Financial scams and clone brokers: how to check a firm with Spain's CNMV

Before sending money to an investment platform, broker or adviser, verify who is offering the service. Spain's CNMV publishes warnings about unauthorised firms and explains that using them can mean a high risk of losing capital.

You do not need to memorise every scam. Check the exact name, website domain and contact details against official records. For investing basics, read the investing pillar, how to invest in Spain and the personal savings guide.

Unauthorised firms and clones

An unauthorised firm may offer regulated investment services without the required permission. A clone goes further by imitating a legitimate company: similar name, copied branding, near-identical web domain or altered contact details. A polished website is not proof of authorisation.

A three-step check

First, search the exact firm in the CNMV's authorised-entity records. Compare the company name, address, email, phone number and domain with the details you were given. A partial name match is not enough.

Second, search the CNMV's public warning database. A warning should make you stop and retain the evidence. No warning does not automatically make an offer safe: CNMV lists are not exhaustive, so authorisation must also be verified.

Third, inspect the website and terms. Watch for one-letter domain differences, pressure to deposit quickly, guaranteed returns, fees to unlock withdrawals, requests for remote access, passwords or verification codes.

If you have already paid

Do not send more money to release a withdrawal. Save statements, chats, ads, URLs and payment receipts, contact your bank promptly to ask what options are available, and consider filing a report where there are signs of fraud. Be wary of recovery companies demanding an upfront payment.

This check cannot remove normal market risk, but it reduces the avoidable risk of giving money to an unauthorised operator. For a longer-term plan, see how to invest in Spain and the emergency fund guide.

Conclusion

Use official records before investing: search the firm, check warnings, compare every contact detail and never transfer money under pressure. Five minutes of verification can prevent a much harder loss to recover.