Financial Commission warns against fake regulators in Hong Kong, stating that pseudo-representatives of the Commission have been offering a paid service to recover funds that have been lost during trading.
23 February, AtoZForex – The Financial Commission (FinaCom PLC) has issued a warning from the investors’ community on its website. The self-regulatory body has cautioned investors against dealing with companies or associations that are mimicking the Financial Commission in a bid to defraud Forex broker clients.
Financial Commission warns against Fake Regulators in Hong Kong
The FinaCom further stated that a group of individuals is trying to impersonate the regulator by using a similar logo to mislead investors. According to the regulator, the pseudo-representatives of the Commission have been offering a paid service to recover funds that have been lost during trading. In some other cases, the impersonators have offered illegal chargeback schemes to investors for a fee.
Now, the legitimate regulator FinaCom, could help investors that have lost their funds. However, there are certain points the regulator has outlined that will help investors to orientate themselves. The official announcement from FinaCom states:
The Financial Commission does not charge or request any fees for services to Forex traders and broker member clients. Our services for traders are absolutely free
The Commission does not service customers of brokers who are not members. We advise customers to first review our Members page to see if their broker is part of our organization.
The Commission does not solicit or initiate communications with customers by “cold” emailing or calling – we communicate with customers only after receiving an inbound inquiry via our official website www.financialcommission.org
Customers should always use the Dispute Resolution Form located on our website at the following address to submit an inquiry.
How to protect yourself?
The self-regulatory body further states that the investors should carefully review the contact details that are indicated in messages from such entities. The FinaCom notes that it always provides links to their secure site using the “https” URL and their official email address: info@financialcommission.org
In case you suddenly receive a message from a person that claims to be a representative of the FinaCom, the regulator advises to send the Financial Commission a message on their official address. This should be done for the clarification purposes prior to providing any personal information to the senders.
The FinaCom states that it will carry on with working on identifying the potentially fraudulent activity. It also stated that it will take proactive steps in order to guarantee the security of communication with broker member clients.
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