The Cyprus Securities and Exchange Commission (CySEC) has
launched a new social media campaign. The campaign aims to warn investors about
the dangers of online investment activities. This move is in response to a
growing number of online scams.

CySEC discovered several fraudulent websites. These websites
falsely claim to be associated with the regulatory body. The campaign is
intended to protect investors from falling victim to such scams.

CySEC Cautions on Online Scams

CySEC is urging investors to protect their personal
information. The commission reminds the public that it never sends unsolicited
emails. CySEC also emphasizes that it will never ask for sensitive information
or request money transfers.

“With the rapid growth of online investing, scammers have
become increasingly deceptive in finding ways to steal personal information or
trick the public into making payments to them. We are urging investors to
remain vigilant when considering investing online, and to be alert to potential
scams,” a spokesperson for CySEC said.

Finance Magnates
reported that scams and clones pose a significant threat to the financial
trading sector. A
2024 industry poll seeks insights from various financial entities to better
understand and counter online fraud. This poll, conducted by FXStreet and
Finance Magnates Group, aims to identify the most prevalent fraud types and
address diverse concerns across the industry.

Recently, Telegram
has updated its moderation rules to cover illegal content in private chats,
allowing users to flag such content. CEO Pavel Durov stated that preventing
abuse on the platform is a personal goal. This change follows Durov’s
detention by French authorities, leading to charges of complicity in
illegal activities.

Highlighting Fraud Prevention

The campaign includes posts on several social media
platforms. These include X (formerly known as Twitter), LinkedIn, Facebook, and
Instagram. The posts advise investors on how to recognize fraudulent activities
and avoid scams.

CySEC’s website contains additional information. Regular
warnings and updates about unregulated entities and impersonations are
available there. The site also features a guide for investors on how to spot
scams.

“Investors should be aware that CySEC does not authorise,
verify, monitor, or engage in any way in class actions, compensation schemes,
payments between natural or legal entities or any public or private
organisations. Moreover, CySEC urges the public to ensure that any person or
entity that they are in contact with, are licensed to provide investment
services in Cyprus,” the spokespersons added.