Swiss Watchdog FINMA Warns Against Pseudo Self Regulator IFCOMM

IFCOMM lists false membership details for brokers to ‎convince investors that they are affiliated with its operations.

FINMA, the Swiss Financial Market Supervisory Authority, has updated its blacklist of companies that are illegally conducting financial services targeting Swiss residents.

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The newly-listed entity is called International Finance Commission (IFCOMM), and reviewing its website shows it attempts to clone a self regulator’s brand and masquerading with purported services. The Swiss authority located the fraudulent company via its website www.ifcomm.org, which lists dispute resolution services that were clearly designed to help perpetrate its fraud.

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IFCOMM lists false membership details for well-known brokers to fraudulently convince investors that they are affiliated with its operations in many areas and context.

Although the financial watchdog didn’t provide specific details, the inclusion of IFCOMM means it is not officially registered in Switzerland and was thus not authorized to offer its trading services to Swiss traders. The warning also stands as a reminder to notify investors that IFCOMM is just a pseudo-clone website that its operators are not associated with any industry association.

Back in September, Finance Magnates reported on FINMA when the authority shut down a cryptocurrency racket as part of its latest efforts to tackle digital currency fraud. Per its latest edict, FINMA’s victim was a fake cryptocurrency provider. It is at the same time pursuing as many as twelve other cases amidst an uptick of fraud in the country.

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