CySEC Flags Surge in Fraud as Scammers Exploit Regulator’s Identity

  financemagnates.com 2 h

The Cyprus Securities and Exchange Commission (CySEC) has issued urgent warnings about a recent spike in sophisticated financial scams targeting investors through multiple channels. This concerns both scammers impersonating the regulator itself and those exploiting the likenesses of famous individuals and celebrities.

Watch Out for Cysec Impersonators

In a statement released today (Thursday), CySEC alerted the public to malicious websites and email addresses fraudulently claiming association with the regulator. The sites «cysecgov.org» and «cysecgov.cc» have been created to mimic official CySEC communications, along with the email address «supportcenter@cysecgov.org.»

«CySEC would like to warn the public that through these websites and email, individuals are fraudulently presenting themselves as officers or representatives of CySEC, approaching investors and demanding fees in exchange for allegedly arranging the recovery of losses suffered by investors as a result of their investments in companies under CySEC’s supervision,» the regulator commented in an official statement.

The regulator also reminds that it never contacts individuals by telephone and does not send unsolicited messages asking for personal data or financial information. It also reminds that the only official domain used by the organization is cysec.gov.cy, and encourages contacting info@cysec.gov.cy to confirm the authenticity of the information received.

CySEC Warns of Surge in Financial Scams Targeting Investors

The regulator also warned of a parallel scheme involving false social media posts and online articles. These deceptive posts purport to show well-known political figures and celebrities endorsing high-yield investment products.

«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 added in a separate update.

CySEC urged the public to exercise extreme caution and verify the legitimacy of any investment opportunity or communication claiming to be from the regulator. Investors can check whether a firm is licensed to provide investment services in Cyprus by visiting the official CySEC website.

The regulator emphasized that dealing with unlicensed entities leaves investors without access to important protections, including out-of-court dispute resolution procedures.

«CySEC urges the public to be particularly cautious, and to ensure that any person or entity they are in contact with are licensed to provide investment services in Cyprus,» CySEC concluded.

Source