International Securities & Commodities Alerts Network (I-SCAN) - Network of fake online investment platforms
| Warning ID: | 36428 |
|---|---|
| National Competent Authority (NCA): | New Zealand - Financial Markets Authority |
| Date Published At IOSCO: | 2025-02-17 |
| Last Updated: | 2025-02-17 |
| NCA URL: | https://www.fma.govt.nz/library/warnings-and-alerts/network-of-fake-online-investment-platforms/ |
| Commercial Name: | Network of fake online investment platforms |
| Category: | Unregistered/Unlicensed entity offering financial products or services |
| Additional Information: | The FMA has become aware of a large network of fake online investing platforms. These platforms are being used as part of an investment scam. Once a person invests in one of these platforms, they are presented with a login where they can see the “profits” they have earned. However, the “profits” are fabricated. When investors try to withdraw their funds, the platforms refuse. The platforms will often ask for further payments to cover “taxes” or “withdrawal fees”, saying that the withdrawal will be processed once the extra payments are made. However, even if the investor pays the extra money, no funds will be released. We recommend extreme caution when dealing with any of the 96 duplicate websites/platforms listed below. |
