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Impersonation Fraud Meaning

A type of social engineering scam where an attacker poses as a trusted figure-such as a project founder, customer support agent, or exchange official-to trick users into revealing private keys, sending funds, or clicking malicious links. This is rampant on platforms like Telegram, Discord, and X.

Attackers often create "look-alike" accounts that use the same profile picture and a nearly identical username (e.g., changing an "l" to an "I"). They may reach out to users "urgently" to offer help with a technical problem or to promote a fake "giveaway" that requires the user to send a small amount of crypto first to verify their address.

Modern impersonation fraud has evolved to include AI-generated deepfakes of voices and videos.

Protecting against this requires a "zero trust" approach: users should never share seed phrases and should always verify the authenticity of an account through official, out-of-band channels before taking any financial action.

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Important Disclaimer:

Finery Markets BVI Limited (“Finery Markets”) provides software, technology infrastructure, and related Information and Communication Technology (ICT) services on a Software-as-a-Service (“SaaS”) basis. Finery Markets acts solely as a software vendor and does not operate a trading platform, does not intermediate, match, execute, clear, or settle transactions, and does not engage in any activities that would require regulatory authorisation under applicable laws.

Finery Markets’ software is non-custodial and is provided exclusively to licensed institutional entities that act as independent operators of their own environments. All counterparties are solely responsible for establishing and maintaining their own bilateral trading and settlement relationships. Finery Markets is not a party to any such arrangements and assumes no responsibility for the conduct, verification, or compliance obligations of any users of the software.

Nothing on this website shall be construed as a financial promotion, investment advice, or an offer to engage in regulated activities. Access to and use of the software is strictly limited to clients who have entered into a software licensing agreement with Finery Markets. Persons located in jurisdictions where such access is restricted should not rely on this website or any of its contents.

Additional notice to UK visitors: This website and associated communications are not intended to constitute a financial promotion under The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) and related guidance. Access to services provided by Finery Markets is limited to regulated entities, professional clients and eligible counterparties as set out by the Financial Conduct Authority. UK users are not permitted to use this website for the services of Finery Markets if they don't fall within these categories.