CySEC detects new cases of fraudulent impersonation of its representatives

Following the warning issued on November 22, 2022, the Cyprus Securities and Exchange Commission (“CySEC”) has recently uncovered additional instances of fraudulent impersonation involving CySEC Officers and Representatives. Investors are advised to exercise heightened caution regarding imposters who request fees in exchange for settling fictitious compensation claims related to firms under CySEC's supervision.

In light of these developments, CySEC wishes to remind the public that it never initiates telephone calls or sends unsolicited correspondence to investors or members of the general public. Furthermore, CySEC does not request any personal or financial information through such means.

These fraudulent activities are part of a sophisticated online campaign designed to deceive investors. It is crucial for investors to be aware of these scams, which have recently taken on the following patterns:

• Fraudsters pose as CySEC officers or representatives, including legal advisors, other Cypriot supervisory authorities, or fictitious entities.

• Scammers contact clients of CySEC-regulated entities using emails and/or telephone calls that appear authentic, complete with the genuine telephone number, name, address, official stamp, and CySEC logo. These communications fraudulently mimic the signatures of CySEC officials.

• The fraudsters make false promises to assist investors in filing compensation claims related to their interactions with sanctioned firms, typically online trading companies offering speculative investment products.

• During these initial interactions, the scammers unlawfully gather additional personal information.

CySEC strongly urges the public to remain vigilant and exercise caution when encountering unsolicited communications that claim to originate from CySEC. It is advised to refrain from providing funds to anyone who approaches them in a manner similar to the examples mentioned above. Investors are strongly encouraged to contact CySEC directly at info@cysec.gov.cy to verify the authenticity of any communication before taking any action.