Another Clone FX Broker Comes Up; FCA Issues Warning

Scammers have cloned the website of FCA-regulated firm Swiss Investment Corporation and are luring in victims by claiming the reference number of the authorized provider.

A warning over the scam was issued by the Financial Conduct Authority (FCA), which has been at the forefront of the fight against the financial fraudsters, recently adding Swiss Investment Fx Clone Clone A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for Read this Term to its list of dubious brokers.

Although visually different from the official Swiss Investment Corporation’s website, including the logo, the fraudulent site exploits the company’s reputation by featuring its official website address at the foot of each web page and listing all its regulatory license numbers.

Regulators have yet to get to grips with the rampant trend

The genuine company’s headquarters are based in London with local representative offices in Geneva, Lugano, and Zurich. Swiss Investment Corporation is regulated by FCA in the United Kingdom and supervised by FINMA in Switzerland. In addition, the company specializes in global capital markets, private placements and order Execution Execution Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Read this Term, not FX or CFDs products that are offered by the clone broker.

Fraudsters in the financial services space have numerous methods for trying to get their hands on victims’ cash and one tactic that is becoming increasingly common is the fake or cloned website. In a cloned scam, the fraudsters copy or “clone” a legitimate website. The copy of the website can be astonishingly exact, or just an approximation with copied logos, but the intent is ultimately to separate victims from their money, credit card number, or login credentials.

The spread of fraudulent clone websites that mimic the sites of reputable financial entities is nothing new, but regulators have yet to get to grips with the rampant trend.

The FCA tells consumers that “fraudsters usually use this tactic when contacting people out of the blue, so you should be especially wary if you have been cold called.”