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Less than a month after the Cyprus Securities and Exchange Commission (CySEC) warned of existing schemes which involved individuals impersonating as its representatives, the watchdog issued on Friday another warning notice.
Such fraudsters aim to conduct illegal transactions, by convincing clients of financial service proividers to pay them a fee in order to get assistance with receiving compensation for potential damages incurred during their cooperation with these firms.
” A recent case that came to the attention of CySEC involve correspondence in which individuals using fake names such as Phill Wisely, Michael Andreus, etc., attempt to convince recipients to pay fees to participate in fake aid programs for recovery of losses they might have suffered,” the regulator said. ” In said correspondence, there is also unauthorised use of the CySEC logo, and use of the domain and emails [email protected], [email protected], [email protected], and verific[email protected], which do not belong to CySEC,” it added.
The CySEC emphasized once again that it never sends unsolicited correspondence to investors requesting their personal and/or bank details and/or that they make any sort of financial transaction.
The CySEC issued similar warnings in early March 2017, as well as in June, October and November 2016, and in November 2015.
The CySEC licenses, supervises, and regulates players on the local capital market, including forex and binary option brokers. Cyprus is among the main regulation destinations of choice for most brokers that seek to operate in the EU. CIF licensees are free to expand within all countries in the European Economic Area (EEA) thanks to a EU directive.