The FX Corporate Identity Theft Trend Continues, FCA Warns About Another Clone

The British financial markets regulator, the 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), issued a warning to the public today about scammers found to be using the identity of another FX related firm to target potential victims in the UK.

This warning is the latest example of what seems to be a growing trend recently, of fraudsters pretending to be legitimate FX firms by the means of essentially Corporate Identity Theft. The FCA calls this type of scam “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,” and explains scammers usually use this tactic when contacting people out of the blue, and that the public should be especially wary if they have been cold called.

The FCA warns cloned firms may use the name of the genuine firm, its Firm Reference Number (FRN) or other details mixed with the details of the clone in an effort to deceive unsuspecting clients. This month, both the FCA and the Maltese Financial Services Authority (MFSA) had issued warnings about FX clones and in March the Cyprus regulator as well as the British exposed cloned FX websites.

The warning this time is against a cloned firm by the name of MN Financial Services Ltd, which uses the website www.mnfx.co.uk.

The cloned firm claims to be based in Kent and also gives out a UK phone number but the website is actually registered under Wang Fei in Shanghai, China and the actual MN Financial Services Ltd is based in Essex. The scam website also displays the out-of-date logo of the FSA (which became the FCA) that should give experienced traders with a sharp eye a hint that something is wrong but just might be enough to dope Chinese traders looking for a trusted British broker.