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Regulation

FMA Flags YouTube-Based Crypto Scam as Digital Fraud Surges

  • The FMA has uncovered a widespread cryptocurrency scam operating through YouTube channels and messaging apps.
  • Fraudsters use fake trading platforms to steal funds after gaining victims' trust through social media engagement.
Monday, 16/12/2024 | 07:54 GMT by Damian Chmiel
Regulation

Voice-Altering Software at Center of $3M Investment Scam Promising 25% in Monthly Returns

  • SEC charges three Nigerian individuals in a $2.9 million fraud scheme where they impersonated legitimate U.S. financial professionals.
  • The defendants created fake websites and used voice-changing software to deceive at least 28 investors.
Thursday, 12/12/2024 | 08:42 GMT by Damian Chmiel
Retail FX

This Prop Firm’s $85M Vanished Overnight amid Allegations of a Potential Scam and Cloning

  • FundedFirm faces serious claims, including reportedly falsifying traders' payouts, reaching $95M
  • The company's website appears to be largely copied from FundedNext, another popular prop firm.
Wednesday, 27/11/2024 | 10:10 GMT by Damian Chmiel
Retail FX

MFSA Raises Flag on Impersonation: “Don’t Get Caught in Fake Email Scams”

  • Potential fraud can often be identified by unusual communication and urgent requests for personal information.
  • If unsure, verify the entity’s license and stop communication until confirmed, the regulator suggests.
Friday, 27/09/2024 | 10:09 GMT by Tareq Sikder
Retail FX

CySEC Intensifies Warnings on Online Scam Threats with Social Media Push

  • The regulator is using X, LinkedIn, and Instagram to raise awareness about online scams.
  • Fake websites falsely claiming association with the regulator have been discovered.
Monday, 09/09/2024 | 08:42 GMT by Tareq Sikder
Retail FX

Fool Me Twice? Authorities Warn of Rising "Recovery Scam" Epidemic

  • Criminals are increasingly targeting previous scam victims with false promises of financial recovery.
  • According to ACCC, it led to a 129% rise in such cases over six months.
Tuesday, 09/07/2024 | 07:48 GMT by Damian Chmiel
Retail FX

The Menace of Clones: Malta’s Regulator Warns against Fake "Documents and Emails"

  • Scammers are circulating documents and emails claiming to originate from the MFSA.
  • Earlier, the regulator in Cyprus issued multiple warnings against impersonators.
Wednesday, 01/05/2024 | 08:51 GMT by Arnab Shome
Retail FX

7% Daily Profit? Regulator Warns of Potential Scam

  • The Financial Markets Authority (FMA) of New Zealand warns investors about Equity Budget.
  • The company lacks proper registration and regulation, raising red flags for investors.
Wednesday, 01/05/2024 | 07:59 GMT by Damian Chmiel
Retail FX

FMA Warns against Crypto Exchange Clone and Unlicensed Firm in Latest Alert

  • New Zealand's regulator added fake BTCSWE and Grandeur Capital Pro to warning list.
  • Despite NZ's lower overall number of scams, impersonators are a growing problem.
Wednesday, 27/03/2024 | 08:01 GMT by Damian Chmiel
Retail FX

Advisers Pay $400K Settelment for Overhyping AI Investment Strategies

  • Firms were fined for misleading statements about artificial intelligence capabilities.
  • Delphia must pay $225K and Global Predictions $175K in civil penalties.
Monday, 18/03/2024 | 12:33 GMT by Damian Chmiel
Retail FX

Clueless Investors Finance Director's $440K Splurge in Sham Hedge Fund Scheme

  • The fake fund became Russell Sandiford's private wallet to cover daily expenses.
  • He now faces up to 15 years behind bars and a substantial financial penalty.
Tuesday, 13/02/2024 | 13:03 GMT by Damian Chmiel
Retail FX

Australian Regulator Clamp Down on Super Fund Scam and Unlicensed Crypto Services

  • The watchdog charges individuals in SMSF scams and unlicensed crypto service cases.
  • The schemes promised high returns for retail investors.
Tuesday, 06/02/2024 | 08:49 GMT by Damian Chmiel
Retail FX

Social Media Scams: Help Shape the Fight with Your 2024 Survey Participation

  • Scammers have been cloning brokers and regulators alike on social media for years.
  • Participate in the cross-platform poll here to help the industry fight back.
Friday, 26/01/2024 | 06:00 GMT by Yam Yehoshua
Institutional FX

FSMA: Scammers Pose as Major Banks to Defraud Unsuspecting Consumers

  • Victims are lured with promises of high returns but end up losing their money.
  • The FSMA has issued warnings about fraudsters who use fake bank identities.
Monday, 09/10/2023 | 19:23 GMT by Jared Kirui
CryptoCurrency

Study Finds Blackmail Leads in $20 Billion Bitcoin Scams

  • Blackmail has led the list of the most prevalent types of Bitcoin scams since 2018.
  • The number of reported scammers has almost halved, but ransomware scams are on the rise in 2023.
Wednesday, 04/10/2023 | 08:44 GMT by Damian Chmiel
CryptoCurrency

MetaMask Users Beware: Government Websites Turn into Crypto Traps

  • MetaMask users are being targeted by scams that exploit government websites.
  • Fraudsters redirect them to fake MetaMask pages, putting their crypto assets at risk.
Tuesday, 05/09/2023 | 10:59 GMT by Damian Chmiel
Retail FX

ASIC Eyes AI: New Plan to Shield Australians from Financial Scams

  • The regulator is ramping up enforcement actions to shield Australian consumers.
  • It aligns with the organization's latest Corporate Plan.
Monday, 28/08/2023 | 07:09 GMT by Damian Chmiel
Retail FX

Boiler Room Defrauds Investors of $35 Million, SEC Intervenes

  • The SEC has obtained a provisional injunction against Legend Venture Partners LLC.
  • According to allegations, the company conducted a pre-IPO stock fraud scheme.
Wednesday, 28/06/2023 | 08:20 GMT by Damian Chmiel
Retail FX

CySEC Warns against Impersonators of Officials, Representatives

  • It was the third warning from CySEC against impersonators.
  • These scammers contact clients of regulated entities and sanctioned firms.
Friday, 19/05/2023 | 06:55 GMT by Arnab Shome
Retail FX

25% of Investors Who Avoid Scams Inspired by Sherlock Holmes

  • "Armchair detective investors" successfully identify potential financial threats, FCA states.
  • The number of scam reports grew by 193% during the last five years.
Tuesday, 21/02/2023 | 12:33 GMT by Damian Chmiel
CryptoCurrency

Cryptocurrency Fraud in UK Rises by 32% to $270m

  • With high inflation and a deepening recession, customers are more vulnerable to scams.
  • The local police seized hundreds of millions of pounds in cryptocurrencies.
Monday, 28/11/2022 | 11:08 GMT by Damian Chmiel
CryptoCurrency

FCA Takes Action as UK Crypto Scams Soar

  • Cryptocurrencies are the most commonly reported potential scams to the FCA.
  • The commission opened more than 2,700 cases involving investment scams in one year.
Friday, 21/10/2022 | 17:01 GMT by Damian Chmiel
News

DOJ Sentences US-Based Man to 42 Months in Prison for Crypto Scam

  • Washington-based Asa Saint Clair was sentenced yesterday.
  • He tricked at least 60 investors through a fraudulent crypto scheme.
Friday, 16/09/2022 | 07:32 GMT by Bilal Jafar
Retail FX

Australians Lost over AU$2 Billion to Scams in 2021

  • Losses to investment scams were highest at AU$701 million.
  • Scammers are targeting vulnerable communities and age groups.
Monday, 04/07/2022 | 06:33 GMT by Arnab Shome
Retail FX

Britons Lost over £1.3 Billion to Online Scams in 2021

  • There was a jump of 39 percent in authorized push payment (AAP) fraud.
  • Scammers took advantage of the pandemic to trap victims.
Wednesday, 29/06/2022 | 11:00 GMT by Arnab Shome
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