The Cyprus Securities and Exchange Commission (CySEC) today warned of a recent increase in cases where individuals fraudulently present themselves as representatives of CySEC, both through email and fake accounts on online platforms.

These individuals pose as CySEC Officers or representatives, who are soliciting investors for fees in exchange for allegedly settlement of bogus compensation claims related to firms under CySEC supervision.

CySEC reminds the public that it does not contact individuals by telephone or sends unsolicited correspondence and does not request personal data, financial or other information.

Investors are urged to contact CySEC to confirm the authenticity of communications by sending an email to info@cysec.gov.cy before taking any action, and to inform CySEC of any suspicious activity that comes to their attention.

Genuine emails from CySEC include addresses ending in cysec.gov.cy – although, there have been cases where fraudsters have disguised their web addresses to copy these.

CySEC has no authority or mandate to collect fees for any purpose from individual investors, nor does it have authority to appoint anyone to do so on its behalf.

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 regulator has warned earlier  about individuals trying to impersonate its representatives.

CySEC urges the public to remain vigilant and cautious of any unsolicited communication claiming to be from CySEC, and to refrain from sending money to anyone claiming to represent it.