They Just Keep Coming! British Financial Watchdog Warns of Three More Forex Clone Scams

An ever-increasing number of scammers are being exposed by regulators worldwide for the identify theft of legal corporations or targeting clients in markets where they are not authorized.

One such popular scam is 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 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 Read this Term broker, when a fraudster sets up a website with the name of a reputable company and targets victims based on the reputation of the copied company, while at the same time also displaying the license number of the real company to fool traders into believing it is a regulated broker.

The UK’s Financial Conduct Authority (FCA) reported today that it had discovered three more such clone firms. The three scams are Sapien Capital Limited (sclforex.co.uk), PMG Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term (pmgforex.com) and Max Forex (maxforex.net). All three site domains are variations on the names of the real firms whose identity was stolen.

Like with many clones before, the sites seem to primarily target Chinese speakers. However, unlike previously discovered clones, today's batch seems of a higher quality as far as graphics are concerned showing an improvement in the level of sophistication the fraudsters employ.