FCA Issues Alert on eToro Clone Scam

November 25, 2023 at 10:22 PM
FCA Issues Aert on eToro Clone

The UK’s Financial Conduct Authority (FCA) has recently issued a stern warning to the public about a fraudulent eToro clone mimicking the well-known online broker, eToro. This alert comes amid a rising tide of clone scams, where fraudulent entities exploit the data of authorised firms to deceive unsuspecting victims.

Clone scams typically use similar names, logos, and website addresses to those of legitimate firms, creating a deceptive appearance of authenticity. In this case, the clone operates under various names such as Expotoro, Tratoro, and PayBack Toro. Despite their convincing facade, these entities have no affiliation with the actual, authorised businesses.

Crucially, the clone has been actively reaching out to people, masquerading as the FCA-authorised eToro. Potential victims should be aware that dealing with the eToro clone involves significant risks. These include the lack of access to the Financial Ombudsman Service for complaints and the absence of protection by the Financial Services Compensation Scheme (FSCS). In the unfortunate event of the clone firm’s collapse, there is a high likelihood that individuals will not recover their funds.

To help the public distinguish between the fraudulent clone and the legitimate entity, the FCA provided detailed information on both. The eToro clone firm operates with the telephone number +442030973333 and uses emails such as info@tratoro.com and info@pbtoro.com. Its websites are listed as https://expotoro.com/ and https://pbtoro.com/.

In contrast, the genuine eToro (UK) Ltd, with no connection to the clone firm, can be identified by its distinct Firm Reference Number 583263. Located at the 24th Floor of One Canada Square, Canary Wharf, London, their official contact details include the telephone number +4402045251189 and the email address complianceuk@etoro.com. Their legitimate website is www.etoro.com.

The FCA urges the public to exercise caution and verify the authenticity of any financial service provider before engaging in transactions. The FCA’s warning serves as a critical reminder of the sophistication of financial scams and the importance of vigilance in the digital age.

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