The FinancialThe Financial Commission, a leading external dispute resolution (EDR) forum catering to the financial services industry, issues an update on its investigation of a recently uncovered scam when fake representatives mimicked The Financial Commission to defraud traders and extort money.
The Financial Commission previously warned the public regarding this group of fake representatives in its notice on 15 December 2023.
Further investigation of this matter leads The Financial Commission to believe that such individuals, purporting to be The Financial Commission’s staff, are targeting traders who have recently become victims of illegitimate brokers, having had their funds lost or withdrawals blocked for unsubstantiated reasons at such companies as Umarkets, TPG Deals, Universe Financial Brokers, Kiexo, Izzi, Your Global Deal, and others to offer a funds recovery and chargeback services.
For such a service, the individuals who represented themselves as being employees of The Financial Commission demanded a fee and, in some cases, provided letters of guarantee to the victims using fake companies that purported to provide legal services, such as Orbital Limited, Arbitrum Law Firm, AK Law, Guardians Recovery, and others.
In addition, the fake representatives mimicked contact details of legitimate and popular online digital asset wallet providers, including Blockchain.com and Coinwallet, to deceive the victims into sending fees for their fake services.
To protect traders, The Financial Commission once again recommends the public and forex brokers’ clients to note the following:
- The Financial Commission does not provide funds recovery or chargeback services
- The Financial Commission does not solicit or initiate communications with traders by “cold” emailing or calling – we communicate with traders only after receiving an inbound inquiry via our official website financialcommission.org
- The Financial Commission never uses any type of messengers or social networks in official communication with traders
- The Financial Commission does not issue letters of guarantee or similar documents to traders.
- The Financial Commission does not charge or request any fees for services to traders of their broker members. Our services are ALWAYS free for traders.
- The Financial Commission does not service customers of brokers who are not members. We advise customers to first review our members list to see if their broker is part of our organization: https://financialcommission.org/members/participating-members-of-the-financial-commission/
- Customers should always use the Dispute Resolution Form located on our website at the following address to submit an inquiry: https://financialcommission.org/resolving-a-dispute/how-to-file-a-complaintdispute/dispute-resolution-form/ (see screenshot)
- Please carefully review the contact details in messages you may receive from us – we will always provide links to our secure site using an “https” URL and our official email address: [email protected]
- If you receive a message from a person claiming to be a representative of The Financial Commission without having first contacted us about a dispute or question, please send a message to our official address for clarification before providing any personal information: [email protected]
The Financial Commission will continue to work with the public to identify and weed out potentially fraudulent activity and will take proactive steps to ensure the security of communication with traders. We encourage all traders to notify us of any individuals or entities that purport to represent The Financial Commission.
About The Financial Commission
The Financial Commission is an independent external dispute resolution (EDR) forum for consumers/traders who are unable to resolve disputes directly with their financial services providers who are members of the Financial Commission. The Financial Commission initially set out to provide a new approach for traders and brokers alike to resolve any issues that arise in the course of trading electronic markets such as Foreign Exchange, and then expanded into CFDs and related derivatives, in addition to certifying technology platforms used for trading.