The Cyprus Securities and Exchange Commission (CySEC) has suspended public access to its certification registers after uncovering that scammers were using the personal details of certified professionals to defraud investors. The regulator said the move aims to protect the integrity of the capital market and safeguard the public from impersonation schemes.

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“To safeguard investor protection and ensure the smooth functioning of the capital market, CySEC announces that it has temporarily suspended the publication of the Certification Registers and the announcements of certification examination results on its website, the watchdog mentioned.

Fraudsters Exploiting Certification Data

CySEC revealed that certain individuals had unlawfully used names and details listed in its Certification Registers or in the published results of certification exams. These fraudulent actors allegedly exploited the data to pose as legitimate professionals and mislead unsuspecting members of the public.

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The regulator emphasized that certification remains a necessary condition for employment in firms supervised by CySEC, as set out under the Directive for the Certification of Persons and the Certification Registers.

CySEC urged investors to exercise extra caution when approached by individuals offering investment opportunities. It advised the public to verify both the person’s identity and the company they claim to represent by consulting CySEC’s official website or other recognized supervisory bodies.

The regulator also reminded investors never to share personal or financial details, or make payments, without confirming the legitimacy of the entity involved.

Protecting Investor Confidence

In a statement, CySEC said the suspension is temporary and intended to ensure a secure environment for investors and certified professionals alike. “The Commission’s primary objective is to uphold investor protection and the smooth functioning of the capital market,” the announcement read.

CySEC invited individuals seeking clarification or information to contact its Certifications Department directly. The regulator’s swift action underscores growing concerns across European financial markets over data misuse and impersonation scams targeting retail investors.

Expect ongoing updates as this story evolves.

Source: Finance Magnates