Tag: fca

FCA Issues Alert Over Online Brokerage XTB Clone

Posted on by Adam Smith
FCA

The Financial Conduct Authority (FCA) of the United Kingdom has today issued a critical warning to investors and the public regarding a fraudulent XTB clone firm impersonating the well-known online brokerage, XTB. This clone, operating under the name 'XTB Trading World,' is not authorized by the FCA and has been actively engaging in deceptive practices.

Clone firms are illegitimate entities that mimic the identity of authorized firms, utilizing their addresses, licenses, logos, and other identifying details. Their primary aim is to deceive potential victims more easily, capitalizing on the reputation and trust associated with the genuine firms. However, it is crucial to note that these clones have no affiliation with the legitimate businesses they impersonate.

The fraudsters behind this specific clone have been contacting individuals, falsely representing themselves as an authorized entity. The FCA has released the following details of the clone firm to alert the public:

  • Name: XTB Trading World (Clone of FCA Authorised Firm)
  • Telephone: +447424912789
  • Email: tradewithxtb@outlook.com

To provide clarity and prevent any confusion, the FCA has also provided information about the legitimate, authorized firm, XTB Limited, which has no connection whatsoever with the clone firm:

  • Firm Name: XTB Limited
  • Firm Reference Number: 522157
  • Address: Level 9, Office 9.12, One Canada Square, Canary Wharf, London, E14 5AA, UNITED KINGDOM
  • Telephone: +442036953085
  • Email: compliance@xtb.co.uk
  • Website: https://www.xtb.com/en

The FCA warns that interactions with clone firms like 'XTB Trading World' carry significant risks. Those who transact with such entities will not have access to the Financial Ombudsman Service for complaints nor be protected by the Financial Services Compensation Scheme (FSCS). Consequently, in cases of financial loss or firm insolvency, it is unlikely that victims would recover their funds.

The FCA strongly advises individuals to verify the authenticity of any financial service provider before engaging in any form of transaction or investment. This warning serves as a reminder of the persistent threat posed by clone firms in the financial sector and the importance of vigilance among investors and the public.

FCA Issues Alert on eToro Clone Scam

Posted on by Adam Smith
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.

UK FCA Warns Against Plus500 Clone Scam

Posted on by Adam Smith
FCA

The UK Financial Conduct Authority (FCA) has recently issued a public warning about a fraudulent entity cloning the reputable retail FX and CFD broker, Plus500. This clone, operating under the deceptive website www.plus500un.com, is mimicking Plus500's branding, including its name, logo, and other corporate details.

Clone firms like this are a growing concern, as they exploit the credentials of legitimate businesses to deceive individuals into believing they are dealing with the real entity. These fraudsters may combine accurate details of authorized firms with false contact information, including email addresses, telephone numbers, and postal addresses, making it challenging for individuals to differentiate between the genuine and the fake.

The FCA emphasizes that Plus500UK Ltd, the legitimate and authorized firm, is in no way connected to this clone. Plus500UK Ltd is a recognized firm with the Firm Reference Number 509909 and operates from 8 Angel Court, Copthall Avenue, London, EC2R 7HJ, United Kingdom. Their official contact details include the telephone number +4402038761640 and email address compliance@plus500.co.uk, with their authentic website being https://www.plus500.com/en/.

The authority stresses the risks involved in dealing with clone firms. Individuals who transact with such entities are not covered by the Financial Ombudsman Service for complaints, nor are they protected by the Financial Services Compensation Scheme (FSCS). This lack of protection means that in the event of the clone firm going out of business, it's highly unlikely that individuals will recover their money.

The FCA urges the public to be vigilant and always verify the authenticity of any financial service provider before engaging in any transaction. This incident serves as a stark reminder of the sophisticated tactics employed by scammers in the financial world and the importance of conducting thorough checks to ensure the legitimacy of a firm.