Such dynamics can be explained by several factors. Scammers are actively exploring the online space, where it is much cheaper and easier to create new projects. At the same time, the Bank of Russia has improved the monitoring process, which helps it more effectively identify illegal online schemes.

More than half of financial pyramids operating on the Internet attracted clients’ funds in cryptocurrency or offered them investments in various non-existent cryptocurrency assets. The attackers took advantage of the financial and digital illiteracy of potential victims and advertised investments in projects that could not be implemented even technically.

The majority of identified illegal professional securities market participants — 812 out of 860 — offered the services of FX dealers. Many of them positioned themselves as foreign brokers, and almost all tried to ‘win’ customers online.

At the Bank of Russia’s initiative last year, access to more than three thousand sites of illegal financial market participants and financial pyramids was blocked or restricted.

‘We recommend people to stay alert, analyse and evaluate all financial offers, especially those related to investments. Investing always involves risk. Therefore, it is necessary to use the services of only true professionals licensed by the Bank of Russia. Registers of all legal market participants are posted on the Bank of Russia website. We also publish the so-called warning list — a list of companies that bear the signs of illegal activity or financial pyramids. Check all incoming offers at the slightest suspicion that scammers are contacting you! If you become aware of such schemes or you are a victim of them, be sure to report this to law enforcement agencies and the Bank of Russia. Such information will help expose attackers faster,’ says Valeriy Lyakh, Director of the Department for Countering Misconduct.

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