The Financial Conduct Authority (FCA) of the United Kingdom took more steps this week at addressing the issue of online financial scams and fraudulent companies which often operate clones of legitimate brokerages for illegal activities. A review of the Warnings page of the regulator’s website reveals more than 20 new posts regarding clones of officially regulated firms, as well as known scam companies.
Among the scam firms identified by the FCA are ValueFX, The Wealth Core, Migotrade, Clear Save, British Bonds Company, Easy Money Loan, 24Cash Lender, FUNDIZA, Finance Ever, Online MarketShare, AU-F/AUF Limited. Furthermore, the following clones of FCA regulated entities have also been identified, including Forextime UK Limited, Sweet Loanz (Trusted Finance Ltd), Carmignac Gestion Luxembourg S.A., and others.
The regulator also warned that unknown individuals have even turned to clone the websites of prominent international banks, including DBS Bank, Scotiabank, and Nomura Bank.
We once again urge all traders to carefully evaluate and check the information on their broker’s website and materials to ensure they are not at risk of losing their funds to possible scammers of fraudulent services. Check Your Broker today!
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