CySEC warns investors over fake website and recovery fee scam

The Cyprus Securities and Exchange Commission (CySEC) has warned investors about a fraudulent website impersonating the regulator and individuals falsely claiming to be its officials, urging the public not to send money to anyone claiming to represent it. In an official announcement, the regulator said it had identified a website falsely presenting itself as CySEC, alongside further cases of people fraudulently posing as its officers. The fraudulent website, which is not affiliated with the regulator, is accessible at fake CySEC website. CySEC urged investors to be particularly cautious when approached by individuals demanding fees or other payments in exchange for the purported recovery of losses incurred through investments in regulated or unregulated entities. The regulator said such demands could form part of a sophisticated online fraud campaign targeting investors. CySEC stressed that it never contacts individuals by telephone, sends unsolicited correspondence or requests personal, financial or other information. It also warned that it does not authorise, verify, monitor or participate in class actions, compensation schemes, payments between individuals or legal entities, or transactions involving public or private organisations. As a regulatory authority, CySEC said it has no mandate to collect fees from individual investors for any purpose and cannot appoint third parties to collect money on its behalf. The regulator urged the public to remain vigilant when receiving unsolicited communications purporting to come from CySEC and to refrain from transferring money to anyone claiming to represent it. Investors who receive suspicious messages are encouraged to verify their authenticity by emailing [email protected] before taking any action. CySEC also called on the public to inform the regulator of any suspicious activity that comes to their attention.