The National Commission for Companies and the Stock Exchange (Consob) has instructed the blocking of 5 additional websites offering financial services without proper authorisation in Italy.
This action elevates the total number of websites barred by Consob since July 2019 to 1029.
The authority took action under the “Growth Decree,” which mandates internet service providers to limit access to deceitful financial websites. The recently blacklisted sites are:
According to the Consob press release, these websites seemed 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 shield investors from potential financial losses.
Italian internet providers are enacting the blackouts, which may take several days to come into full effect.
Consob advises the public to visit its website for updates on blocked sites and to locate authorised financial companies.
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), cautioning 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 warning against fraudulent online trading platforms.
The FSMA’s alert now encompasses an additional 17 platforms, covering both cryptocurrency and FX/CFD trading providers, that target Belgian citizens, emphasising the ongoing risk of financial scams.
At the beginning of the month, the UK’s Financial Conduct Authority (FCA) cautioned 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 highlighting the sophistication of modern financial fraud.
In a related development, the FCA presented its annual financial crime report, showcasing its commitment to combating financial fraud. In 2023, the FCA reached 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 protect consumers from financial scams.