Regulators Sound the Alarm
Despite the absence of any corporate details or indications regarding the entity behind the website, the FMA, which has placed this organization on its blacklist, alleges that it purports to operate out of the UK. Confirming this concern, two other regulatory bodies, CONSOB and CNMV, have affirmed that the company lacks the necessary licenses to advertise and offer online financial services.
It is worth noting that this illicit entity might not be registered at all, potentially running a dubious website that promotes both institutional and retail brokerage services.
A Surge in Negative Feedback
It appears that at some point, this self-proclaimed brokerage attempted to enhance its reputation by engaging review-selling networks. However, they couldn’t keep pace with the influx of fabricated reviews as their fraudulent activities expanded significantly. This is evident when examining the TrustPilot review platform.
As of late, a substantial 47% of all clients have awarded the company the lowest possible rating. The majority of these clients lament that these cybercriminals not only succeeded in absconding with their deposited funds but also compromised their victims’ computer data and privacy.
We will delve further into fraudulent tactics and recovery options in our forthcoming review of WiseWealth.ai.
Cybercriminals in Action
The wisewealth.ai website did not exist prior to August 2023. The scheme primarily targets the following countries:
- United Kingdom
- Canada
- Germany
- Belgium
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