Fake ECB Letters Lure People to "Invest" in a Digital Euro That Does Not Exist Yet, and the Central Bank Says Every One Is a Scam

The European Central Bank (ECB) is warning that fraudsters are sending fake ECB letters that invite people to join a so-called digital euro pilot and to put money into it, promising high returns with no risk. The ECB's fraud page is blunt: "This is a scam." The bank says it offers no investment products linked to the digital euro and never asks the public to invest money in digital euro projects. Observador reported the warning on Wednesday 4 November.

For residents of Portugal, the message is simple: nobody can sell you digital euros today, and anyone offering a return on them is trying to steal from you.

What the scam looks like

The ECB says it is aware of emails, letters and fake websites asking people to invest in the digital euro or to sign up for the pilot. Its general fraud guidance lists other tricks used in its name: fake social media profiles of Executive Board members promoting investments, AI-generated videos and websites that appear to show ECB staff, and calls that seem to come from an ECB number starting +49 69 1344, where the caller ID has been faked. Genuine ECB email only comes from addresses ending in @ecb.europa.eu or @ecb.int, and the bank says it never asks for investments, money or personal information.

What the digital euro actually is, and where it stands

The digital euro would be a digital form of cash issued by the central bank, held in an account with your bank or a public intermediary and used to pay in shops, online or between people. It is a means of payment, not an asset: the ECB's FAQs say no interest would be paid on digital euro holdings, as with cash in your wallet.

It does not exist yet. The law that would create it is still being negotiated. The Council of the EU adopted its negotiating position on 17 December 2025, and the European Parliament confirmed its own on 9 July 2026 by 416 votes to 169, with 22 abstentions. Talks between the two are ongoing, according to the Parliament's legislative tracker, last updated on 25 October.

The ECB says it will only decide whether to issue a digital euro once the regulation is adopted. It aims to be ready for a possible first issue during 2029, and plans a 12-month pilot from the second half of 2027. The pilot's participants are 36 licensed payment providers, selected merchants and staff of the ECB and national central banks. There is no public sign-up and nothing to invest in.

What to do if you are contacted

• Do not reply, pay or share details. The ECB asks people not to respond, not to transfer any money and not to give out personal or financial information.
• Do not click links in a suspicious email or open its attachments. A link without ecb.europa.eu in it is a warning sign.
• Report fake ECB websites through the ECB's Information Request Form, linked from its fraud page.
• If you have lost money, go to the police. In Portugal, fraud (burla) can be reported to the GNR or PSP online through the government's Queixa Eletrónica portal, which accepts complaints from Portuguese and foreign nationals living in or present in Portugal, or at any police station. In an emergency, call 112.

If a payment has already gone, the rules on bank refunds for fraud are set out in our report on the EU court ruling on refunds for phishing victims, and our piece on payee name checks on transfers explains a safeguard worth using before you send money anywhere.