FCA Fights Off Clone Attack The British regulator continues to struggle with clone companies. According to the Financial ConductAuthority (FCA), scammers use data from authorized firms to convince customers of their authenticity.
However, these clone firms have not received regulatory approval for financial services. FCA encourages everyone to be vigilant and not fall for the scammers bait. Clone companies can use the names of existing firms, the 'firm’s reference number' (FRN) and other details.
The regulator provided information about Fair Oaks Crypto (a clone of FCA authorized firm) to show how fraudsters forged data.
The regulator also gives several tips on how customers can protect themselves from this type of fraud:
- Do not give in to extremely profitable offers and loud promises.
- Check whether the company has actually received the approval of a regulatory body.
- Ask for their FRN and contact details, but always call them back on the switchboard number given on the Register.
- If there are no contact details on the Register or the firm claims they are out of date, contact the Consumer Helpline on 0800 1116768.
- You should access the Register directly from register.fca.org.uk rather than through links in emails or on the website of he firm.