The Cypriot regulator warns of fraudulent websites impersonating the institution.
It also alerts investors to fake celebrity endorsements of investments on social media, urging caution.
The Cyprus
Securities and Exchange Commission (CySEC) has issued urgent warnings about a
recent spike in sophisticated financial scams targeting investors through
multiple channels. This is regarding both scammers impersonating the regulator
itself and those exploiting the likenesses of famous individuals and
celebrities.
Watch Out for CySEC
Impersonators
In a
statement released today (Thursday), CySEC alerted the public to malicious
websites and email addresses fraudulently claiming association with the
regulator. The sites “cysecgov.org” and “cysecgov.cc” have
been created to mimic official CySEC communications, along with the email
address “supportcenter@cysecgov.org.”
“CySEC would like to warn the public that through these websites and email, individuals
are fraudulently presenting themselves as officers or representatives of CySEC,
approaching investors and demanding fees in exchange for allegedly arranging the
recovery of losses suffered by investors as a result of their investments in companies
under CySEC’s supervision,” the regulator commented in an official statement.
The regulator also reminds that it never contacts individuals by telephone and does not send unsolicited messages asking for personal data or financial information. It also reminds that the only official domain used by the organization is cysec.gov.cy, and encourages contacting info@cysec.gov.cy to confirm the authenticity of the information received.
This is not the first time fraudsters have attempted to impersonate the institution. At the end of last year, CySEC identified a fraudulent Instagram account under the username cysec_cy, which had accumulated over 14,000 followers. Ironically, this bogus Instagram account also posted tips on identifying fraudulent financial services platforms.
In 2022, CySEC warned that it had uncovered new instances of individuals and fake websites masquerading as its officers, representatives, and the official website. The Cypriot financial markets regulator declared that these incidents “are part of a sophisticated online campaign to defraud investors.”
CySEC Warns of Surge in
Financial Scams Targeting Investors
The
regulator also warned of a parallel scheme involving false social media posts
and online articles. These deceptive posts purport to show well-known political
figures and celebrities endorsing high-yield investment products.
“CySEC has investigated a
number of these false and misleading social media posts and has confirmed that they do
not belong to entities or individuals licensed to provide investment services,” the regulator added in a separate update.
CySEC urged
the public to exercise extreme caution and verify the legitimacy of any
investment opportunity or communication claiming to be from the regulator.
Investors can check whether a firm is licensed to provide investment services
in Cyprus by visiting the official CySEC website.
The
regulator emphasized that dealing with unlicensed entities leaves investors
without access to important protections, including out-of-court dispute
resolution procedures.
“CySEC urges the public to be particularly cautious, and to ensure that any person or entity
they are in contact with are licensed to provide investment services in Cyprus,” CySEC concluded.
CySEC consistently alerts investors about fraudulent and deceptive investment opportunities. For instance, it added 17 unregulated investment entities to its warning list two months ago. Moreover, CySEC has intensified its regulatory actions; in 2023, it conducted over 700 on-site and remote inspections of supervised entities and imposed fines exceeding $2.2 million. These measures were implemented to ensure adherence to regulatory standards and safeguard investors.
In 2024, CySEC imposed several substantial fines, including a €740,000 penalty on the operator of 1Markets for multiple violations and a €200,000 fine on IC Markets. These two penalties together represent nearly half of all fines levied by the Cypriot regulator in 2023, setting a new record for the institution.
The Cyprus
Securities and Exchange Commission (CySEC) has issued urgent warnings about a
recent spike in sophisticated financial scams targeting investors through
multiple channels. This is regarding both scammers impersonating the regulator
itself and those exploiting the likenesses of famous individuals and
celebrities.
Watch Out for CySEC
Impersonators
In a
statement released today (Thursday), CySEC alerted the public to malicious
websites and email addresses fraudulently claiming association with the
regulator. The sites “cysecgov.org” and “cysecgov.cc” have
been created to mimic official CySEC communications, along with the email
address “supportcenter@cysecgov.org.”
“CySEC would like to warn the public that through these websites and email, individuals
are fraudulently presenting themselves as officers or representatives of CySEC,
approaching investors and demanding fees in exchange for allegedly arranging the
recovery of losses suffered by investors as a result of their investments in companies
under CySEC’s supervision,” the regulator commented in an official statement.
The regulator also reminds that it never contacts individuals by telephone and does not send unsolicited messages asking for personal data or financial information. It also reminds that the only official domain used by the organization is cysec.gov.cy, and encourages contacting info@cysec.gov.cy to confirm the authenticity of the information received.
This is not the first time fraudsters have attempted to impersonate the institution. At the end of last year, CySEC identified a fraudulent Instagram account under the username cysec_cy, which had accumulated over 14,000 followers. Ironically, this bogus Instagram account also posted tips on identifying fraudulent financial services platforms.
In 2022, CySEC warned that it had uncovered new instances of individuals and fake websites masquerading as its officers, representatives, and the official website. The Cypriot financial markets regulator declared that these incidents “are part of a sophisticated online campaign to defraud investors.”
CySEC Warns of Surge in
Financial Scams Targeting Investors
The
regulator also warned of a parallel scheme involving false social media posts
and online articles. These deceptive posts purport to show well-known political
figures and celebrities endorsing high-yield investment products.
“CySEC has investigated a
number of these false and misleading social media posts and has confirmed that they do
not belong to entities or individuals licensed to provide investment services,” the regulator added in a separate update.
CySEC urged
the public to exercise extreme caution and verify the legitimacy of any
investment opportunity or communication claiming to be from the regulator.
Investors can check whether a firm is licensed to provide investment services
in Cyprus by visiting the official CySEC website.
The
regulator emphasized that dealing with unlicensed entities leaves investors
without access to important protections, including out-of-court dispute
resolution procedures.
“CySEC urges the public to be particularly cautious, and to ensure that any person or entity
they are in contact with are licensed to provide investment services in Cyprus,” CySEC concluded.
CySEC consistently alerts investors about fraudulent and deceptive investment opportunities. For instance, it added 17 unregulated investment entities to its warning list two months ago. Moreover, CySEC has intensified its regulatory actions; in 2023, it conducted over 700 on-site and remote inspections of supervised entities and imposed fines exceeding $2.2 million. These measures were implemented to ensure adherence to regulatory standards and safeguard investors.
In 2024, CySEC imposed several substantial fines, including a €740,000 penalty on the operator of 1Markets for multiple violations and a €200,000 fine on IC Markets. These two penalties together represent nearly half of all fines levied by the Cypriot regulator in 2023, setting a new record for the institution.
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.
ASIC Prohibits CFDs “Margin Discounts”: How Shall Brokers Prepare?
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
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As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
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Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage.
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In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage.
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Ready to Scale? Regtech in Australia, A Global View | FMPS:24
Ready to Scale? Regtech in Australia, A Global View | FMPS:24
In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage.
Subscribe to our YouTube channel for more!
In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
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Resilience in Trading: From Third Class To World Class | FMPS:24
Resilience in Trading: From Third Class To World Class | FMPS:24
Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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🐦 Twitter: https://twitter.com/F_M_events
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Don't miss out on our latest videos, interviews, and event coverage.
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Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
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IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
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For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
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🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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