CySEC exposed a clone website under the PrimusForex brand and eight other broker domains against the popular platform OANDA TMS.
The Cyprus Securities and Exchange Commission (CySEC) recently alerted a shell entity scam operating against nine unlicensed websites under the PrimusForex brand and eight other trading brands, cloning the website of OANDA TMS. The websites on CySEC's latest warning list are no longer available. However, some scammer brokers who are still active are still operating under the guise of the OANDA TMS brand.
The regulator highlights companies with a list of website addresses, including nylsinv.com, primusforex.net, tfimarkets24.com, afexeu.com, protechfx.com, forextimeltd.com, jfdtrade.net, ltddexovo.com, ico-assets.com, and concern special mention to primusforex.net. The websites resemble the domains of OANDA TMS.
OANDA TMS and this scammer company have no similarities in logos or branding but appear similar from the OANDA website domain. Clones use the websites of other licensed companies to mislead retail investors and encourage them to open accounts and accounts.
In addition, consumers who lose money on such scammer platforms will not get protection from the Investor Compensation Fund (ICF). It serves to protect the rights of customers and to compensate members. In addition, investors should be wary of fake unsolicited e-mail scams and social media messages, and other fake details claiming to be from legitimate financial institutions.
In an official statement, CySEC commented that "the following websites do not belong to companies licensed to provide investment services or carry out investment activities, regulators told officials."
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