The National Commission for Companies and the Stock Exchange (Consob) ordered the blacking out of 5 additional websites offering financial services without proper authorization in Italy. This brings the total number of websites blocked by Consob since July 2019 to 1029.

Consob Blacklists 5 More Websites for Illegal Financial Activities

The authority took action under the "Growth Decree," which requires internet service providers to restrict access to fraudulent financial websites. The recently blacklisted sites are:

1. Tcrinvest (tcrinvest.net),
2. Interactive (intr-active.solutions),
3. Capitalwealthmanagement.co,
4. BGB Partners (bgbpartners.cm),
5. FDXCrypto (colmex247.io).

According to the Consob press release, these websites appeared to be improperly promoting complex financial products and services, such as trading and investment accounts, without disclosing the associated risks. By blacking out access, Consob aims to protect investors from potentially losing money.

Italian internet providers are implementing the blackouts and may take several days to go into full effect. Consob advises the public to visit its website for updates on blocked sites and to find authorized financial companies.

Clones, Impersonators, and Unlicensed Firms

Finance Magnates consistently reports on unlicensed financial entities that pose as potential risks to investors. This week, a notable alert comes from The Canadian Securities Administrators (CSA), warning about fraudulent emails. These emails, impersonating the CSA's Chair and the CEO of the Alberta Securities Commission, Stan Magidson, are believed to be phishing Phishing Phishing is a form of cyber-attack in which fake websites, emails, and text messages are used to elicit personal data. The most common targets in this assault are passwords, private cryptocurrency keys, and credit card details.Phishers disguise themselves as reputable businesses and other types of entities. In certain instances, reputable government organizations or authorities are impersonated in order to collect this data.Because phishing relies on psychological manipulation rather than techno Phishing is a form of cyber-attack in which fake websites, emails, and text messages are used to elicit personal data. The most common targets in this assault are passwords, private cryptocurrency keys, and credit card details.Phishers disguise themselves as reputable businesses and other types of entities. In certain instances, reputable government organizations or authorities are impersonated in order to collect this data.Because phishing relies on psychological manipulation rather than techno Read this Term attempts designed to extract confidential information from recipients.

Recently, the Financial Services and Markets Authority (FSMA) in Belgium updated its caution against fraudulent online trading Online Trading Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Read this Term platforms. The FSMA's warning now includes an additional 17 platforms, encompassing both cryptocurrency and FX/CFD trading providers, that target Belgian citizens, highlighting the ongoing risk of financial scams.

At the start of the month, the UK's Financial Conduct Authority (FCA) warned British investors and savers about cold calls and emails from Coinbaseie.com. These communications falsely claim to represent the well-known cryptocurrency exchange Coinbase, underscoring the sophistication of modern financial fraud.

In a related development, the FCA showcased its annual financial crime report, demonstrating its commitment to combating financial fraud. In 2023, the FCA achieved a new milestone by issuing 2,286 scam warnings to the public, marking an increase of 21% from the 1,882 warnings in the previous year. This report underscores the regulator's ongoing efforts to safeguard consumers from financial scams.