The warning was issued against ExpoToro and TraToro.
This has been another clone of a popular social trading platform in recent years.
The British
Financial Conduct Authority (FCA) has issued a warning against a clone of the
popular retail trading brand eToro. eToro, a leader in social and copy trading,
is regularly targeted by dishonest actors seeking to exploit its popularity for fraud. This time, the regulator is warning against the brands
ExpoToro and TraToro, which display eToro's license number on their
website.
ExpoToro and TraToro Use
eToro’s License Number
eToro is
licensed by the FCA under reference number 583263. The exact same reference
number can be found on the ExpoToro and TraToro website. Both these names are
interchangeably used at expotoro.com. At the time of writing, the site is still
accessible. However, most of its sections are not responsible.
"Scammers
may give out other false details, including email addresses, telephone numbers,
postal addresses and Firm Reference Numbers," the FCA warned in the official
statement. "They may mix these details with the genuine details of
authorized firms. They may also change their contact details over time."
Although
the scammer's website in no way resembles the official eToro website, ExpoToro
and TraToro can be considered deceptively similar to the original brand.
Furthermore, under the 'FCA License' tab, the scammers' website directly links
to the regulator's website and to eToro's (UK) Ltd authorization.
eToro Is Regularly
Targeted by Clone Firms
This is not
the first time the FCA has drawn attention to the activities of eToro clones.
In 2019, the British regulator warned against FX Option, a company
impersonating the local branch of the social trading platform. The FCA issued
another warning in 2022 related to Etoro SB Limited.
Cloning
refers to the fraudulent attempt by an entity or individual to use the data of
an authorized firm to convince people that they are working for the mentioned company. In
most jurisdictions, firms must be authorized to sell, promote, or advise on the
sale of shares and other investments.
Some
fraudsters simply claim to represent these authorized firms, changing contact
details to appear authentic. Then, scammers give potential victims their own
phone numbers, address, and website details.
As it turns
out, scammers impersonate not only regulated companies but also regulators
themselves. In October 2022, New Zealand's FMA warned against people who claimed to be employees of the institution in phone calls and email conversations.
Just a month ago, CySEC issued a warning about impersonators.
“You should
only deal with financial firms that are authorised by us. If a financial firm
is authorised by us, it gives you greater protection if things go wrong,” the
British FCA reminded, concluding its warning against eToro’s clone.
The British
Financial Conduct Authority (FCA) has issued a warning against a clone of the
popular retail trading brand eToro. eToro, a leader in social and copy trading,
is regularly targeted by dishonest actors seeking to exploit its popularity for fraud. This time, the regulator is warning against the brands
ExpoToro and TraToro, which display eToro's license number on their
website.
ExpoToro and TraToro Use
eToro’s License Number
eToro is
licensed by the FCA under reference number 583263. The exact same reference
number can be found on the ExpoToro and TraToro website. Both these names are
interchangeably used at expotoro.com. At the time of writing, the site is still
accessible. However, most of its sections are not responsible.
"Scammers
may give out other false details, including email addresses, telephone numbers,
postal addresses and Firm Reference Numbers," the FCA warned in the official
statement. "They may mix these details with the genuine details of
authorized firms. They may also change their contact details over time."
Although
the scammer's website in no way resembles the official eToro website, ExpoToro
and TraToro can be considered deceptively similar to the original brand.
Furthermore, under the 'FCA License' tab, the scammers' website directly links
to the regulator's website and to eToro's (UK) Ltd authorization.
eToro Is Regularly
Targeted by Clone Firms
This is not
the first time the FCA has drawn attention to the activities of eToro clones.
In 2019, the British regulator warned against FX Option, a company
impersonating the local branch of the social trading platform. The FCA issued
another warning in 2022 related to Etoro SB Limited.
Cloning
refers to the fraudulent attempt by an entity or individual to use the data of
an authorized firm to convince people that they are working for the mentioned company. In
most jurisdictions, firms must be authorized to sell, promote, or advise on the
sale of shares and other investments.
Some
fraudsters simply claim to represent these authorized firms, changing contact
details to appear authentic. Then, scammers give potential victims their own
phone numbers, address, and website details.
As it turns
out, scammers impersonate not only regulated companies but also regulators
themselves. In October 2022, New Zealand's FMA warned against people who claimed to be employees of the institution in phone calls and email conversations.
Just a month ago, CySEC issued a warning about impersonators.
“You should
only deal with financial firms that are authorised by us. If a financial firm
is authorised by us, it gives you greater protection if things go wrong,” the
British FCA reminded, concluding its warning against eToro’s clone.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
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