Abstract：Users should always verify the registration of any business they are interested in dealing with by visiting the broker check page on the local regulator's website.
The German financial watchdog, BaFin, has issued a warning to retail investors that StakeFX Markets Ltd, Seychelles, does not have the authorization to do banking activity or offer financial services under the German Banking Act (Kreditwesengesetz - KWG).
StakeFX Markets Ltd is not only not controlled by BaFin, but it also claims or identifies itself as the Cypriot firm Stak FX Ltd, which is registered with BaFin.
Stakefx.com is operating without the necessary authorization.
According to the German authority, there is no reason to assume the allegation is legitimate; rather, Stak FX Ltd has likely been the victim of identity theft.
Stak FX Ltd, according to BaFin, is a victim of identity fraud, with StakeFX Markets Ltd acting as a clone broker. Both the government agency and the German state criminal police warn that customers who want to invest money online exercise extreme care and do extensive study ahead of time in order to detect fraud efforts at an early stage.
“The information on the stakefx.com website, as well as the information and documents available to BaFin, give reasonable grounds to suspect that the platform is being used to conduct banking business and/or provide financial or investment services in Germany without the necessary authorization,” the regulator stated.
Investors should visit the regulator's broker check website to validate the broker's authorization.
The Alberta Securities Commission (ASC), a Canadian state regulator, initiated a multi-media campaign earlier this year to increase awareness of faked and cloned websites of legally registered investment businesses.
The campaign focused on the conduct of “cloning” or “spoofing,” which includes fraudsters constructing a website that imitates or closely mimics the website and information of a real registered investment business, frequently unknown to them.
The campaign includes an interactive parody website that exposes various tell-tale symptoms of fraud in an instructive and easy-to-navigate format.
Fraudsters target individuals who are interested in investing, “getting in early,” seeking cheap or competitive rates, or not losing out on the current trend or excellent “chance” to earn money. Spoofed or cloned sites may be discovered by Googling the broker's name in the WikiFX App. On the other hand, clone sites are often exposed via internet searches and pop-up adverts that promise enticing returns with no risks. They may also be targeted through email, SMS, apps, and social media and urged to visit the bogus website.
Users are then encouraged to invest and deposit more money if it looks like they have gained money. Some websites let investors withdraw early rewards in order to create trust.
Regulators all across the world warn customers to be cautious when dealing with investing platforms about which they are unfamiliar. Investors should be wary of any unsolicited investment proposals made online, on social media, or over the phone, particularly if payment is required in bitcoin or other digital assets. Even if you have made communication with the company, be wary.
Consumers should also be wary of cloned/spoofed websites and duplicate websites for companies discovered via pop-up adverts and internet searches.
Users should always verify the registration of any business they are interested in dealing with by visiting the broker check page on the local regulator's website.
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