Cyprus Police Warn Public of Telephone Scam Involving False Capital Market Commission Representatives

Thursday, 16th November 2023 | 15:13 GMT

A New Telephone Scam Targeting Cyprus Residents

A new telephone scam has emerged in Cyprus, with fraudsters posing as officials from the Capital Market Commission. The Capital Market Commission has issued a cautionary note to the public in response.

Fraudsters Impersonating Capital Market Commission Officials

The Capital Market Commission, a frequent target of scams in recent months, has warned the public about a new telephone scam. In this scam, fraudsters claim to represent the Capital Market Commission and coerce individuals into disclosing personal information or granting them access to their computers.

Previous Scams Involving the Capital Market Commission

In October 2023, the Capital Market Commission issued a public alert regarding a fraudulent Instagram account masquerading as its official channel. This account had over 14,100 followers and falsely promised dispute resolution services to traders while impersonating CySEC employees.

How the Latest Scam Works

The calls typically begin with the impersonator claiming to represent the Capital Market Commission and suggesting concerning activities within the victim’s bank account. The fraudsters intend to extract sensitive information or gain computer access.

Advice from the Capital Market Commission and CySEC

The Capital Market Commission and CySEC have advised the public to verify the identity of the caller and refrain from disclosing personal information or granting access to devices unless absolutely sure about the authenticity of the caller.

Authorities Taking Action Against Financial Scams

Regulators across Europe, including Italy, Spain, the UK, and Australia, are publically identifying and flagging fraudulent financial services platforms and cloned brokerages. They encourage investors to exercise extreme vigilance and report any potential scams to their respective financial regulatory bodies.

How to Avoid Falling Victim to These Scams

1. Be cautious and suspicious of unsolicited calls or communications from individuals or entities that claim to be financial regulators or offer investment opportunities.
2. Legitimate financial regulatory bodies will not demand personal information or computer access over the phone.
3. If in doubt, hang up the phone and contact the Capital Market Commission or CySEC through their official channels.

What to Do if You’ve Been Affected by a Scam

If someone has been affected by a scam, they should contact their financial institution immediately and report the incident to their local law enforcement agency.