CySEC Uses Social Media to Combat Online Scams and Protect Investors

The Cyprus Securities and Exchange Commission (CySEC) has announced a new social media campaign designed to alert investors to the risks of online investment activities. This action is a response to the increasing prevalence of online scams.

CySEC has found several fake websites that wrongly claim to be connected to the regulatory body. The campaign is meant to safeguard investors from these scams.

CySEC Aims To Enhance Investor Protection

CySEC is advising investors to keep their personal information safe and reminds the public that it never sends unsolicited emails. The commission also stresses that it will never ask for sensitive details or request money transfers.

A CySEC spokesperson stated that with the fast rise in online investing, scammers have become more cunning in stealing personal information or tricking people into making payments. The CySEC urged investors to stay cautious when investing online and to watch out for potential scams.

A report revealed that scams and imitation sites are a major threat to the financial trading industry. A 2024 industry survey aims to gather insights from different financial organizations to better understand and combat online fraud.

This survey, carried out by FXStreet and Finance Magnates Group, seeks to identify the most common types of fraud and address various concerns within the industry.

CySEC Launched A Campaign Advising Investors On How To Avoid Scams

Recently, Telegram has revised its moderation rules to address illegal content in private chats, enabling users to report such material. Chief Executive Officer Pavel Durov stated that combating abuse on the platform is a personal priority for him.

This update comes after Durov was detained by French authorities and faced charges of involvement in illegal activities.

The campaign features posts across various social media platforms, including Instagram, Facebook, LinkedIn, and X. These posts provide advice to investors on identifying fraudulent activities and steering clear of scams.

CySEC’s website offers more details, including regular warnings and updates about unregulated entities and impersonations. It also provides a guide for investors on how to identify scams.

The spokespersons added that investors should know CySEC does not monitor, verify, authorize, or participate in compensation schemes, class actions, or payments between individuals or organizations.

The spokespersons also noted that CySEC does not engage with any private or public entities in these matters. CySEC also urged the public to confirm that any person or entity they interact with is licensed to offer investment services in Cyprus.