FCA Issues Warning Against Another Clone, Unauthorised Firm

The Financial Conduct Authority (FCA) today warned against Alpha Consulting, the latest in its series of warnings about 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 posing as legitimate approved businesses in their attempts to con UK consumers into making Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term for investment services.

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According to the UK financial watchdog, fraudsters based in Bishopsgate, London are using the name Alpha Consulting for investment consulting operations designed to attract newbie investors who are not aware of the existence of regulatory registers and are ill-informed to take investment decisions.

The fraudsters have been using a fake website - www.alphaconsultinguk.com - and the FCA warned that Alpha Consulting is indeed attempting to mislead investors that it is offering a legal product through using the details of an authorised firm operating under the same name.

In response to this wave of fraud, the FCA said that fraudulent clone companies were on the rise, and last month’s list demonstrates that this shows no signs of abating.

This latest case is another example of a clone attempting to scam individuals through the deployment of illicit means and misleading information. The FCA added in its statement that clones employ the tactic of adopting a legitimate company’s name when they cold call potential victims, and thus it urges caution in the event that individuals are contacted by anyone claiming to work for the firm in question.

The watchdog has also advised investors to ensure that they only deal with financial firms that are authorised by checking the Financial Services Register.