Another day, another dollar. Except, in the financial industry, it’s more like another day, another scam. On Thursday, the Financial Conduct Authority (FCA) has yet again updated its warning list to add a new contender.
This time, it’s Capital Markets, which goes by the name of Mayfair Capital Markets. According to the warning from the FCA, the entity is a so-called clone firm, that is, a company which fraudulently copies details of a legitimate company to trick people into parting with their hard-earned cash.
On its website http://www.mayfaircapitalmarketsltd.com/, the fraudsters are trying to appear as if they are Mayfair Capital Markets Ltd, an FCA-registered investment management firm. The most obvious way the scammers are doing this is by using an almost identical name and claiming to offer similar services.
One tactic clone firms use to trick investors into believing they are the legitimate firm is by mixing the fake and real details together. Mayfair Capital Markets Ltd, the regulated firm, is located at 23-24 Berkeley Square, London, W1J 6HE. Its firm number with the FCA is 806318.
ACY Securities’ Sponsorship of Australian Turf Club off to a Flying StartGo to article >>
As can be seen on the clone firm’s website, they have copied the address of the legitimate company. The FCA warns that these are common tactics that investors should be aware of. Often clone firms even copy the registration details to appear credible.
According to its website, the clone firm claims to offer investment management services and advice. This ranges from estate planning, wills, retirement planning and more. However, residents of the United Kingdom should avoid dealing with this company altogether.
FCA Blacklists World Techno Trade
On Tuesday, the FCA also warned against another clone firm – World Techno Trade, a clone firm of True Trade Limited. When taking a look at the fraudster’s website, the company is claiming to be associated with the authorized firm True Trade Limited, and it is using the company’s FCA registration number to make itself appear as legitimate.
As a result, the British regulator urges caution when dealing with this firm.