Italy’s financial markets regulator, Consob, has ordered the blackout of 17 websites that illegally offered investment and crypto-asset services. Several of these sites used fake advertisements featuring deepfaked images and voices of prominent Italian politicians.
The websites cloned the likenesses of Prime Minister Giorgia Meloni, Deputy Prime Minister Matteo Salvini, Elly Schlein, and Carlo Calenda to promote unauthorized financial services. None of the politicians had any connection to the activities.
Consob banned several online platforms that promoted unauthorized investment and crypto-asset services. The regulator said these sites advertised illegal offerings and used misleading promotional content to attract investors.
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With the latest action, the total number of websites blocked by Consob has risen to 1,443. The regulator used its expanded powers to restrict access to platforms operating without authorization to protect Italian investors from fraudulent activities.
Investors Urged to Verify Providers’ Authorization
Italian internet providers are now implementing the blocks, though Consob noted that technical delays may occur.
The Authority reminded investors to act with caution when approaching online investment offers. It advised verifying that service providers are authorized and that relevant prospectuses or white papers are available before committing funds.
Meanwhile, Australia’s securities regulator, ASIC, has removed over 330 fraudulent investment websites this year, a 25% increase from last year. Many of these sites used images of well-known billionaires, including Andrew Forrest, Gina Rinehart, and Anthony Pratt, to falsely promote get-rich-quick schemes and mislead potential investors.
Consob Partners with Google to Block Fraud Ads
Consob partnered with Google to strengthen protection against online financial fraud. The collaboration focuses on creating a digital filter that blocks ads for fraudulent investment schemes before they reach websites or social media.
Announced at a conference in Rome, the initiative brought together institutional and digital leaders, including representatives from the Bank of Italy, Guardia di Finanza, and Italy’s National Cybersecurity Agency.
Consob emphasized that while regulators remain on the front line, cooperation with major tech platforms is essential. The partnership is seen as an initial step, with potential expansion to companies like Meta, X, and LinkedIn.
