Dukascopy Bank SA, a Switzerland-based financial services provider, issued a warning on Monday about a fraudulent website that is cloning the original one. According to the press release, the domainwww.dukascoin.holds-coins.com does not belong to the firm and is fraudulent.

Furthermore, Dukascopy stated that the site information is a scam. That said, the financial services provider warned: “Please be aware that this website is not controlled and does not belong to Dukascopy Bank, Dukascopy Japan or any other entity of Dukascopy Group.”

Also, the Swiss firm cautions people not to provide their information whatsoever on the  clone  Clone A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for greater transparency, registers, and authorization, fraudsters have resorted to clone attempts to try to dupe investors.Fraudsters are constantly looking for new ways to scam consumers, but one technique that has been increasingly reported to regulators has been clones.This is a particular issue in the United Kingdom, with the Financial Conduct Authority (FCA) taking measures to crack down on clone firms.These scammers typically cold-call investors to promote shares, property or other investment opportunities that are non-tradable, worthless, overpriced, or even non-existent.How Do Clone Scams Work?In most jurisdictions, firms need to be authorized to sell, promote, or advise on the sale of shares and other investments.Some fraudsters simply claim to represent these authorized firms, or even try to change firms’ contact details on registers to look authentic.The scammers will then give their own phone number, address, and website details to possible victims.Most commonly, scammers claim to be from overseas firms that appear on the registers as these firms do not always have their full contact and website details listed.These entities may even copy the website of an authorized firm, making small tweaks or changes such as to the phone number listed. A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for greater transparency, registers, and authorization, fraudsters have resorted to clone attempts to try to dupe investors.Fraudsters are constantly looking for new ways to scam consumers, but one technique that has been increasingly reported to regulators has been clones.This is a particular issue in the United Kingdom, with the Financial Conduct Authority (FCA) taking measures to crack down on clone firms.These scammers typically cold-call investors to promote shares, property or other investment opportunities that are non-tradable, worthless, overpriced, or even non-existent.How Do Clone Scams Work?In most jurisdictions, firms need to be authorized to sell, promote, or advise on the sale of shares and other investments.Some fraudsters simply claim to represent these authorized firms, or even try to change firms’ contact details on registers to look authentic.The scammers will then give their own phone number, address, and website details to possible victims.Most commonly, scammers claim to be from overseas firms that appear on the registers as these firms do not always have their full contact and website details listed.These entities may even copy the website of an authorized firm, making small tweaks or changes such as to the phone number listed. Read this Term site. “Do not trust any information to be found on the website www.dukascoin.holds-coins.com. This website is a clone of www.dukascoin.com website, and its purpose is to induce individuals to reveal seed phrases to their crypto wallets. Do not provide any personal data on this website,” Dukascopy Bank noted.

Additionally, the announcement notes that the Swiss company is ‘taking action’ against the bogus website. However, as of press time, the site remains operative and online, with a template fully cloned from the dukascoin.com page.

Crypto Custody Services Authorization

Recently, Dukascopy Bank announced that it had been granted authorization from the Swiss financial regulator, FINMA, to provide its customers with the exchange of  cryptocurrencies  Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the networks which are used to authenticate blockchain technology. Cryptocurrencies can be thought of as systems that accept online payments which are denoted as “tokens.” Tokens are represented as internal ledger entries in blockchain technology while the term crypto is used to depict cryptographic methods and encryption algorithms such as public-private key pairs, various hashing functions, and an elliptical curve. Every cryptocurrency transaction that occurs is logged in a web-based ledger with blockchain technology.These then must be approved by a disparate network of individual nodes (computers that maintain a copy of the ledger). For every new block generated, the block must first be authenticated and confirmed ‘approved’ by each node, which makes forging the transactional history of cryptocurrencies nearly impossible. The World’s First CryptoBitcoin became the first blockchain-based cryptocurrency and to this day is still the most demanded cryptocurrency and the most valued. Bitcoin still contributes the majority of the overall cryptocurrency market volume, though several other cryptos have grown in popularity in recent years.Indeed, out of the wake of Bitcoin, iterations of Bitcoin became prevalent which resulted in a multitude of newly created or cloned cryptocurrencies. Contending cryptocurrencies that emerged after Bitcoin’s success is referred to as ‘altcoins’ and they refer to cryptocurrencies such as Bitcoin, Peercoin, Namecoin, Ethereum, Ripple, Stellar, and Dash. Cryptocurrencies promise a wide range of technological innovations that have yet to be structured into being. Simplified payments between two parties without the need for a middle man is one aspect while leveraging blockchain technology to minimize transaction and processing fees for banks is another. Of course, cryptocurrencies have their disadvantages too. This includes issues of tax evasion, money laundering, and other illicit online activities where anonymity is a dire ingredient in solicitous and fraudulent activities. By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the networks which are used to authenticate blockchain technology. Cryptocurrencies can be thought of as systems that accept online payments which are denoted as “tokens.” Tokens are represented as internal ledger entries in blockchain technology while the term crypto is used to depict cryptographic methods and encryption algorithms such as public-private key pairs, various hashing functions, and an elliptical curve. Every cryptocurrency transaction that occurs is logged in a web-based ledger with blockchain technology.These then must be approved by a disparate network of individual nodes (computers that maintain a copy of the ledger). For every new block generated, the block must first be authenticated and confirmed ‘approved’ by each node, which makes forging the transactional history of cryptocurrencies nearly impossible. The World’s First CryptoBitcoin became the first blockchain-based cryptocurrency and to this day is still the most demanded cryptocurrency and the most valued. Bitcoin still contributes the majority of the overall cryptocurrency market volume, though several other cryptos have grown in popularity in recent years.Indeed, out of the wake of Bitcoin, iterations of Bitcoin became prevalent which resulted in a multitude of newly created or cloned cryptocurrencies. Contending cryptocurrencies that emerged after Bitcoin’s success is referred to as ‘altcoins’ and they refer to cryptocurrencies such as Bitcoin, Peercoin, Namecoin, Ethereum, Ripple, Stellar, and Dash. Cryptocurrencies promise a wide range of technological innovations that have yet to be structured into being. Simplified payments between two parties without the need for a middle man is one aspect while leveraging blockchain technology to minimize transaction and processing fees for banks is another. Of course, cryptocurrencies have their disadvantages too. This includes issues of tax evasion, money laundering, and other illicit online activities where anonymity is a dire ingredient in solicitous and fraudulent activities. Read this Term and fiduciary deposits in digital assets allowing investment and custody of cryptos on behalf of clients.

Clients with Savings accounts enjoy all the same benefits as private clients when it comes to fiduciary services. For example, anyone planning to deposit over $100,000 can request a savings account from multi-currency accounts (MCA). In addition, Dukascopy Bank noted that different options for investments in cryptocurrencies are already operational.

A recent interim financial update by Dukascopy Bank revealed the state of its business in the first four months of 2022. Revenue in the period was CHF 10.3 million ($10.5 million), which is more than 30% higher than the previous year.