CySEC Suspends Public Certification Access To Combat Investor Fraud

The Cyprus Securities and Exchange Commission (CySEC) has temporarily suspended public access to its certification records after discovering that fraudsters exploited registered professionals’ personal details to deceive investors. CySEC stated that the decision was intended to preserve market integrity and protect the public against impersonation.

CySEC stated that the suspension will impact the online publication of its Certification Registers and the release of examination results. The authorities described this as a precaution to prevent the misuse of certified individuals’ identities and details for fraudulent purposes.

Some dishonest individuals copied information from public lists and used it to impersonate licensed professionals. By doing so, they deceived investors, who trusted them and repeatedly transferred funds or disclosed confidential information.

CySEC Reinforces Mandatory Certification For Supervised Professionals

CySEC clarified that certification remains mandatory for anyone employed by firms under its supervision. This requirement is detailed in its policy for professional registration and certification. It ensures only qualified and authorised persons may provide investment services under CySEC oversight.

The company also advises investors to be cautious when approached with investment offers. Investors are urged to verify both the identity of the persons and the company they represent before doing any business deal with them.

This is possible by checking CySEC’s official website or consulting other trusted financial authorities for authenticity. The general public is also encouraged not to share sensitive information, whether personal or financial, carelessly. And also to avoid sending funds to anyone whose legitimacy has not been verified.

CySEC Suspends Public Access To Secure Market Integrity

CySEC clarified that the suspension of public access is temporary and will last until new security measures are implemented. The aim is to establish a more secure environment for professionals and investors. The company emphasized its commitment to investor protection and the efficient functioning of the financial market.

The authorities invite anyone who needs clarification or additional details to contact their Certifications Department directly. The quick response by CySEC highlights the rising challenges of data theft and scams, which have become very common in the financial sector of Europe.

A few months ago, CySEC’s chairperson, Dr. Giorgos Theocharidis, firmly warned that artificial intelligence tools and social media influencers are increasingly promoting the risk of fake investment opportunities. He pointed out that many fake financial influencers target young adults online, displaying their luxury lifestyles and also promising fast profits without authorization.

Dr. Theocharidis warned that investors should be careful with offers that seem too good to be true. His counsel serves as a reminder that wise investing needs a lot of patience, research, and proper verification, and not blindly trusting in flashy online promises.