IOSCO, the International Organization of Securities Commissions, has unveiled its latest innovation, I-SCAN.
This global alerts network is designed to protect investors by providing a unified platform to flag suspicious company activities worldwide.
I-SCAN was created as a crucial part of IOSCO’s Roadmap for Retail Investor Online Safety. This initiative aims to bolster investor protection through enhanced awareness and vigilant monitoring of potential investment scams and fraudulent activities.
The organization, which coordinates the world’s financial regulators, focuses on promoting investor protection and ensuring that markets are fair, efficient, and transparent. IOSCO’s efforts in regulatory oversight and investor education have been pivotal in maintaining market integrity.
The new portal allows investors, banks, and online platform providers to access alerts about companies flagged by financial regulators. This centralized system makes it easier to identify unlicensed firms or potential scams, safeguarding investments from fraud.
Furthermore, IOSCO’s innovative tool not only aggregates warnings from over 150 regulatory bodies globally but also supports enforcement activities and assists online service providers in mitigating risks associated with online fraud.
In addition to the launch details, IOSCO has also made strides in other areas, including consultations on various digital engagement practices and neo-brokers, contributing further to investor safety.
Rodrigo Buenaventura, Secretary General of IOSCO, emphasized the importance of I-SCAN, saying, “Our new centralized hub, which will bring together alerts from over 150 regulators worldwide, is a critical enabler of IOSCO’s objective to enhance investor protection. I-SCAN will help our members in their enforcement activities and online service providers in addressing online harm for the protection of retail investors.”
Derville Rowland, Deputy Governor at the Central Bank of Ireland and Chair of the Retail Investor Coordination Group, also commented on the launch: “I am delighted to see the launch of I-SCAN, which is the latest initiative in our campaign to improve retail investor online safety. With frauds and scams continuing to be on the rise, it’s so important for investors to double-check their investment. ISCAN is an essential step in any financial decision.”
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