Hackers Launch Fake Chinese Boston Prime Site and Pose as a Forex Broker

It’s widely ‘practicable’ over the internet to copy logos, concepts, designs and even whole websites. Some go as far as

It’s widely ‘practicable’ over the internet to copy logos, concepts, designs and even whole websites. Some go as far as copy whole social networks, like Facebook’s Chinese clone. Wired ran a large article about the phenomena called “Inside the clone factory: The story of Germany’s Samwer brothers”.

Similar practice exists in the forex market as well – mainly of brokers copying parts of competitor websites, the parts they like. Except annoying the original website’s owners this posses little interest or risk. However this become very dangerous when somebody is copying a website and posses as a forex broker.

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Apparently Chinese based hackers have completely copied Boston Prime’s (Boston Technologies’ affiliated prime brokerage arm) website calling it http://www.bostonprime.cn.com/ and pose not only as its local representatives but also as a forex broker! Boston Prime itself is a prime brokerage and obviously doesn’t accept retail clients or opens live accounts for them directly. The Chinese clone website does – and this is when it becomes really dangerous. Aside of looking exactly like the original website the cloned site has an Open a Demo and Open a Live account options as well as allowing to download its trading platform aptly called Boston Prime FX Trader (probably being a hacked Metatrader 4 server).

To an untrained eye this looks like another regulated (they made sure Boston Prime’s FSA license number is there for all to see, misleading potential clients even further) forex brokers’ website and quite frankly the cloners have done a great job in copying the original website and posing as a legitimate one. No doubt many clients will go the English site to verify this information, see that it looks exactly like the Chinese one, check the license on FSA’s website and feel confident opening a trading account. It’s quite clear that they will never see their money back.

Unfortunately there’s not much Boston Prime can do about it – pulling down a website in China is next to impossible for a foreign based company. All we can do about it – is warn the public.

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