In addition to these fraudulent solicitations, CySEC has uncovered the impersonation of its official website, including fake domains such as cysec-regulatory.com and www.cysecgov.com, which cunningly replicate CySEC's logo, official announcements, images, and email addresses.

CySEC’s Battle against Impersonation

"CySEC wishes to emphasize that it never makes contacts by telephone or sends solicited correspondence and does not request personal data, financial or otherwise," the regulator indicated. "CySEC has no authority or jurisdiction to collect fees for any purpose from individual investors, nor does it have authority to appoint anyone to do so on its behalf."

Another deceptive website, Cysecs.group, has reportedly emerged, featuring a link to a counterfeit list of approved investment firms in Cyprus and multiple connections to unauthorized or fraudulent brokers. In light of these impersonation threats, CySEC has urged the public to be vigilant when receiving unsolicited communications that claim to be from CySEC.

Last month, the regulator issued similar warnings against fraudsters masquerading as employees of CySEC. According to the watchdog, scammers have reportedly been using various channels to reach clients of CySEC-regulated entities, including email, telephone, WhatsApp, and social media.

These deceptive communications bear CySEC's name, address, official stamp, and logo, making them appear legitimate. Typically, scammers reportedly extend false offers to assist investors with compensation claims. Through these interactions, they illicitly acquire personal information, such as proof of identity and investment papers, enabling unauthorized withdrawals on behalf of the victims.

Influence of Social Media

Additionally, CySEC issued warnings against financial scams perpetrated on social media platforms. As Finance Magnates recently revealed, social media platforms like Telegram have become hotbeds for scammers impersonating financial institutions and offering enticing trading signals.

CySEC, which oversees numerous FX and CFD brokers, has not taken any direct action against financial service scammers on Telegram and other social media channels. A representative from CySEC recently stated that the regulator uses advanced social media monitoring tools to detect such cases. And when they identify a fake website, they report it to the law enforcers.

In the past, CySEC has emphasized the growing influence of social media on investment decisions. The regulator's survey released in February revealed that 31% of respondents rely on finance influencers (finfluencers) for investment decisions, while 22% base their choices on celebrity endorsements and digital promotions.