The Cyprus Securities and Exchange Commission (CySEC) has launched a new social media campaign. It aims to warn investors about the dangers of online investment activities. This move is in response to a growing number of online scams.

CySEC discovered several fraudulent websites that falsely claim to be associated with the regulatory body. The campaign is intended to protect investors from falling victim to such scams.

CySEC Cautions on Online Scams

CySEC is urging investors to protect their personal information. The Commission reminds the public that it never sends unsolicited emails. CySEC also emphasizes that it will never ask for sensitive information or request money transfers.

“With the rapid growth of online investing, scammers have become increasingly deceptive in finding ways to steal personal information or trick the public into making payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term to them. We are urging investors to remain vigilant when considering investing online, and to be alert to potential scams,” a spokesperson for 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 said.

Finance Magnates reported that scams and clones pose a significant threat to the financial trading sector. A 2024 industry poll seeks insights from various financial entities to better understand and counter online fraud. This poll, conducted by FXStreet and Finance Magnates Group, aims to identify the most prevalent fraud types and address diverse concerns across the industry.

The survey found that 41.7% of traders use official regulatory websites to avoid scams, 38.1% rely on financial news and educational sites, and the remainder use social media or forums.

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CySEC campaign warns investors of rising online scams https://t.co/Vd8EC2my3y pic.twitter.com/9Y7aAvkpg0

— Cyprus Mail (@cyprusmail) September 7, 2024

Highlighting Fraud Prevention

The campaign includes posts on several social media platforms. These include X (formerly known as Twitter), LinkedIn, Facebook, and Instagram. The posts advise investors on how to recognize fraudulent activities and avoid scams.

CySEC’s website contains additional information. Regular warnings and updates about unregulated entities and impersonations are available there. The site also features a guide for investors on how to spot scams.

“Investors should be aware that CySEC does not authorise, verify, monitor, or engage in any way in class actions, compensation schemes, payments between natural or legal entities or any public or private organisations. Moreover, CySEC urges the public to ensure that any person or entity that they are in contact with, are licensed to provide investment services in Cyprus,” the spokespersons added.