The New
Zealand’s market watchdog has uncovered an extensive network of fraudulent
online trading platforms operating a sophisticated investment scam targeting
global investors. The Financial Markets Authority (FMA) has identified 96
suspicious websites masquerading as legitimate investment platforms, including
unauthorized clones of prominent brokers such as Saxo Bank, IG Markets, and
ATFX.
FMA’s Investigation
Reveals Massive Online Trading Scam Network
The
fraudulent operation employs a calculated approach, presenting investors with
seemingly legitimate trading platforms that display artificial profits to
create an illusion of successful investments. However, when clients attempt to
withdraw their funds, they encounter systematic obstacles designed to extract
additional payments under the guise of taxes or processing fees.
These
platforms are specifically designed to deceive investors through a
sophisticated facade of legitimacy. The investigation has revealed that the
network operates through multiple domains, frequently changing names and web
addresses to evade detection. Many of these platforms share similar operational
patterns, using professional-looking interfaces and customer support systems to
maintain their deceptive facade.
Among the
identified platforms are clones of major financial institutions like ATFX and
IG markets, operating under slightly modified domain names such as “atfxgoldvip.cc”
and “igmarketsfx.com.” These sites often employ similar email
patterns and support structures, suggesting a coordinated operation behind the
numerous facades.
The FMA
have emphasized that legitimate withdrawal requests are consistently denied,
with scammers instead demanding additional payments for fabricated fees or
taxes. Even after victims comply with these demands, no funds are released,
resulting in complete losses for affected investors.
The
FMA has issued a comprehensive list of suspected fraudulent platforms,
warning investors to exercise extreme caution when approaching online
investment opportunities. The regulatory body continues to monitor the
situation actively, noting that the list of suspicious platforms may expand as
new variants emerge.
Beware of Clones
Many
entities on the latest FMA warning list use the tactic of “cloning”
legitimate businesses, impersonating them to mislead end users. Regulators
worldwide have issued warnings about such practices. A few months ago, the
Spanish CNMV published a similar, even longer list, where fraudsters had cloned
well-known brokerage brands such as AvaTrade and LCG.
The FMA
itself recently warned about Mic-Market, a company that falsely claimed to hold
investment service licenses issued in Cyprus and South Africa. However, these
authorizations actually belonged to another firm, Colmex.
In May
2024, the New Zealand regulator also highlighted a growing number of fraudulent
financial product advertisements featuring celebrities and public figures.
Leveraging AI, these scams promoted trading in forex and cryptocurrencies.
The New
Zealand’s market watchdog has uncovered an extensive network of fraudulent
online trading platforms operating a sophisticated investment scam targeting
global investors. The Financial Markets Authority (FMA) has identified 96
suspicious websites masquerading as legitimate investment platforms, including
unauthorized clones of prominent brokers such as Saxo Bank, IG Markets, and
ATFX.
FMA’s Investigation
Reveals Massive Online Trading Scam Network
The
fraudulent operation employs a calculated approach, presenting investors with
seemingly legitimate trading platforms that display artificial profits to
create an illusion of successful investments. However, when clients attempt to
withdraw their funds, they encounter systematic obstacles designed to extract
additional payments under the guise of taxes or processing fees.
These
platforms are specifically designed to deceive investors through a
sophisticated facade of legitimacy. The investigation has revealed that the
network operates through multiple domains, frequently changing names and web
addresses to evade detection. Many of these platforms share similar operational
patterns, using professional-looking interfaces and customer support systems to
maintain their deceptive facade.
Among the
identified platforms are clones of major financial institutions like ATFX and
IG markets, operating under slightly modified domain names such as “atfxgoldvip.cc”
and “igmarketsfx.com.” These sites often employ similar email
patterns and support structures, suggesting a coordinated operation behind the
numerous facades.
The FMA
have emphasized that legitimate withdrawal requests are consistently denied,
with scammers instead demanding additional payments for fabricated fees or
taxes. Even after victims comply with these demands, no funds are released,
resulting in complete losses for affected investors.
The
FMA has issued a comprehensive list of suspected fraudulent platforms,
warning investors to exercise extreme caution when approaching online
investment opportunities. The regulatory body continues to monitor the
situation actively, noting that the list of suspicious platforms may expand as
new variants emerge.
Beware of Clones
Many
entities on the latest FMA warning list use the tactic of “cloning”
legitimate businesses, impersonating them to mislead end users. Regulators
worldwide have issued warnings about such practices. A few months ago, the
Spanish CNMV published a similar, even longer list, where fraudsters had cloned
well-known brokerage brands such as AvaTrade and LCG.
The FMA
itself recently warned about Mic-Market, a company that falsely claimed to hold
investment service licenses issued in Cyprus and South Africa. However, these
authorizations actually belonged to another firm, Colmex.
In May
2024, the New Zealand regulator also highlighted a growing number of fraudulent
financial product advertisements featuring celebrities and public figures.
Leveraging AI, these scams promoted trading in forex and cryptocurrencies.
This post is originally published on FINANCEMAGNATES.
