CySEC Launches Campaign to Warn Investors of Increasing Online Scams

The Cyprus Securities and Exchange Commission (CySEC) has announced the launch of a new social media campaign, aiming to protect investors from the growing threat of online scams.

This campaign comes in response to the discovery of several fraudulent websites falsely claiming to be linked to CySEC.

The commission emphasized the importance of caution when engaging in online investment activities. "Calling on investors to safeguard their personal information, the alerts remind investors that CySEC never sends unsolicited emails to investors and will never ask for sensitive or personal information, or request that money is transferred to them," the commission explained in its statement.

To ensure widespread awareness, CySEC plans to share campaign posts across various social media platforms, including X (formerly known as Twitter), LinkedIn, Facebook, and Instagram. The commission's spokesperson highlighted the increasing sophistication of online scammers in today's digital investment landscape. “With the rapid growth of online investing, scammers have become increasingly deceptive in finding ways to steal personal information or trick the public into making payments to them,” the spokesperson stated. They further added, "We are urging investors to remain vigilant when considering investing online, and to be alert to potential scams."

In addition to its warnings, CySEC clarified its role in the investment process. “Investors should be aware that CySEC does not authorise, verify, monitor, or engage in any way in class actions, compensation schemes, payments between natural or legal entities or any public or private organisations,” the commission clarified, urging the public to verify that any person or entity they interact with is properly licensed to provide investment services in Cyprus.

Lastly, CySEC noted that regular updates and warnings regarding unregulated entities and impersonation of CySEC representatives, along with a guide to identifying scams, are available on their website for public access. 

By fLEXI tEAM