The UK's financial regulator has flagged an unscrupulous firm impersonating the authorized Admiral Markets UK Ltd. According to the Financial Conduct Authority (FCA), the cloned entity uses Admiral Markets UK Ltd's details in a fraudulent firm under the name admrlmrkts.co.

The Clone Firm's Details

According to a statement by the FCA, admrlmrkts.co is contacting unsuspecting individuals, pretending to be associated with the legitimate firm. A clone scam entails an entity using contact information similar to that of a genuine firm, making it difficult for potential investors to distinguish between the real and the fake.

The clone firm operates under the name admrlmrkts.co, with a telephone number of +442030972830 and emails at support@admrlmrkts.co, support@admiralmarkets.io, and compliance.uk@admiralmarkets.io. Its website is https://admrlmrkts.co/. The FCA noted that the fraudulent entity uses other fake details and mixes them with those of genuine firms.

Notably, Admiral Markets UK Ltd is a legitimate firm authorized by the FCA and bears no connection to the clone. The genuine name is Admiral Markets UK Ltd, the reference number is 595450, the address is in the UK, and the correct email is compliance .uk@admiralmarkets.com.

Clone firms exploit the trust and reputation of legitimate companies to deceive investors. They often appear credible due to their convincing use of genuine firm details. This tactic makes it challenging for individuals to detect the fraud until it's too late. FCA has urged users to be wary of unsolicited calls, emails, or messages that offer financial services or investments.

FCA Targets More Clone Firms

The cases of clone firms in the financial sector are on the rise. Most recently, the FCA flagged a fraudulent entity masquerading as a legitimate financial services provider. The scam operation, identified as "finaltolive.com," claims to be authorized by the financial watchdog.

finaltolive.com reportedly mimics the details of the legitimate FCA-registered firm, Finalto Financial Services Limited, to deceive the public. The flagged entity uses the email address h.stevens@finaltolive.com. Thus, the FCA cautioned users that the fraudsters behind the firm may provide additional false contact information, such as other email addresses, telephone numbers, and postal addresses.

Similarly, the FCA cautioned against ten companies suspected of providing or promoting financial services without its authorization last month. The regulator said that GLOBAL SKY TRADING, SUPERMININFX.LTD, ELITEGLOBALMINERS, FLOWSGLOBAL, AND LEGITIMATEFXPRO.COM, and SOLID-TRADES UNIT.