Italy’s financial markets regulator, Consob, has ordered access to 12 websites to be blocked for offering financial services and investment products without proper authorization. The action forms part of its ongoing efforts to combat online financial fraud.
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The order includes Elite-Flows Limited, Dryden Partners, GoMarketsLtd, Atf GlobalX, LSEGCapital Limited, Roccanazionale IA, and PFT Certx International Ltd, among others. Consob said one site, www.elite-flows.com, offered products to the public without a required prospectus, while others operated unlicensed trading platforms or provided unauthorized investment services.
AI-Driven Fraud and Widening Enforcement
Consob frames the latest blocks within a broader shift in fraud tactics, warning that online scams increasingly rely on emails, cloned websites, fake celebrity and politician profiles and content generated by artificial intelligence, including synthetic images, voices and videos.
The authority said these tools aim to trick investors into harmful decisions, and it urged savers to verify that operators are authorized and that prospectuses or white papers exist before investing.
Last month, Consob went beyond blocking websites and directly targeted social media promotion, asking Meta to deactivate a Facebook profile called “Rapporto Italia” that was pushing ads for an AI‑branded trading scheme dubbed “Renditix AI,” alongside ordering the blackout of nine related unauthorized investment sites.
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At the same time, the regulator stressed the growing scale of its online enforcement, noting that this week’s 12 sites bring the total number of websites blocked since July 2019 to 1,666.
Consob highlighted that it uses powers introduced under the Growth Decree, the Capital Act and Law No. 8/2020, and pointed investors to its “Watch for scams!” section and an information sheet dedicated to financial fraud in the age of artificial intelligence.
Regulator Warns of Evolving Online Scams
Since July 2019, Consob has ordered the blocking of 1,666 websites operating without authorization. The regulator exercises powers under Italy’s “Growth Decree,” “Capital Act,” and Law No. 8/2020, allowing it to act against fraudulent financial intermediaries and illegal promotions.
In March, global financial regulators sharply increased their warning activity after a quiet February, signaling stricter oversight of unlicensed trading platforms. The UK’s Financial Conduct Authority (FCA) led the surge with a 73% jump in warnings, while authorities in France, Italy, and Germany also boosted their efforts.
The report from Finance Magnates Intelligence even explains how Italy’s CONSOB can go beyond issuing alerts to fully block unauthorized forex and crypto sites, showing a growing push to protect investors and maintain market integrity.
This article was written by Jared Kirui at www.financemagnates.com.Retail FXRead More
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