The Financial Conduct Authority (FCA) today warned against Atom8 Markets, the latest in its series of warnings about clone firms posing as legitimate approved businesses in order to to con UK consumers into making payments for investment services.
According to the UK financial watchdog, the fraudsters have been using a fake website – http://atom8markets.com – and the FCA warned that Atom8 Markets is indeed attempting to mislead investors into thinking that it is offering a legal product through using the details of an authorised firm operating under the same name.
The clone company also claims to be licensed by the FCA, using the authorised firm’s FRN and registered address.
The FX Global Code – Is Self-Regulation the Future of the Industry?Go to article >>
The original company operates under the name Atom8 Financial Services LLP and is registered with the FCA as a regulated provider of spread betting, CFDs and FX products.
Cloned firms are a common fraud – the FCA said that fraudulent clone companies are on the rise, and last month’s list demonstrates that this shows no signs of abating.
The FCA added in its statement that clones employ the tactic of adopting a legitimate company’s name when they cold call potential victims, and thus it urges caution in the event that individuals are contacted by anyone claiming to work for the firm in question.
The watchdog has also advised investors to ensure that they only deal with authorised firms by checking the Financial Services Register.