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Abstract:Consob has banned six fraudulent trading platforms. Learn how to protect your investments and avoid scams with essential safety tips.
Consob, Italy's financial regulatory organization, has ordered the blackout of six websites that provide illicit financial services and products in an attempt to protect investors. This comprises five websites that engage in fraudulent financial intermediation and one that advertises financial goods without the required prospectus.
The judgment is based on the “Decreto Crescita” (Growth Decree), especially Law No. 58 of June 28, 2019, which allows for the blocking of abusive financial intermediaries' websites. Since receiving this power in July 2019, Consob has successfully blocked 1,162 fake websites.
This recent action targets the websites listed below:
While internet service providers are now blacklisting websites, it may take a few days for them to become entirely unreachable owing to technical issues.
Consob highlights the need for due research for investors when purchasing financial services. Key suggestions include checking the financial operator's authorization and ensuring that any financial product offerings contain a proper prospectus.
Consob has launched a “Watch for Scams!” section on its website to aid investors in identifying and reporting fraudulent financial ventures.
Bottom Line
As fraudulent schemes spread, it is critical for investors to be attentive and educated. To preserve your hard-earned money, always double-check trading sites' validity and use official resources.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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