U.K. FCA Issues Warning Against Crypto Clone Fraudster Firms.

U.K. FCA Issues Warning Against Crypto Clone Fraudster Firms.

2021-06-10 | Robin Williams

U.K. FCA Issues Warning Against Crypto Clone Fraudster Firms.

The United Kingdom FCA [Financial Conduct Authority] revealed that fraudsters are using the small print of a corporation it authorizes within a bid to fool victims, labelling it a clone firm. Within an official warning issued earlier today on Wednesday, the financial watchdog outlined that scammers operating as ICO Crypto are employing an approved company’s FRN [Firm Reference Number] in an effort to seem sort of a legitimate business. Other details it gives out are false. The FRN it’s using belongs to Swiss Re Capital Markets, a unit of Swiss Re, one among the world’s leading reinsurers.
“Be aware that scammers may give out other false details or mix these with some correct details of the registered firm,” the FCA added. “They may change contact details over time to new email addresses, telephone numbers as well as physical addresses.”
All firms and individuals conducting financial services activities within the country required to be authorized or registered by the FCA. The watchdog strongly advises users to affect financial firms that are authorized by the FCA solely and points toward the Financial Services Register to make sure they're. Earlier in April, an identical instance occurred when a scamming syndicate impersonated Gain Capital United Kingdom Limited, cold-calling as well as emailing investors beneath the guise of Blockchain Recovery Association.

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