The
National Commission for Companies and the Stock Exchange (Consob) ordered the blacking out of 5 additional websites offering financial services
without proper authorization in Italy. This brings the total number of websites
blocked by Consob since July 2019 to 1029.
The
authority took action under the “Growth Decree,” which requires internet service providers to restrict access to fraudulent financial
websites. The recently blacklisted sites are:
- Tcrinvest (tcrinvest.net),
- Interactive
(intr-active.solutions), - Capitalwealthmanagement.co,
- BGB
Partners (bgbpartners.cm), - FDXCrypto (colmex247.io).
According to the Consob press release, these websites appeared to be improperly promoting complex financial products and services, such as trading and investment accounts, without disclosing the associated risks. By blacking out access, Consob aims to
protect investors from potentially losing money.
Italian internet providers are implementing the blackouts and may take
several days to go into full effect. Consob advises the public to visit its
website for updates on blocked sites and to find authorized financial
companies.
Clones, Impersonators, and
Unlicensed Firms
Finance
Magnates
consistently reports on unlicensed financial entities that pose potential risks
to investors. This week, a notable alert comes from The Canadian Securities
Administrators (CSA), warning about fraudulent emails. These emails,
impersonating the CSA’s Chair and the CEO of the Alberta Securities Commission,
Stan Magidson, are believed to be phishing attempts designed to extract
confidential information from recipients.
Recently,
the Financial Services and Markets Authority (FSMA) in Belgium updated its
caution against fraudulent online trading platforms. The FSMA’s warning now
includes an additional 17 platforms, encompassing both cryptocurrency and
FX/CFD trading providers, that target Belgian citizens, highlighting the
ongoing risk of financial scams.
At the start of the month, the UK’s Financial Conduct Authority (FCA) warned British investors and savers about cold calls and emails from Coinbaseie.com. These communications falsely claim to represent the well-known
cryptocurrency exchange Coinbase, further underscoring the sophistication of
modern financial fraud.
In a
related development, the FCA showcased its annual financial crime
report, demonstrating its commitment to combating financial fraud. In 2023, the
FCA achieved a new milestone by issuing 2,286 scam warnings to the public,
marking a 21% increase from the 1,882 warnings in the previous year. This
report underscores the regulator’s ongoing efforts to safeguard consumers from
financial scams.
The
National Commission for Companies and the Stock Exchange (Consob) ordered the blacking out of 5 additional websites offering financial services
without proper authorization in Italy. This brings the total number of websites
blocked by Consob since July 2019 to 1029.
The
authority took action under the “Growth Decree,” which requires internet service providers to restrict access to fraudulent financial
websites. The recently blacklisted sites are:
- Tcrinvest (tcrinvest.net),
- Interactive
(intr-active.solutions), - Capitalwealthmanagement.co,
- BGB
Partners (bgbpartners.cm), - FDXCrypto (colmex247.io).
According to the Consob press release, these websites appeared to be improperly promoting complex financial products and services, such as trading and investment accounts, without disclosing the associated risks. By blacking out access, Consob aims to
protect investors from potentially losing money.
Italian internet providers are implementing the blackouts and may take
several days to go into full effect. Consob advises the public to visit its
website for updates on blocked sites and to find authorized financial
companies.
Clones, Impersonators, and
Unlicensed Firms
Finance
Magnates
consistently reports on unlicensed financial entities that pose potential risks
to investors. This week, a notable alert comes from The Canadian Securities
Administrators (CSA), warning about fraudulent emails. These emails,
impersonating the CSA’s Chair and the CEO of the Alberta Securities Commission,
Stan Magidson, are believed to be phishing attempts designed to extract
confidential information from recipients.
Recently,
the Financial Services and Markets Authority (FSMA) in Belgium updated its
caution against fraudulent online trading platforms. The FSMA’s warning now
includes an additional 17 platforms, encompassing both cryptocurrency and
FX/CFD trading providers, that target Belgian citizens, highlighting the
ongoing risk of financial scams.
At the start of the month, the UK’s Financial Conduct Authority (FCA) warned British investors and savers about cold calls and emails from Coinbaseie.com. These communications falsely claim to represent the well-known
cryptocurrency exchange Coinbase, further underscoring the sophistication of
modern financial fraud.
In a
related development, the FCA showcased its annual financial crime
report, demonstrating its commitment to combating financial fraud. In 2023, the
FCA achieved a new milestone by issuing 2,286 scam warnings to the public,
marking a 21% increase from the 1,882 warnings in the previous year. This
report underscores the regulator’s ongoing efforts to safeguard consumers from
financial scams.
