CySEC Exposes 5 More Fraudulent Websites: Survey Shows Less than 1/3 Investors Check Websites

In a survey published on January 25, the Cyprus Securities And Exchange Commission (CySEC) carried out a study on the behaviors and habits of investors in Europe with the rise of complex financial technologies and the widespread use of social media to promote investments.

When it came to checking out the firm selling the product to see whether it was licensed to operate, 15% of all respondents said they didn't do any checks at all. Most people (51%) said they looked at company reviews or the firm's own website (44%), but only one in three investors (30%) looked up the firm on the website of the country regulator to check it was licensed.

Also, the Cypriot regulator issued a list of company websites at the same day, none of the five listed websites belong to any Cypriot Investment Firms (CIFs). CySEC urges investors to consult its website (www.cysec.gov.cy), before conducting business with investment firms, in order to ascertain the entities which are licensed to provide investment services and/or investment activities.