The Securities and Exchange Commission (SEC) Nigeria has alerted the public about ongoing fraud attempts targeting investors and the online community.

These scammers are impersonating the Director General of the Commission, Emomotimi Agama, in an effort to deceive individuals into sharing personal information and making unauthorized 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.

SEC Nigeria Warns Public

The Commission has emphasized that neither the Director General nor any staff member will request personal information regarding investments through online platforms, phone calls, or emails. The public is urged to verify the identity of anyone claiming to be from SEC Nigeria.

Official communications from the Commission will always come from verified email addresses, the official website, social media handles, and phone numbers. SEC Nigeria advises the public to stay vigilant and report any suspicious activities to the appropriate authorities.

Impersonation Fraud Alerts: CySEC, FSMA

Earlier, the Cyprus Securities and Exchange Commission (CySEC) has issued a warning about fraudsters impersonating its employees, as reported by Finance Magnates. This time, a fake Instagram account, cysec_cy, with over 14,100 followers, has been identified.

The account fraudulently offered dispute resolution services to traders, redirecting them to the genuine CySEC website but using a misleading email address that closely resembles the CySEC domain.

This warning followed an alert from CySEC about individuals falsely presenting themselves as CySEC officers and creating counterfeit websites with similar names. CySEC urges the public to remain vigilant against these scams.

Last year, Belgium’s Financial Services and Markets Authority (FSMA) issued a warning about increasing impersonation fraud. Fraudsters used the FSMA's name and logo to deceive consumers and engage in recovery room fraud.

They pretended to be regulatory employees, contacting investment fraud victims with promises of recovering their losses in exchange for a fee. The FSMA identified three fraudulent email addresses used to trap victims, which were cleverly designed to mimic the regulator's domain.