Banco de Portugal issued a public alert to warn that an entity, operating through a website on the Internet, is not authorized to carry out any credit activity in Portugal. The Portuguese monetary authority alerted consumers to the risks associated with contracting financial services from unregulated entities.
This entity was operating without the proper authorization from Banco de Portugal, which is the body responsible for the supervision and regulation of credit institutions in the country. The issuance of alerts of this nature is a common practice of Banco de Portugal to protect consumers from potential fraud or illicit practices in the financial sector.
Banco de Portugal's public alerts aim to inform and alert the population about the existence of entities that operate irregularly, encouraging consumers to always verify whether the institutions with which they intend to contract financial services are properly authorized.
