Italy’s financial market regulator Consob has ordered the closure of 17 websites that illegally offered investment and crypto services. Some of these sites used fake ads featuring deepfake images and audio of prominent Italian politicians.
These websites reproduced the likenesses of Prime Minister Giorgia Meloni, Deputy Prime Minister Matteo Salvini, Elie Schlein, and Carlo Calenda in order to promote unauthorized financial services. No politicians were involved in this activity.
Consob has banned several online platforms that promote fraudulent investments and crypto asset services. The regulator said these sites promote illegal products and use misleading promotional content to attract investors.
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With this action, the total number of websites blocked by Consob increases to 1,443. Regulators have used expanded powers to restrict access to platforms operating without authorization to protect Italian investors from fraud.
Investors are urged to check the provider’s accreditation
Italian internet providers are currently implementing the block, but Consob noted that there may be technical delays.
Authorities have cautioned investors to tread carefully when approaching online investment offers. It recommended that before investing funds, ensure that the service provider is licensed and that the relevant prospectus and white paper are available.
Meanwhile, Australian securities regulator ASIC has removed more than 330 fraudulent investment websites this year, a 25% increase on last year. Many of these sites used images of famous billionaires such as Andrew Forrest, Gina Rinehart, and Anthony Pratt to falsely promote get-rich-quick schemes and mislead potential investors.
Consob partners with Google to block fraudulent ads
Consob has partnered with Google to increase protection against online financial fraud. The collaboration focuses on creating digital filters that block ads for fraudulent investment schemes before they reach websites and social media.
The initiative, announced at a conference in Rome, brings together institutional investors and digital leaders, including representatives from Bank of Italy, Guardia di Finanza and Italy’s National Cybersecurity Authority.
Consob stressed that while regulators remain at the forefront, cooperation with major technology platforms is essential. The partnership is seen as a first step, with potential for expansion to companies such as Meta, X and LinkedIn.
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