WHY YOU MUST MONITOR YOUR CSCS ACCOUNT

An investor is at his wits end trying to decipher what nature of fortune had smiled on him when he suddenly got a text alert from the Central Securities Clearing System informing him that some thousands of units of shares he never purchased had been credited to his CSCS account. The investor was however knowledgeable enough not to take criminal advantage of the awful mistakes of the CSCS.

The investor argued that he knew very well that the wrongful crediting of his CSCS account could have set off a long line of accounts wrongful crediting just as some other investors’ account could have been wrongfully debited.

A business lawyer, Mr. Bisi Iyaniwura said such wrongful crediting of CSCS accounts should put investors on guard on the susceptibility of the CSCS to manipulation and possible criminal exploitation by some market operators who might have become desperate in the face of the downward trending of the stock market to sell off without proper authorized mandate, the shares of clients.

“I will advise investors to be vigilant and to constantly monitor their CSCS accounts because it is opened to manipulations and abuses by some desperate brokers. Do not forget that the CSCS protocol assumes that all documentations and crosschecks to authenticate ownership of a CSCS account have been concluded before the activation of the account. Therefore, forged or unauthorized mandate can emanate from an unscrupulous broker to defraud a client without the CSCS knowing. This is why I advise that investors should monitor their CSCS accounts.