Investigating the data in investor alerting portals

Abstract

Financial regulators in many jurisdictions publish investor alerts that identify newly identified threats such as imposter websites and unlicensed firms. Many of these lists are aggregated by the International Organization of Securities Commissions. We analyse these alerts to understand if they can be used to create cybersecurity measures to protect consumers. An exploratory study indicates that the dangerous websites identified in the alerts are largely not detected by the safety services in web browsers. The financial security of consumers can be improved through coordination between the financial regulators, browser developers and cybersecurity services. We provide recommendations for improving the effectiveness of investor alerts through better data publication practices.