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Maya Mandzikasvili

1 February 2019

Regulation Forex

CySEC Issues Warning About Email Scammers

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February 1, 2019, | AtoZ Markets - The financial regulator CySEC, which monthly reports about fraudsters in the financial market, issued a warning about fraudulent emails that are being sent from unidentified sources, illegally using the CySEC logo or name.

How do CySEC impersonators work?

According to the regulator, CySEC scammers in their e-mails asking the recipients to pay the so-called unpaid amounts to or from the Commission. The regulator has confirmed that this has nothing to do with specific emails. The CySEC accounting email address is accounts@cysec.gov.cy. In their statement, CySEC urged anyone who received the above email or doubted any relevant message from CySEC to contact the Commission at the email address above. This is not the first CySEC warning about fraudulent emails and the financial regulator's impersonators.

The regulator has already issued several similar warnings - in June, November, October 2016, two times back in 2017 and most recently in November 2018. In the latter statement, the regulator noted that there are fraudsters who are pretending to be officials appointed by CySEC and that they were assigned the task of collecting fees for settling “fake” compensation claims.

Fraudsters are trying to get access to users' personal data

Last year CySEC informed that scammers who claim to be their representatives were trying to get personal information from consumers and fraudulent investors. According to the statement issued by the financial regulator, fraudsters claimed to be officials or designated representatives of CySEC. By doing this, they tried to deceive investors into paying commissions in exchange for settling false compensation claims. In particular, the latest fraud that attracted the attention of the financial overseer is when a person using the name Christos Sofroniu tried to force the recipients to pay legal fees to participate in fake assistance programs to recover potential damages. In his letter, the fraudster used the email address contact@sofroniou-legal.org and telephone numbers +35725654263 and +35799711917. As a result, CySEC again reminded consumers that, in accordance with CySEC’s policy, they never “send unwanted correspondence to investors or members of the public and never request any personal data, financial or otherwise”.

Email scammers techniques are common

Despite the fact that this is not the first time that scammers try to impersonate CySEC in order to deceive investors, but different types of fraud differ in tactics, the regulator has found that the following signs are the same for all types of fraud. Firstly, email is the preferred method of fraud, and they will try to target customers registered with CySEC. The letters often look professional, including the logo, address, official CySEC seal and contain a fake copy of the signature of CySEC officials. The e-mail will contain false promises to help investors get compensation for the potential damage they may suffer. Scammers often target online trading firms that offer speculative investment products that can be called guilty. After that, the scammers try to collect personal information from investors, especially phone numbers, so that they can continue the fraud by phone.

The organization reminds investors that they do not have the authority or jurisdiction to collect payments for any purpose from individual investors and has no right to appoint a representative for this.

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Christos Sofroniu email Cyprus CySEC scam
The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZMarketz.com, nor should they be attributed to AtoZMarkets.

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