Fraudsters are once again exploiting the trust of
investors by posing as representatives of the Cyprus Securities and Exchange
Commission (CySEC).
The regulator has issued an urgent warning after
noticing an increase in cases where individuals, using fake email accounts and
online profiles, pretend to be CySEC officials.
“These individuals fraudulently presenting themselves
as CySEC Officers or representatives, who are soliciting investors for fees in
exchange for allegedly settlement of bogus compensation claims related to firms
under CySEC supervision,” the regulator mentioned in an announcement today (Wednesday).
False Compensation Promises
It is not the first time CySEC is issuing such a
warning to the public. Last year, the agency alerted the public about suspicious
websites and email addresses fraudulently claiming association with it.
It highlighted the sites “cysecgov.org” and
“cysecgov.cc”, saying they have reportedly been created to mimic official CySEC
communications, along with the email address “supportcenter@cysecgov.org.”
To make their schemes appear credible, the perpetrators
reportedly use email addresses that resemble official CySEC domains. However,
the regulator has clarified that it never contacts individuals directly or
requests fees for any purpose.
These scammers attempt to trick investors into paying
fees for bogus compensation claims, creating an illusion of legitimacy while
siphoning funds from unsuspecting victims. CySEC has now urged the public to stay alert and
verify all communications to avoid falling prey to such fraud.
According to CySEC, the fraudsters typically contact
investors through email, phone calls, or social media, claiming to offer
assistance with compensation claims related to firms under CySEC’s supervision.
CySEC’s Official Guidelines
To help investors avoid falling victim to these scams,
CySEC explained that it will never request personal financial details or
payments from individuals.
The impersonation also cut across social media
platforms. “CySEC has investigated a number of these false and misleading
social media posts and has confirmed that they do not belong to entities or
individuals licensed to provide investment services,” the regulator explained
in a separate statement last year.
Any suspicious communication should be verified by
contacting CySEC at info@cysec.gov.cy. Investors should check CySEC’s official
warnings and updates regarding unregulated entities.
The watchdog’s genuine CySEC emails always end in
“cysec.gov.cy,” though fraudsters may reportedly attempt to mimic
this The regulator added that its primary role is
overseeing and regulating financial firms, not engaging in compensation claims
or fee collection from investors.
Fraudsters are once again exploiting the trust of
investors by posing as representatives of the Cyprus Securities and Exchange
Commission (CySEC).
The regulator has issued an urgent warning after
noticing an increase in cases where individuals, using fake email accounts and
online profiles, pretend to be CySEC officials.
“These individuals fraudulently presenting themselves
as CySEC Officers or representatives, who are soliciting investors for fees in
exchange for allegedly settlement of bogus compensation claims related to firms
under CySEC supervision,” the regulator mentioned in an announcement today (Wednesday).
False Compensation Promises
It is not the first time CySEC is issuing such a
warning to the public. Last year, the agency alerted the public about suspicious
websites and email addresses fraudulently claiming association with it.
It highlighted the sites “cysecgov.org” and
“cysecgov.cc”, saying they have reportedly been created to mimic official CySEC
communications, along with the email address “supportcenter@cysecgov.org.”
To make their schemes appear credible, the perpetrators
reportedly use email addresses that resemble official CySEC domains. However,
the regulator has clarified that it never contacts individuals directly or
requests fees for any purpose.
These scammers attempt to trick investors into paying
fees for bogus compensation claims, creating an illusion of legitimacy while
siphoning funds from unsuspecting victims. CySEC has now urged the public to stay alert and
verify all communications to avoid falling prey to such fraud.
According to CySEC, the fraudsters typically contact
investors through email, phone calls, or social media, claiming to offer
assistance with compensation claims related to firms under CySEC’s supervision.
CySEC’s Official Guidelines
To help investors avoid falling victim to these scams,
CySEC explained that it will never request personal financial details or
payments from individuals.
The impersonation also cut across social media
platforms. “CySEC has investigated a number of these false and misleading
social media posts and has confirmed that they do not belong to entities or
individuals licensed to provide investment services,” the regulator explained
in a separate statement last year.
Any suspicious communication should be verified by
contacting CySEC at info@cysec.gov.cy. Investors should check CySEC’s official
warnings and updates regarding unregulated entities.
The watchdog’s genuine CySEC emails always end in
“cysec.gov.cy,” though fraudsters may reportedly attempt to mimic
this The regulator added that its primary role is
overseeing and regulating financial firms, not engaging in compensation claims
or fee collection from investors.
This post is originally published on FINANCEMAGNATES.
