CySEC identifies fake account on social media used by impersonators
The Cyprus Securities and Exchange Commission (CySEC) has identified a fake account on social media platform Instagram with username «cysec_cy», which has been maliciously created and does not belong to CySEC.
Through this Instagram account, persons fraudulently presenting themselves 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 emphasizes that it never makes contact by telephone or sends unsolicited correspondence and does not request personal data, financial or otherwise.
The regulator urges investors to contact CySEC to confirm the authenticity of communications by contacting info@cysec.gov.cy before taking any action.
Genuine emails from CySEC include addresses ending in gov.cy – although there have been cases where fraudsters have also cloned these as well.
CySEC has no authority or jurisdiction 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 authorize, verify, monitor, or is in any way involved in class actions, compensation schemes, payments between natural or legal entities or any public or private agencies.
The Commission urges the public to remain vigilant regarding any unsolicited communication from CySEC, to refrain from giving money to anyone who claims any or all of the above, or similar.