Alert: Financial Commission Probes Impersonation Scam Targeting Traders

The Financial Commission, an external dispute resolution
forum in the financial services industry, has provided an update on its
investigation into a recently uncovered scam involving fake representatives
posing as The Financial Commission. This deceptive activity aimed to defraud
traders and extract money. The Financial Commission had previously issued a
cautionary notice about this group of imposters on 15 December 2023.

Deceptive Tactics: Fraudulent Representatives and Fake Legal
Services

Further investigation by The Financial Commission indicates
that these individuals, claiming to be staff members of The Financial
Commission, are targeting traders who have suffered losses or faced blocked
withdrawals from illegitimate brokers like Umarkets, TPG Deals, Universe
Financial Brokers, Kiexo, Izzi, Your Global Deal, among others. These scammers
offer funds recovery and chargeback services to affected traders for a fee.

The fraudulent representatives, purporting affiliation with
The Financial Commission, have been known to demand fees from victims and, in
some instances, have issued letters of guarantee using fake companies that
claim to offer legal services, including Orbital Limited, Arbitrum Law Firm, AK
Law, Guardians Recovery, and others.

Additionally, these scammers have falsified contact details
resembling those of legitimate online digital asset wallet providers such as
Blockchain.com and Coinwallet to deceive victims into remitting fees for
illegitimate services.

In response, The Financial Commission reiterates several key
points for the public and forex brokers’ clients to be mindful of. The organization does not offer funds recovery or chargeback
services, and it does not initiate communication with traders through cold
emailing or calling. Legitimate correspondence from The Financial Commission
does not occur via messengers or social networks. The organization does not
issue letters of guarantee or similar documents to traders, and its services to
traders of broker members are always free of charge.

The Financial Commission serves customers of its
member brokers, and traders are advised to consult the list of members on the
organization’s platform. Traders should use the Dispute Resolution Form on the
official platform to submit inquiries, and they are encouraged to scrutinize
contact details provided in messages purportedly from The Financial Commission
to ensure legitimacy.

Traders who receive unsolicited communication from
individuals claiming to represent The Financial Commission should verify the
legitimacy of such claims by contacting the organization directly before
disclosing any personal information.

Financial Commission warns of fake funds recovery or chargeback offers –
To combat this issue, FinaCom stated that it does not offer funds recovery or chargeback services, nor does it engage in unsolicited communication with traders. Official interactions originate only from… pic.twitter.com/IktCkJvWEW

— The Industry Spread (@industryspread) February 16, 2024

Facilitating Dispute Resolution for Consumers and Traders

The Financial Commission operates as an independent external
dispute resolution forum for consumers and traders unable to resolve disputes
directly with their financial services providers who are members of the
Financial Commission. Initially focused on resolving issues arising from
trading electronic markets such as Foreign Exchange, the organization has
expanded its scope to include CFDs and related derivatives, as well as
certifying technology platforms.

The Financial Commission reaffirms to identify and address
fraudulent activities and will continue to take measures to safeguard
communication with traders. The organization urges traders to report any
suspicious individuals or entities claiming association with The Financial
Commission.

The Financial Commission, an external dispute resolution
forum in the financial services industry, has provided an update on its
investigation into a recently uncovered scam involving fake representatives
posing as The Financial Commission. This deceptive activity aimed to defraud
traders and extract money. The Financial Commission had previously issued a
cautionary notice about this group of imposters on 15 December 2023.

Deceptive Tactics: Fraudulent Representatives and Fake Legal
Services

Further investigation by The Financial Commission indicates
that these individuals, claiming to be staff members of The Financial
Commission, are targeting traders who have suffered losses or faced blocked
withdrawals from illegitimate brokers like Umarkets, TPG Deals, Universe
Financial Brokers, Kiexo, Izzi, Your Global Deal, among others. These scammers
offer funds recovery and chargeback services to affected traders for a fee.

The fraudulent representatives, purporting affiliation with
The Financial Commission, have been known to demand fees from victims and, in
some instances, have issued letters of guarantee using fake companies that
claim to offer legal services, including Orbital Limited, Arbitrum Law Firm, AK
Law, Guardians Recovery, and others.

Additionally, these scammers have falsified contact details
resembling those of legitimate online digital asset wallet providers such as
Blockchain.com and Coinwallet to deceive victims into remitting fees for
illegitimate services.

In response, The Financial Commission reiterates several key
points for the public and forex brokers’ clients to be mindful of. The organization does not offer funds recovery or chargeback
services, and it does not initiate communication with traders through cold
emailing or calling. Legitimate correspondence from The Financial Commission
does not occur via messengers or social networks. The organization does not
issue letters of guarantee or similar documents to traders, and its services to
traders of broker members are always free of charge.

The Financial Commission serves customers of its
member brokers, and traders are advised to consult the list of members on the
organization’s platform. Traders should use the Dispute Resolution Form on the
official platform to submit inquiries, and they are encouraged to scrutinize
contact details provided in messages purportedly from The Financial Commission
to ensure legitimacy.

Traders who receive unsolicited communication from
individuals claiming to represent The Financial Commission should verify the
legitimacy of such claims by contacting the organization directly before
disclosing any personal information.

Financial Commission warns of fake funds recovery or chargeback offers –
To combat this issue, FinaCom stated that it does not offer funds recovery or chargeback services, nor does it engage in unsolicited communication with traders. Official interactions originate only from… pic.twitter.com/IktCkJvWEW

— The Industry Spread (@industryspread) February 16, 2024

Facilitating Dispute Resolution for Consumers and Traders

The Financial Commission operates as an independent external
dispute resolution forum for consumers and traders unable to resolve disputes
directly with their financial services providers who are members of the
Financial Commission. Initially focused on resolving issues arising from
trading electronic markets such as Foreign Exchange, the organization has
expanded its scope to include CFDs and related derivatives, as well as
certifying technology platforms.

The Financial Commission reaffirms to identify and address
fraudulent activities and will continue to take measures to safeguard
communication with traders. The organization urges traders to report any
suspicious individuals or entities claiming association with The Financial
Commission.