Portugal’s financial markets regulator has issued a strong warning against a surge in investment fraud exploiting the names and images of public figures and authorized financial institutions across social media, messaging apps, and email.
The Comissão do Mercado de Valores Mobiliários (CMVM) stated recently that individuals are “abusively and illegitimately” misrepresenting themselves as legitimate entities to offer financial intermediation services or investment opportunities.
Investors encountering such solicitations, typically via social media, phone calls, WhatsApp messages, or email, should not automatically trust their veracity, the regulator advised.
The CMVM urged the public not to take any requested action within the framework of these fraudulent contacts.
The regulator also emphasized that contacting its investor support line does not replace the critical need to file a formal complaint with competent authorities.
Misuse of the name and image of individuals and authorized financial institutions constitutes a criminal offense, requiring investigation and prosecution by law enforcement.
The alert follows a similar warning in early October from former Portuguese banker António Horta Osório.
Horta Osório had publicly cautioned against the improper use of his image and name in fraudulent internet advertisements promoting alleged investment products or opportunities.