The Cyprus Securities and Exchange Commission (CySEC) discovered a fake account with the user name "cysec _ cy" on the social media platform Instagram, which was maliciously created and does not belong to CySEC.。

Through that Instagram account, a number of people falsely claimed to be CySEC officials or representatives, claiming fees from investors in exchange for false compensation claims allegedly linked to companies under CySEC regulation.。

CySEC stresses that it never contacts or sends unsolicited correspondence by phone, nor does it ask for personal data, financial or otherwise.。

Regulators are urging investors to contact CySEC before taking any action, via info @ cysec.gov.cy confirms the authenticity of the communication。

Real e-mails from CySEC include a quote by gov.addresses ending in cy, but there are cases where fraudsters clone these addresses。

CySEC does not have the authority or jurisdiction to collect fees from individual investors for any purpose and does not have the authority to designate any person to collect fees on its behalf。CySEC does not authorize, verify, supervise, or in any way participate in class actions, compensation plans, payments between natural or legal entities, or any public or private institution.。

The Commission urges the public to remain vigilant against any correspondence issued by CySEC on its own initiative and not to provide funds to anyone claiming to have any or all of the above characteristics or similar characteristics.。