The FCA has warned against a clone firm, Plus-500 which claims to be an authorized firm but scams potential victims in the UK.
FCA remains vigilant, warns against Plus-500 clone
In particular, the British regulator has warned against Plus-500, which it states is a clone of an FCA registered company – EEA authorized firm, which provides financial advisory services.
“Almost all firms and individuals carrying out financial services activities in the UK have to be authorised or registered by us. This firm is not authorized or registered by us but has been targeting people in the UK, claiming to be an authorized firm,” the regulator warned in its statement today.
“This is what we call a ‘clone firm‘; and fraudsters usually use this tactic when contacting people out of the blue, so you should be especially wary if you have been cold called. They may use the name of the genuine firm, the ‘firm reference number’ (FRN) we have given the authorised firm or other details.”
Plus-500 claims to be a globally recognized Forex broker on its website, www.plus-500.ltd/. On its website, the entity states:
“Plus-500 Limited is an investment company based in the Israel with a clear focus on emerging markets across select sectors that focus on developing and investing in Energy resources and Stock market sectors which are viewed as the sectors of growth over the coming eras as the global population continues to increase rapidly.”
FCA provides details on Plus-500 (clone of EEA authorized firm)
In its warning, the UK watchdog provides the following information as belonging to the scam broker:
Telephone: +44 7476547304
Email: email@example.com, firstname.lastname@example.org
Website: https://www.plus-500.ltd/ ; https://www.plus500.ltd/
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.
In comparison, the FCA also outlines the details of the legitimate firm, in which Plus-500 has cloned details of:
Firm Name: Plus500UK Ltd
Firm Reference Number: 509909
Address: 8 Angel Court, Copthall Avenue, London
EC2R 7HJ, UNITED KINGDOM
Telephone: +44 02038761641
“Be aware that scammers may give out other false details or change their contact details over time to new email addresses, telephone numbers, or physical addresses,” the FCA cautioned.
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