A new wave of telephone fraud has surfaced where scammers are masquerading as representatives from the Capital Market Commission. According to a statement published on Cyprus Police News, these impostors are proficient in the Greek language.

They allegedly have been coercing individuals to disclose personal information or grant them access to their computers. This scheme has prompted law enforcement to issue a cautionary note urging the public to exercise extreme vigilance and refrain from engaging in such fraudulent calls.

The fraudulent calls typically commence with the impersonator claiming to represent the Capital Market Commission. They imply concerning activities within the victim's bank account, aiming to extract sensitive information or gain access to their computers.

Safeguarding against Phishing Attempts

Authorities have emphasized the importance of recognizing the signs of this fraudulent activity. They stated that the Capital Market Commission would not reach out through unsolicited calls demanding personal details or computer access.

According to the statement which was shared by the Cyprus Securities and Exchange Commission (CySEC) on its Twitter page, the regulators have urged users to verify the identity of the caller. They have cautioned them to refrain from disclosing personal information or granting access to their devices to suspicious individuals unless absolutely certain about the authenticity of the caller.

🚨Investor Alert -Fraudsters impersonating CySEC officers

Police announcement: https://t.co/9OXVUJCrMK pic.twitter.com/TUSRWUL5yO

— CySEC (@CySEC_official) November 15, 2023

In October, CySEC issued a public alert cautioning investors about a fraudulent Instagram account masquerading as the regulator’s official channel. The account, with over 14,100 followers, deceitfully promises dispute resolution services to traders while impersonating CySEC's employees in an attempt to swindle unsuspecting individuals.

The fake Instagram account, bearing the username "cysec_cy," redirects users to the genuine CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term’s website. It allegedly manipulated its information by featuring a fraudulent email address that resembles the regulator's domain.

Apart from CySEC's active efforts, regulators across Europe, including Italy, Spain, the UK, and Australia, are publicly naming and flagging fraudulent financial services platforms and cloned brokerages.

Rising Warnings about Impersonators and Fake Websites

Recently, New Zealand’s Financial Market Authority (FMA) raised concerns over the infiltration of CySEC imposters targeting investors within the country. The FMA's warning urged New Zealanders to exercise extreme vigilance against fraudulent communications purporting to be from CySEC.

The FMA's warning featured six fake CySEC websites and an email address used by fraudsters. These fraudulent domains closely mimic CySEC's official site. Cyprus' securities regulator has reiterated that it does not collect fees from individuals, emphasizing its role in regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term and enforcement actions against non-compliant companies.