06 August, 2020 | AtoZ Markets – Since the pandemic has begun, the scam has increased throughout the financial industry. Investors are falling victim of clone firm in which scammer copy the name, website, address etc. of popular investment firms. Some scams have also contacted the regulator, claiming to be a regulated company, and asked them to change the contact information of the registered company.
FCA Exposes Clone Firm of ETX Capital Global
Financial Conduct Authority (FCA) in the UK often publishes warnings on its website when it comes across a clone firm. Yesterday, the FCA warned that scammers were using clone firm of ETX Capital Global, a regulated brokerage to target UK people. The details of the clone and the authorized company are as follows:
ETX Capital Global (clone of FCA authorized firm)
- Address: STAR HILLS, F19 N1903 JALAN BUKIT BINTANG
- Telephone: 0060175944106
- Email: firstname.lastname@example.org
- Website: www.etxcapitalglobal.com
According to its website, the broker provides forex and CFD trading service. It also claims to win several awards for trading platform technology and education through 2018 and 2019.
FCA authorized firm
- Firm Name: Monecor (London) Ltd trading as ETX Capital
- Firm Reference Number: 124721
- Address: Finwell House, 26 Finsbury Square, London, EC2A 1DS, United Kingdom
- Telephone: +442073921401
- Email: email@example.com
- Website: https://www.etxcapital.com
FCA authorized firm ETX Capital provides trading services of FX, Indices, Commodities and Shares. Its parent entity Monecor (London) Ltd is a member firm of the London Stock Exchange. FCA also said:
"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 regulator has also pointed out two other clone firm. One is the clone of EEA authorized firm, and another one is the clone of FCA authorized firm. The details of the clone and authorized firms are given below:
ASSURANCES DVK (clone of EEA authorized firm)
- Address: 3 Lombard Street, London, EC3V 9AA
- Telephone: +44203 966 5892, +44208 089 3464
- Email: firstname.lastname@example.org
- Website: www.assurances-dvk.com
EEA Authorized Firm
- Firm Name: ASSURANCES Diègo van de Kerchove
- Firm Reference Number: 471136
- Address: Rue d'Omerie 12, Kain, B-7540, Belgium
- Passport In: Belgium
Sterling ISA Managers (Clone of FCA authorized firm)
- Telephone: 01793 376253
- Email: email@example.com
FCA authorized firm details
- Firm Name: Sterling ISA Managers Limited
- Firm Reference Number: 191278
- Address: Tricentre Two, New Bridge Square, Swindon, Wiltshire, SN1 1HN
- Telephone: 02039075131
- Email: firstname.lastname@example.org
- Website: https://embarkadvance.co.uk
The regulators aim to protect consumers from fraud even if it comes from regulated companies. "You should also be aware that if you give money to an unauthorized firm, you will not be covered by the Financial Ombudsman Service or Financial Services Compensation Scheme if things go wrong," it further explains.
Think we missed something? Let us know in the comment section below.