Triple trap: Man loses hundreds of thousands of euros to fraudsters
A 63-year-old Austrian man has lost a mid-six-figure sum after falling victim to three separate online scams involving cryptocurrency, gold investments and a fake loan.
Between July 2025 and June 2026, the man from Tirol was targeted through social media and online platforms. The largest loss came from a supposed cryptocurrency investment, where fraudsters convinced him that he had made substantial profits.
When he attempted to withdraw the alleged earnings, the scammers repeatedly demanded additional fees and taxes. Believing the payments were necessary to access his profits, the victim continued transferring money.
The man was also persuaded to invest in supposed gold deals and futures transactions, losing a mid-five-figure amount in the process. The fraudsters then presented him with another opportunity: a loan worth a high five-figure sum through a fake online platform.
The supposed loan never materialized. Instead, the victim was contacted through WhatsApp and instructed to pay various fees and transfer money to bank accounts in Germany. This part of the scam caused an additional loss in the lower five-figure range.
On August 11, 2026, the 63-year-old reported the case to the Polizeiinspektion Kössen (Kössen Police Station) in the Bezirk Kitzbühel (Kitzbühel district), Tirol. Police are now investigating the serious fraud case.
Police are warning people to be extremely cautious with investment offers found through social media and online platforms. Promises of unrealistically high profits, especially when victims are later asked to pay extra fees or taxes before withdrawing their money, are major warning signs.