—which are heavily advertised—with money that comes from new entrants. I take money from you, then from someone else, and I use that second person’s funds to pay you back with interest. You believe the investment with me is profitable, so you recommend it to others. The more people join, the larger the scheme can grow—until the flow of new money stops, and I vanish with the loot. In such cases, you would become an unwitting, yet convinced, promoter of what appears to be a good collaboration with me. In reality, I’ve tricked you by passing off someone else’s money as the returns on your investment.

Some tips on how to identify these types of scams

Debora
We’ve said it many times before, but perhaps we should provide a few pointers on identifying these potential scams. Let’s start with the ones that might show up in your email inbox. The first rule is to avoid clicking on anything they ask you to.

Andrea
Never click. There’s no valid reason to do so. And remember, why would you receive an email offering something extraordinary? It makes no sense. If you didn’t seek it out, why would someone come looking for you?

Debora
On the phone, we often get calls from brokers based in London—or from anywhere in the world, really. Nowadays, we also have automated voices pitching various investment proposals.

Andrea
Yes, I’ve experienced this multiple times. Sometimes, it’s an actual person calling me. They’ll talk about trading in general, ask if I know what trading is, or if I have any understanding of it. Then they try to sell me on learning some “guaranteed” money-making method.

Other times, like you mentioned, it’s an automated voice. These recorded messages often drop big names—especially Amazon. They’ll mention things like "Amazon High Tech" or the "Amazon High Tech Fund." Everyone knows Amazon, and many people have a Prime subscription, so it feels familiar, almost like a household name. Hearing it creates a sense of trust, making you think, “This might be a good opportunity.” Not necessarily to get rich, but at least to earn a little extra. But when you dig deeper, you find that the offer doesn’t even exist.

Debora
One time, I got a call from a Romanian consultant. Among all the calls I receive, I decided to play along with this one. I told her I was a journalist and would love for her to explain her "amazing" investment opportunity to me. She ended up insulting me! She claimed that it was “our fault” that they couldn’t work or practice their business peacefully.

Andrea
Work "honestly," they say!

Watch out for WhatsApp and SMS

Debora
Exactly! And, of course, there are also investment proposals coming through WhatsApp or SMS. These are often scams disguised as messages from your bank asking you to click a link to unlock your account.

Andrea
Yes, that’s classic phishing. You’re sent a link, and when you click on it, you’re taken to a login page. There, they usually ask for your credentials. You think it’s legitimate, so you input your username and password. This is a scheme to steal your login information. Thankfully, things are less risky now due to measures like two-factor authentication. With 2FA, not only do you need your password, but you also have to confirm access on your phone or through another method. It’s not foolproof, but it adds a good layer of security.

Debora
A practice that many find annoying because it feels excessive.

Andrea
I get very annoyed too, but I understand it's definitely a way to protect myself. It also makes me feel safer knowing, for instance, that to confirm a bank transfer, I have to verify it on my phone. This way, I imagine that if someone were to access my bank account, they wouldn't be able to make a transfer without my confirmation.

Healthy trading exists

Debora
Andrea, let's wrap up this conversation—it could go on for hours. I think we should reiterate the core message: healthy trading is key. It's not about generating mind-blowing profits—although that can happen—but behind those opportunities are study, method, and preparation, as we've emphasized countless times.

Andrea
For example, to make the time spent within the Academy more enjoyable—if I can use such a grand term—we organize contests, like "Trader of the Month." There’s a winner, and we reward them and discuss their performance. Of course, since it's a small competition, these performances tend to be remarkable, but they are far from typical.

We’ve always emphasized setting realistic expectations. While there are instances of remarkable monthly results from some students who earn significant sums—undoubtedly through diligent work—these are exceptions, not the norm. It's important for everyone to focus on what’s typical, aiming to create a better understanding of what’s generally achievable. Of course, some may outperform, and others may be less fortunate. However, aiming for a 100% annual return should not be an expectation. That level of success can happen occasionally, maybe even two or three times. I, myself, achieved a 672% return in a single year.

Debora
But such extraordinary results are reached over time with consistent study and effort.

Andrea
Yes, but they’re still extraordinary outcomes—uncommon and not always replicable.

Debora
Wow, there’s so much more to discuss! But I think we’ve conveyed the key messages. Many of these ideas are covered in your guide, "Financial Scam Protection Guide: The 8 Most Common Financial Scams, How to Identify and Avoid Them,” published by Unger Academy. Andrea, this guide isn’t just available in print, is it?

How to obtain the guide

Andrea
Well, getting the guide is very simple and free—no scams involved! Right below this video, just comment "SCAM" and we’ll send you a PDF copy of the guide. It’s super easy. You don’t need to call us or do anything else. Just write "SCAM," and you’ll have the guide in no time. Nothing could be simpler!

Debora
We really hope that, thanks to efforts like yours, these scams will continue to diminish. Thank you, Andrea Unger.

Andrea
I hope so too. Thank you, Debora.

Debora
Four-time World Trading Champion, Andrea Unger. Wishing everyone great success!

Andrea
Take care, everyone!

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