The UK Financial Conduct Authority (FCA) has raised a red flag against fraudulent entities mimicking the multi-asset investment firm Saxo Bank. These imposters, often referred to as "clone firms," are using every detail of the authorized firm, including its names, websites, addresses, and logos, to convince unsuspecting individuals that they are legitimate financial institutions.

The warning, first published in 2020 and updated today (Wednesday), indicated that the fraudsters are using the name "Saxo Bank/ Saxo Capital/ Saxo Advisory" in their attempts to impersonate the FCA-authorized firm.

FCA Identifies Saxo Bank Clone Scammers

The clone scammers use multiple telephone numbers and email addresses, such as finance@uksaxobank.com and info@saxobankfxtrade.com, to appear authentic. Their websites include www.saxobankfxtrade.com, https://saxobank-online.info/, and www.saxobank-online.net.

According to the FCA, Saxo Bank A/S, with the reference number 207519, is the legitimate firm that the fraudsters claim to represent. This Denmark-based institution is located at Philip Heymans Alle 5, Hellerup, 2900. It can be reached at +4539774000 and operates through www.saxobank.com.

Meanwhile, Saxo Capital Markets UK Limited holds the reference number 551422 and is situated on the 26th Floor, 40 Bank Street, London, E14 5DA, United Kingdom. For inquiries, they can be contacted at 4402071512100, and their official website is https://www.home.saxo/en-gb/.

Saxo Bank/ Saxo Capital/ Saxo Advisory (Clone of an EEA Authorised firm and an FCA authorised firm) https://t.co/JC87EqjZbN

— Jared Kirui (@JaredLopta79285) November 1, 2023

The regulator has warned users that they will not have access to the Financial Ombudsman Service in case of a complaint if they engage with fraudulent firms. Moreover, users are not protected by the Financial Services Compensation Scheme if things go wrong, making it unlikely to recover lost funds.

Surge in Clone Firms Impersonating Big Names

The cases of 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 firms impersonating renowned financial institutions have increased. Last month, the FCA warned against a fraudulent firm impersonating Morgan Stanley. This imposter has operated under the guise of "Morgan Stanley/msaccounts.uk" and has not been authorized by the FCA. The clone firm has been actively reaching out to individuals, masquerading as the legitimate Morgan Stanley.

As per the regulator, fraudsters have primarily been luring unsuspecting users through social media platforms. Scammers have flocked to platforms like Telegram, operating channels with misleading names such as "Plus+ 500 Official Signal", "eToro Signals", "FXCM FX Signals", and "FXStreet Signals". Despite boasting tens or even hundreds of thousands of followers, these channels have no affiliation with the brands they impersonate.