MUSCAT : The Financial Services Authority said it is monitoring cases in which entities are using the names, corporate identities and information of licensed companies to mislead members of the public into believing they are dealing with legitimate firms.

According to the FSA, these entities may contact individuals offering services or investment opportunities, potentially exposing them to financial fraud.

The Authority cautioned investors that simply checking a company’s name or confirming that the company itself is licensed may not be sufficient, as fraudsters can impersonate the identity of legitimate licensed entities.

Members of the public have been urged to conduct transactions only through a company’s official website and approved communication channels, and to verify links and contact details before transferring money or taking any investment-related action.

The FSA also warned against responding to promises of unusually high investment returns or unclear investment opportunities. Consumers should not disclose personal or banking information, login credentials or verification codes to untrusted parties, it added.

Anyone who receives suspicious communication from an entity claiming to represent a licensed firm, or has information about similar practices, has been urged to report the matter through the FSA’s Whistleblowing Platform. The Authority’s call centre can also be reached on 1113.

The FSA said it would continue monitoring such practices and coordinate with relevant authorities to take necessary measures aimed at protecting investors and limiting fraudulent activities.

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