Consob Orders Blackout of Websites Offering Unauthorised Financial Services

The Italian financial regulator, Consob, has issued orders to block access from Italy to five websites that were promoting or providing financial services without proper authorisation. These measures are part of Consob’s ongoing efforts to combat online financial fraud and protect investors’ savings.

The websites targeted in this latest action are: CCBIGLOBAL, Torotrades24, Partners-Swiss, Wallwood Capital Management Limited (trading as Privanet Securities), and AurosAi. Internet service providers operating in Italy are required to prevent access to these sites, though the blackout may take several days to become fully effective due to technical reasons.

Since July 2019, when Consob was empowered under the “Decreto crescita” to block unauthorised financial websites, a total of 1,597 websites have been blacked out. The Authority continues to monitor online platforms for fraudulent activity and enforces its powers under Article 36, paragraph 2-terdecies, of Law No. 58/2019, as well as Article 7-octies, letter b), of Legislative Decree No. 58 of 24 February 1998.

BrokersView reminds you

Consob urges investors to exercise maximum caution when choosing investment platforms and to verify that any provider is duly authorized. 

If you suspect a website is fraudulent or have fallen victim to a financial scam, you can Submit a Complaint to BrokersView.