Impersonation Scams in the name of SMFSC

The San Marino Financial Standard Council (SMFSC) has become aware of a series of fraudulent activities in which scammers are falsely representing themselves as SMFSC officials, senior executives, or affiliated market commentators. These parties are sending unauthorised phishing emails and counterfeit documents to members of the public, including licensed entities under SMFSC supervision.

In several reported instances, impostors pretended to be SMFSC’s Executive Director of Enforcement, sending deceptive emails that encouraged recipients to reply or click embedded links. These links are designed to infect respondents' computers with malware or ransomware. Other cases involved fraudsters posing as SMFSC’s Chief Financial Officer, who attempted to obtain recipients’ contact information under the pretext of a “data reconciliation process” through phishing messages.

The scammers often use email domains that mimic the SMFSC’s official domain (“@smfsc.org”) but are fraudulent. Examples of known fake domains include “@smfsc.com”. Targets have included SMFSC-licensed firms and their employees.

Additional reports indicate that scammers impersonating financial analysts have circulated fabricated SMFSC documents to investors, leading to financial losses that may, in some cases, be connected to market manipulation schemes.

The SMFSC emphasizes that all such communications and claims are fraudulent and urges extreme caution when handling unsolicited messages:

• Do not respond to unsolicited emails or click on suspicious links or attachments.
• Always verify the identity of individuals and the authenticity of communications through official SMFSC channels. Contact SMFSC directly at [email protected].
• Never transfer money or share account details with anyone claiming to be from SMFSC, or who offers insider information, investment opportunities, or requests tax payments.
• Immediately report suspected impersonation, fake documents, or suspicious communications to the SMFSC or local authorities.