They Just Keep Coming! British Financial Watchdog Warns of Three More Forex Clone Scams

An ever-increasing number of scammers are being exposed by regulators worldwide for the identify theft of legal corporations or targeting clients in markets where they are not authorized.

One such popular scam is the Clone broker, when a fraudster sets up a website with the name of a reputable company and targets victims based on the reputation of the copied company, while at the same time also displaying the license number of the real company to fool traders into believing it is a regulated broker.

The UK’s Financial Conduct Authority (FCA) reported today that it had discovered three more such clone firms. The three scams are Sapien Capital Limited (sclforex.co.uk), PMG Forex (pmgforex.com) and Max Forex (maxforex.net). All three site domains are variations on the names of the real firms whose identity was stolen.

Like with many clones before, the sites seem to primarily target Chinese speakers. However, unlike previously discovered clones, today's batch seems of a higher quality as far as graphics are concerned showing an improvement in the level of sophistication the fraudsters employ.