FCA Warns of Hantec Markets Clone

December 06, 2018 | AtoZ Markets – The Financial Conduct Authority in the Uk has published a warning about a Forex clone company, which was operating without an FCA licence.

The warning the British watchdog published said that FCcoin faked its website to look as the UK-based FX trading brand, Hantec Markets Limited.

The legitimate company Hantec Markets, which was cloned, is the official Forex partner of the well-known east London football club, West Ham United.

The aforementioned team, had signed a three-year deal with the FCA-regulated broker.

A few hours prior to issuing its warning, the FCA warned the public that Easy FX Trade operations were suspicious, as the latter was pretended to hold a licence from the regulator, hiding under the name of the FCA-regulated Hantec Markets.

In parallel, the FCA warned as well that Blooming Finance did not hold any authorisation by them, and it that it “is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorisation.”, as per the warning.

What do scammers do in their cloning?

It is worth mentioning that the last period of time witnessed many fraud cases, where financial regulators in many countries issued warnings to raise the awareness of the public and investors.

Illegitimate companies used to clone data from authorized firms, to lure traders and investors in dealing with them.

Some of the methods the scammers used and were revealed, are cloning the address details of the authorized company, in addition to the stamp of the regulator and the signature of the employee in charge of issuing the licence, and in some cases, scammers showed they tried to create websites under names similar to those names the authorized companies carry, or in a way that make people confused between both sides.

Other tricks scammers tend to use, is the overall look of the website they create, which they also make similar to another one with a licence.

In their turn, regulators always advise that investors should consult with them first before dealing with a company, even if the company claimed to hold a licence.

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