She called on investors to avoid anonymous messages and calls

"Securities" warns of fake companies dealing in financial activities

The authority confirmed that it provides all forms of support necessary to protect investors and their savings.

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The Securities and Commodities Authority (SCA) has warned of fake companies and entities that deal in unlicensed financial activities, calling on investors to avoid anonymous messages and calls and not to respond to websites that promote investments of unknown origin.

As part of its awareness campaign to confront unlicensed financial activities, the Authority mentioned that unlicensed companies resort to fabricating forged commercial and professional documents and licenses to gain the confidence of investors.

Support

In detail, the Securities and Commodities Authority confirmed the provision of all forms of support necessary to protect investors and their savings, and to develop the securities sector and push it to advanced and competitive levels regionally and globally, warning against fraudulent practices in the financial sector and financial markets.

As part of its awareness campaign to confront unlicensed financial activities in the country, the authority said that it supports sound practices, protects licensed financial activities from unfair competition, and promotes investment culture in a manner that advances the comprehensive development process of the country.

She added that her awareness campaign aims to limit the promotion of fraudulent practices carried out by unlicensed companies or entities to conduct financial activities, limit transactions to licensees in a way that contributes to protecting investors, protecting licensed financial activities from unfair competition and strengthening combating money laundering.

to exploit

The Authority warned against investors falling victim to unlicensed trading companies, noting that these companies try to exploit novice traders who do not have sufficient knowledge in investing in the financial markets.

And she called for avoiding dealing with these companies and promptly informing them and all relevant regulatory authorities as soon as it was discovered that the company was not licensed.

The authority also warned against the plans of unlicensed trading companies, explaining that these parties make false promises such as guaranteed and immediate profit to entice people to deal with them, in addition to the request of these companies to open a trading account immediately in order to exploit investment opportunities, calling for not interacting with these companies so as not to Investors lose their money.

Unknown sources

The authority also called on investors to avoid anonymous messages and calls and not to respond or interact with calls, e-mails, and websites that promote investments of unknown origin, pointing out that the licensed and regulated company is transparent, and is keen to publish licensing information on its website, indicating the license number and the licensing regulatory authority.

The authority indicated that unlicensed companies resort to fabricating forged commercial and professional documents and licenses to gain public confidence, noting that the investor can verify the authenticity of the documents and information provided and make sure that they are actually licensed by a reliable regulatory authority in the country, by obtaining a copy of the certificate. These licenses and compare them with the data published on the official website of the licensing party. 

Licensing and supervision

The Securities and Commodities Authority stated that the licensing of companies and their oversight by regulatory and supervisory authorities protects investors from the risks of dealing with an unlicensed and unregulated company.

She called on investors to avoid falling behind false promises and requests to transfer sums of money to start investing except after verifying the validity of its license through the concerned regulatory authorities and official channels.

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