Fraudsters are approaching people impersonating themselves as regulatory employees.
They are utilising the ploy of seeking fees for recovering lost funds.
Impersonation of legitimate authorities has become rampant as Belgium’s Financial Services and Markets Authority (FSMA) is the latest to warn against such fraudulent tactics. Fraudsters use the regulator’s name and logo to mislead consumers and commit recovery room fraud.
FSMA Warns Against Impersonators
According to the FSMA, fraudsters are impersonating to be regulatory employees and contacting victims of investment fraud with promises of recovering most of their losses. In exchange, these fraudsters ask for a fee from the victims, which is a tactic popularised as recovery room fraud.
Moreover, the Belgian regulator highlighted three email addresses that the fraudsters used to trap victims. These email addresses were carefully devised, even exploiting the domain name, to impersonate the regulator.
“Emails originating from such addresses do not come from the FSMA and must be considered fraudulent. The FSMA advises consumers who receive an email from such an email address not to respond but simply to delete the email,” the regulator stated.
“The fraudsters usurp the identity of the FSMA in an attempt to take money from their victims or to trick them into revealing information. The FSMA has therefore forwarded this information to the judicial authorities.”
Other Regulators Are Also Facing Such Issues
The FSMA is not the only financial market regulator dealing with impersonations. Its Cypriot counterpart, the Cyprus Securities and Exchange Commission (CySEC), also issued multiple similar warnings against impersonators of officials and fake websites. The regulators in the United States, New Zealand, and other jurisdictions are facing similar problems.
On top of that, several legitimate brokers and other financial service providers are struggling with the problem of clones and impersonators. The regulators are actively warning against such fake platforms.
The Belgian regulator further pointed out that it is not authorized to recover lost investments and would never contact victims of investment fraud.
“The FSMA advises consumers to be extremely careful if they receive unsolicited messages and, in particular, not to respond to any requests to transfer money for financial services or products that are supposedly offered by the FSMA. The FSMA is not a financial institution and does not offer consumers any financial services or products,” the FSMA stated.
“The FSMA wishes to emphasize that it never asks consumers to provide their financial information or to pay for any services.”
Impersonation of legitimate authorities has become rampant as Belgium’s Financial Services and Markets Authority (FSMA) is the latest to warn against such fraudulent tactics. Fraudsters use the regulator’s name and logo to mislead consumers and commit recovery room fraud.
FSMA Warns Against Impersonators
According to the FSMA, fraudsters are impersonating to be regulatory employees and contacting victims of investment fraud with promises of recovering most of their losses. In exchange, these fraudsters ask for a fee from the victims, which is a tactic popularised as recovery room fraud.
Moreover, the Belgian regulator highlighted three email addresses that the fraudsters used to trap victims. These email addresses were carefully devised, even exploiting the domain name, to impersonate the regulator.
“Emails originating from such addresses do not come from the FSMA and must be considered fraudulent. The FSMA advises consumers who receive an email from such an email address not to respond but simply to delete the email,” the regulator stated.
“The fraudsters usurp the identity of the FSMA in an attempt to take money from their victims or to trick them into revealing information. The FSMA has therefore forwarded this information to the judicial authorities.”
Other Regulators Are Also Facing Such Issues
The FSMA is not the only financial market regulator dealing with impersonations. Its Cypriot counterpart, the Cyprus Securities and Exchange Commission (CySEC), also issued multiple similar warnings against impersonators of officials and fake websites. The regulators in the United States, New Zealand, and other jurisdictions are facing similar problems.
On top of that, several legitimate brokers and other financial service providers are struggling with the problem of clones and impersonators. The regulators are actively warning against such fake platforms.
The Belgian regulator further pointed out that it is not authorized to recover lost investments and would never contact victims of investment fraud.
“The FSMA advises consumers to be extremely careful if they receive unsolicited messages and, in particular, not to respond to any requests to transfer money for financial services or products that are supposedly offered by the FSMA. The FSMA is not a financial institution and does not offer consumers any financial services or products,” the FSMA stated.
“The FSMA wishes to emphasize that it never asks consumers to provide their financial information or to pay for any services.”
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
7% Daily Profit? Regulator Warns of Potential Scam
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Sandton Convention Center, Sandton, South Africa
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#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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