Unregulated Schemes

Financial Scams

1. Financial Scams refer to dishonest, fraudulent and illegal schemes that attempt to defraud people.
2. The fraudsters will often target vulnerable victims who are in urgent need of money (for example, unplanned retirement – the senior citizens are particularly vulnerable) and/or those who cannot recognise the signs of a fraud.

How can scams be identified?

1. Promise of the excessively high returns in a very short time when compared to what is being offered in the market;
2. Request to the potential victim to provide personal details including his bank account details, pin number or internet banking log-in credentials; and
3. Pressure on the potential victim act rapidly.

What do scams and swindles mean?

A scam is a term used to describe any fraudulent business or scheme that takes money or other goods from an unsuspecting person. A swindle is described as the act of getting money dishonestly from someone by deceiving or cheating him.

How does the FSC assess its procedures and processes?

Keeping abreast of and meeting international standards and norms have become a necessity for regulators. The FSC Mauritius is a member of international standard-setting bodies namely the International Organisation of Securities Commission (IOSCO), the International Association of Insurance Supervisors (IAIS) and the International Organisation of Pension Supervisors (IOPS). The FSC Mauritius continuously adheres to these international norms and standards to foster transparency, market efficiency, and the effectiveness of its supervision.

More information in the brochure. Link below.