The fake Instagram account has more than 14,100 followers.
It fraudulently offers dispute resolution services.
Cyprus' financial market regulator has again warned against fraudsters impersonating its employees. This time, the Cyprus Securities and Exchange Commission (CySEC) identified a fake account on Instagram with the username cysec_cy.
Fraudsters Offering Dispute Resolution Services
The Instagram account has more than 14,100 followers and fraudulently offers dispute resolution services to traders. While the account redirects to the genuine CySEC website with a mentioned web address, it cleverly mentions a fraudulent email while closely resembling the CySEC domain.
Ironically, the fake Instagram account also post on how to spot fraudulent financial services platforms.
"Through this Instagram account, persons 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 regulatory warning stated.
While clones of regulated brokers are rampant, fraudsters are now also impersonating regulators to sophisticatedly target individual investors.
"CySEC never makes contact by telephone or sends unsolicited correspondence and does not request personal data, financial or otherwise," the regulator stated. "CySEC has no authority or jurisdiction to collect fees for any purpose from individual investors, nor does it have authority to appoint anyone to do so on its behalf," repeating that it "does not authorize, verify, monitor, or is in any way involved in class actions, compensation schemes, payments between natural or legal entities or any public or private agencies."
The regulator also urged everyone to check the authenticity of communication as it sends emails from domain addresses ending in gov.cy. However, fraudsters also coned to these domains with very close and unidentifiable variations.
"CySEC urges the public to remain vigilant regarding any unsolicited communication from CySEC, to refrain from giving money to anyone who claims any or all of the above, or similar," the regulator said.
Cyprus' financial market regulator has again warned against fraudsters impersonating its employees. This time, the Cyprus Securities and Exchange Commission (CySEC) identified a fake account on Instagram with the username cysec_cy.
Fraudsters Offering Dispute Resolution Services
The Instagram account has more than 14,100 followers and fraudulently offers dispute resolution services to traders. While the account redirects to the genuine CySEC website with a mentioned web address, it cleverly mentions a fraudulent email while closely resembling the CySEC domain.
Ironically, the fake Instagram account also post on how to spot fraudulent financial services platforms.
"Through this Instagram account, persons 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 regulatory warning stated.
While clones of regulated brokers are rampant, fraudsters are now also impersonating regulators to sophisticatedly target individual investors.
"CySEC never makes contact by telephone or sends unsolicited correspondence and does not request personal data, financial or otherwise," the regulator stated. "CySEC has no authority or jurisdiction to collect fees for any purpose from individual investors, nor does it have authority to appoint anyone to do so on its behalf," repeating that it "does not authorize, verify, monitor, or is in any way involved in class actions, compensation schemes, payments between natural or legal entities or any public or private agencies."
The regulator also urged everyone to check the authenticity of communication as it sends emails from domain addresses ending in gov.cy. However, fraudsters also coned to these domains with very close and unidentifiable variations.
"CySEC urges the public to remain vigilant regarding any unsolicited communication from CySEC, to refrain from giving money to anyone who claims any or all of the above, or similar," the regulator said.
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.
1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
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1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
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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!
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FMAS:24 | Sneak Peak
FMAS:24 | Sneak Peak
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.
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#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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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
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