Clone Firm Impersonates Interdealer Broker Tullett Prebon to Scam Investors

Tullett Prebon, part of TP ICAP, the largest interdealer broker in the world, responded on Tuesday to a warning from the Financial Conduct Authority (FCA) that fraudsters are using its details to scam UK citizens.

In response, the firm published a press release warning consumers of the fraud.

In the PR, the firm clarified its details so that people can differentiate between the legitimate company and the scam firm. Tullett Prebon manages a portfolio of businesses, and provides intermediary services, contextual insights and intelligence, trade 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 solutions and data and Analytics Analytics Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision-making. In the trading space, analytics are applied in a predictive manner in an attempt to forecast the price more accurately. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analy Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision-making. In the trading space, analytics are applied in a predictive manner in an attempt to forecast the price more accurately. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analy Read this Term.

The warning was published on Monday, September 3, 2018. According to the warning, the clone firm is using the name Tullett Prebon. However, consumers can tell the two apart from the different addresses. The scam firm an address of 288 Oldfield Lane North, Greenford London, UB6 8PS; North Circular Road, London, NW10 7TL.

However, the legitimate firm Tullett Prebon reminds consumers that its correct address is: Tower 42, Level 37,25 Old Broad street, London EC2N 1HQ; 155 Bishopsgate, London, EC2M 3TQ.

Clone firms often try to trick investors by using similar details. This can range from using the same name, address, registration number and other significant details. At the moment, investors can tell the difference between the two Tullett Prebon firms through the address. However, the scam firm could change this at any time.

If investors are contacted by Tullett Prebon, particularly via a cold call, then investors should be wary. If this happens, the FCA urges consumers to contact its helpline at 0800 111 6768. Furthermore, contact details for Tullett Prebon can be found via its website www.tpicap.com.

Clone firms are on the rise

With technology becoming increasingly sophisticated, so are the tactics of clone firms. As a result, the instances of these type of scams are on the rise. As you can expect, this is keeping financial regulators on their toes.

Just a quick glance at the FCA’s warning list is enough to give a clear picture of how many clone firms are currently trying to make investors part with their hard-earned cash. In order to protect yourself from getting involved with a scam, investors should always check the warning list of their local regulator.

Performing your own due diligence on top of that, such as checking their registration number and address, is another important step to protect yourself.