Sweden's Financial Supervisory Authority adds ten unauthorised firms to its warning list and warns about recovery company scams

Sweden's Financial Supervisory Authority (FI) has added ten new actors to its public warning list of firms that lack authorisation to provide financial services in Sweden, alongside a consumer alert about so called recovery companies that target people who have already been defrauded. FI reported receiving a particularly high number of complaints about approaches claiming to help victims recover losses from earlier scams, such as investment fraud. The typical pattern involves contact by phone, email or social media, promises to trace and return funds, and a request for an upfront fee after which no money is paid out. FI also noted that repeat targeting suggests victim contact details are shared between fraudsters, and reiterated that neither authorities nor legitimate firms contact individuals and demand advance payment to help recover money. The ten entities added to the warning list are Grantly AB, Trevia Capital, Pan Pacific Securities, Alska World (arrelia.online), Iroxivor, CapeCoins, Nordkvarn.com, Alvine Group AB and Alvine Group Limited, Virtu Financial (clone) at www.vtfapp.com, and Prosperagroup.se, and FI reiterated its baseline advice to invest only through firms in its company register and to verify authorisation with a home supervisor when dealing with an alleged international provider of regulated services.