The Cyprus Securities and Exchange Commission (CySEC) hasissued a warning against fraudulent actors who falsely present themselves asCySEC officers or representatives. These impersonators are reportedly activelysoliciting investors, promising to settle compensation claims related to firmssupervised by the regulator in exchange for fees.
In addition to thesefraudulent solicitations, CySEC has uncovered the impersonation of itsofficial website, including fake domains such as cysec-regulatory.com andwww.cysecgov.com, which have cunning replicas of CySEC’s logo, officialannouncements, images, and email addresses.
CySEC’s Battle against Impersonation
“CySEC wishes to emphasize that it never makescontact by telephone or sends solicited correspondence and does not requestpersonal data, financial or otherwise,” the regulator indicated.”CySEC has no authority or jurisdiction to collect fees for any purposefrom individual investors, nor does it have authority to appoint anyone to doso on its behalf.”
Another deceptivewebsite, Cysecs.group, has reportedly emerged, featuring a link to acounterfeit list of approved investment firms in Cyprus and multiple connectionsto unauthorized or fraudulent brokers. In light of these impersonations,CySEC has urged the public to be vigilant when receiving unsolicitedcommunications that claim to be from CySEC.
Last month, theregulator issued similar warnings against fraudsters masquerading as employeesof CySEC. According to the watchdog, scammers have reportedly been usingvarious channels to reach clients of CySEC’s clients, including by email,telephone, WhatsApp, and social media.
These deceptivecommunications bear CySEC’s name, address, official stamp, and logo, makingthem appear legitimate. Typically, scammers reportedly extend false offers toassist investors through compensation claims. By interacting through these communications, theyillicitly acquire personal information, such as proof of identity andinvestment papers, enabling unauthorized withdrawals on behalf of the victims.
Influence of Social Media
Additionally, CySEC issued warnings against financialscams perpetrated on social media platforms. As Finance Magnates recently revealed, social media platforms likeTelegram have become hotbeds for scammers impersonating financial institutionsand offering enticing trading signals.
CySEC, which overseesnumerous FX and CFDs brokers, has not taken any direct action against financialservice scammers on Telegram and other social media channels. A representative from CySEC recently stated that the regulator uses advanced social media monitoring tools to detect such cases. And, when they identify afake website, they report it to law enforcement.
In the past, CySEC hasemphasized the growing influence of social media on investment decisions. Theregulator’s survey released in February revealed that 31% of respondents relyon financial influencers (finfluencers) for investment decisions, while 22% basetheir choices on celebrity endorsements and digital promotions.
The Cyprus Securities and Exchange Commission (CySEC) hasissued a warning against fraudulent actors who falsely present themselves asCySEC officers or representatives. These impersonators are reportedly activelysoliciting investors, promising to settle compensation claims related to firmssupervised by the regulator in exchange for fees.
In addition to thesefraudulent solicitations, CySEC has uncovered the impersonation of itsofficial website, including fake domains such as cysec-regulatory.com andwww.cysecgov.com, which have cunning replicas of CySEC’s logo, officialannouncements, images, and email addresses.
CySEC’s Battle against Impersonation
“CySEC wishes to emphasize that it never makescontact by telephone or sends solicited correspondence and does not requestpersonal data, financial or otherwise,” the regulator indicated.”CySEC has no authority or jurisdiction to collect fees for any purposefrom individual investors, nor does it have authority to appoint anyone to doso on its behalf.”
Another deceptivewebsite, Cysecs.group, has reportedly emerged, featuring a link to acounterfeit list of approved investment firms in Cyprus and multiple connectionsto unauthorized or fraudulent brokers. In light of these impersonations,CySEC has urged the public to be vigilant when receiving unsolicitedcommunications that claim to be from CySEC.
Last month, theregulator issued similar warnings against fraudsters masquerading as employeesof CySEC. According to the watchdog, scammers have reportedly been usingvarious channels to reach clients of CySEC’s clients, including by email,telephone, WhatsApp, and social media.
These deceptivecommunications bear CySEC’s name, address, official stamp, and logo, makingthem appear legitimate. Typically, scammers reportedly extend false offers toassist investors through compensation claims. By interacting through these communications, theyillicitly acquire personal information, such as proof of identity andinvestment papers, enabling unauthorized withdrawals on behalf of the victims.
Influence of Social Media
Additionally, CySEC issued warnings against financialscams perpetrated on social media platforms. As Finance Magnates recently revealed, social media platforms likeTelegram have become hotbeds for scammers impersonating financial institutionsand offering enticing trading signals.
CySEC, which overseesnumerous FX and CFDs brokers, has not taken any direct action against financialservice scammers on Telegram and other social media channels. A representative from CySEC recently stated that the regulator uses advanced social media monitoring tools to detect such cases. And, when they identify afake website, they report it to law enforcement.
In the past, CySEC hasemphasized the growing influence of social media on investment decisions. Theregulator’s survey released in February revealed that 31% of respondents relyon financial influencers (finfluencers) for investment decisions, while 22% basetheir choices on celebrity endorsements and digital promotions.
