According to the regulator, they were designed to scam investors through fake profit displays.
Moreover, the cloned websites target unsuspecting investors with additional fee demands.
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.
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.
Part of the FMA's new warning list
The FMA
has 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.
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.
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.
Part of the FMA's new warning list
The FMA
has 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.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
iFOREX Adds Saudi and South Korean Equity CFDs as IPO Is Delayed
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
