The International Organization of Securities Commissions (IOSCO) has introduced its new investors alerts portal, a dedicated platform to help combat investment fraud globally.
The International Securities & Commodities Alerts Network (I-SCAN) is a unique global warning system where any investor, online platform provider, bank or institution can check if a suspicious activity has been flagged for a particular company by financial regulators worldwide.
The introduction of I-SCAN forms part of IOSCO’s Roadmap for Retail Investor Online Safety, an initiative which was launched in November last year and which has five waves of activity. The launch of I-SCAN marks the latest activity under Wave Two of this campaign.
The rapid growth of investment fraud shows no sign of abating. With billions being lost every year because of fraudulent activity or misleading statements, the need for due diligence when making investment decisions has never been greater.
I-SCAN enables investors and stakeholders to identify – in one place – firms or potential investments that have been reported as unlicensed or as a scam in their country or elsewhere in the world, potentially saving them from fraud.
Financial regulators will submit alerts directly to I-SCAN making information available to all users and investors – anywhere in the world.
Rodrigo Buenaventura, Secretary General of IOSCO, said:
“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.”
