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DFSA warns of fraudsters claiming to be CySEC

DFSA warns of fraudsters claiming to be CySEC

June 20, 2019, | AtoZ MarketsThe Dubai Financial Services Authority (DFSA) has recently issued a warning against another CySEC impersonators, who are soliciting investors for money and personal data. 

DFSA warning of CySEC impersonators in a brief

According to the new warning from the financial authority of Dubai, the scammers soliciting investors for fees in order to settle fake compensation claims.

As DFSA reports, firms under CySEC’s supervision are reached via email by someone claiming to be a CySEC officer, appointed representative. The emails carry the name of CySEC, the address, official stamp and logo of the Cypriot financial regulator and an illegal copy of CySEC officials’ signature.

The Dubai financial watchdog further details the main features of the CySEC impersonators:

  • the scammers are claiming to be CySEC officers, appointed representatives of the regulator or other Cypriot authorities like Central Bank of Cyprus. The impersonators are contacting investors that are clients of regulated entities under CySEC’s supervision via emails which contain all CySEC credentials;
  • the scammers falsely promise investors to assist with compensation for potential damages in connection with dealings they have had with sanctioned firms ;
  • in addition, the individuals impersonating CySEC are soliciting personal information from investors including telephone records;
  • in some cases, scammers are calling investors via telephone in relation to email correspondence concerning the fraudulent scam.

The DFSA reminds investors, as CySEC has stated in its own warnings and alerts, the Cypriot authority never sends unsolicited correspondence to investors or members of the public, and:

  • does not request any personal data, financial or otherwise;
  • 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; and
  • does not authorize, verify, monitor, or is in any way involved in class actions, and compensation.

In addition, the DFSA has also issued warnings and guidance about the common types of scams perpetrated on consumers.

CySEC remains on the scammers’ radar

This scam concerning CySEC has been targeting victims since 2015. In November 2016, the regulator posted a warning regarding the unknown company from the Caribbean which falsely presented itself as different entities, including the Cypriot watchdog.

The latest warning of CySEC impersonator was issued in 2018. According to the report, an individual using the name “Christos Sofroniou” attempted to convince recipients to pay legal fees to participate in fake aid programs for recovery of losses they might have suffered.

As part of the correspondence, the CySEC logo was fraudulently used without authority. The individual used the electronic address contact@sofroniou-legal.org and the telephone numbers +35725654263 +35799711917.

The Dubai financial regulator in its warning urges the investors to remain cautious regarding any unsolicited communication from anyone falsely claiming to represent the CySEC. Investors are strongly advised to contact CySEC to confirm the authenticity of any unsolicited communication by email at info@cysec.gov.cy.

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Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.

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