MAS Has Issued Fraud Warnings–Is Your Broker on This List?

MAS the Monetary Authority of Singapore has issued warnings about the following brokers. Any alert from financial regulators should be taken seriously since it’s their duty to act as a watchdog and alert the public about suspected fraud. 

Broker Complaint Registry regularly updates our list of suspected scam brokers, organized by regulatory bodies. We aggregate all of the information you need about suspected frauds in one place. Check back here frequently to see which new brokers have been flagged by regulators. Our regulators research each broker and create reviews to keep you informed.

What Is MAS?

MAS is the Monetary Authority of Singapore. It is a central bank and a financial regulator for the country. MAS’ job is to oversee financial companies, such as banks, insurance companies, mortgage lenders, and brokers. It audits licensed companies and ensures that all of these organizations are complying with regulations. 

The MAS also provides a service to the public and informs and educates them about making effective and safe financial decisions. This means releasing alerts and flagging brokers and other financial services that aren’t licensed to operate in Singapore but are nevertheless signing up customers in the country. They also flag brokers for engaging in suspicious practices.

Why You Should Beware of These Brokers

The following are common issues shared by many of these flagged brokers

Licensing Problems

One of the problems we see most often with flagged brokers is licensing issues. The brokers may not have any license or be operating with a revoked or outdated license. They may claim to be regulated, but on further inspection, you may discover they’ve adopted a similar name and logo that is supposed to cause consumers to mix them up with legitimate services. This is called a clone broker scam.

Lack of Transparency

When you are thinking about opening an account with a broker or a financial platform, immediately check their licensing and find out the names of the people who run the operation. Who is the CEO? Who are the top executives or board of directors? It’s amazing how many of these brokers offer absolutely no information about themselves, not even fake information.

Misleading Statements

Brokers who promise their clients will make specific returns, especially on risky assets like forex or crypto, should be avoided. No financial service or broker can guarantee results. Dodgy brokers will make all kinds of claims about licensing, credentials, and about how popular their platform is. Even minor exaggerations can be a sign of a deeper problem.

Customer Complaints

A high volume of complaints is another signal of a serious problem. However, we’ve all visited review sites that seemed to have been filled with fishy reviews that are probably written by employees or competitors. Instead, complaints filed with regulators are more likely to be genuine and have been verified by regulators.

Account Issues

Customers may think that they are dealing with an actual broker and that their trades are yielding fruit until it’s time to withdraw winnings. Then, a fake broker will come up with myriad excuses. They may claim they have technical problems, refer to a non-existent rule that customers have to make a certain amount before withdrawing or they may simply pressure customers to make additional trades. 

With a regulated broker, you should have the right to access your account as needed. Take any resistance to allow account access as a major warning. Contact us right away if you are unable to withdraw your funds.

If You Have an Account with Any of These Brokers, Talk to Us

We create these reviews to warn consumers about brokers and schemes that may be fraudulent. If you have an account with any of these flagged brokers, close it and request a withdrawal. If you are not given your money back, contact Broker Complaint Registry immediately. We will consult with you, work to track down your funds and create investigative reports, and will assist with fund recovery efforts.