A Clone Firm Is Impersonating HYCM Broker, UK FCA Warns

The United Kingdom’s Financial Conduct Authority (FCA) Financial Conduct Authority (FCA) The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol Read this Term) warned on Thursday that a 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 firm had been impersonating the FCA-authorized broker, Henyep Capital Markets (UK) Limited. According to the advisory, the alleged fraudsters are using the brand ‘HYCMFX’ to pose as the legit broker entity that operates in the UK.

The watchdog said that the fraudsters are using a website dubbed www.hyxmfx.com to catch clients and tell them that they are an authorized FCA firm. In reality, the authorities commented: “Be aware that scammers may give out other false details or mix these with some correct details of the registered firm. They may change contact details over time to new email addresses, telephone numbers or physical addresses.”

A clone firm is a concept used by the British watchdog or refers to the tactics used by fraudsters when contacting people trying to convince them that they work for an authorized firm in the United Kingdom.

The FCA pointed out that the only domain authorized under the watchdog’s jurisdiction is www.hycm.co.uk, with a firm reference number 186171. “This FCA authorized firm that fraudsters are claiming to work for has no association with the ‘clone firm,’” the British financial supervisor added.

Bank of America Impersonators

The UK FCA stated that people dealing with authorized firms in the UK are entitled to access the Financial Ombudsman Service and the Financial Services Compensation Scheme (FSCS), which depends on the investment made. In fact, the watchdog cautioned people that conducting businesses with clone firms exposes them to potential fraud.

This week, the FCA issued a warning about a clone firm that is impersonating the US-based Bank of America. A fake firm using a domain dubbed boa-eu.com is arranging contact bridges with potential victims of fraud, claiming that they are representatives of the major US bank. The Bank of America is registered and authorized by the FCA under the legal name of ‘Bank of America, N.A.’ with the firm reference number 124642.