UK FCA Warns on a Clone Firm Impersonating Wells Fargo

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) issued a warning on Wednesday about 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 that is impersonating Wells Fargo, the US-based bank giant. According to the note, the impersonators are using the legit details of the FCA-authorized Wells Fargo branch to scam people in the UK.

In fact, scammers use a domain name dubbed wf-europe.com to send emails to people and use a false address that does not coincide with the official one belonging to Wells Fargo Securities International Limited. “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,” the FCA warned.

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 other FCA-licensed branches of Wells Fargo are Wells Fargo Asset Management (International Limited, Wells Fargo Bank (National Association) and Wells Fargo Capital Finance (UK) Limited.

“If you use an authorized firm, access to the Financial Ombudsman Service and FSCS protection will depend on the investment you are making and the service the firm is providing. If you would like further information about protection, the authorized firm should be able to help,” the UK FCA added.

Recent Clone Firms Spotted by the FCA

In August, the British financial watchdog issued warnings against three companies that are acting as clone firms, posing as licensed businesses. ICM Capetal, www.longleafmanagement.co.uk, and IntertradesFX claim to be fully authorized by the FCA to run operations within the country. Moreover, FCA recently cautioned that UBS Capital Wealth and ICO Crypto are on the regulator’s watchlist, as fraudsters are using UBS AG and Swiss Re Capital Markets Limited details, respectively, to convince people that they are a legit company.