Fake Facebook profiles are using the name of the Bulgarian Association of Asset Managers (BAUD) to offer deals in financial instruments and asset management, the Financial Supervision Commission (FSC) has warned.

The profiles copy the association's name, visual identity and way of communicating. The FSC says their messages carry a risk of deception and financial fraud.

The commission advises investors to check that the profiles are genuine and who is behind the contacts they receive. People should not hand over personal data, or details that give access to financial accounts and funds, until it is clear that the person or organisation is legitimate.

If in doubt, the FSC recommends asking for extra details that independent public sources can confirm. It also advises checking the commission's public registers and the official websites of the firms it supervises. Anyone who is unsure should cut off contact, and if they suspect dishonest or criminal acts, report them to the interior ministry and the FSC.

The list of licensed firms, with their electronic contact channels, is on the FSC website, fsc.bg. Tips for investors are also on "#InvestSafely" at fsc.bg/invest-safely.

BAUD was founded on 30 November 2004 and is the first Bulgarian association of professional managers of mutual fund portfolios. According to the FSC, it has 28 member asset management firms, which represent 146 funds and manage assets of nearly 2.2bn euros.

At the end of last month, the commission expanded its safe investing campaign with a Facebook page to help people spot financial risks and make better-informed decisions. Earlier this month, it also published a list of websites that offer crypto-asset services although the people behind them have no right to do so.