According to an announcement made by the U.K. Financial Conduct Authority (FCA), the latest major financial firm to have a financial services website ‘clone’ is Swiss bank UBS. The company’s UBS Global Asset Management division has been targeted by an unknown entity imitating its name.
The website added ‘PB’ after the UBS abbreviation, supposedly standing for Prime Broker. The entity’s website www.ubs-pb.com has already been suspended and is currently inactive.
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The FCA is warning the public that a number of clone companies have been misleading investors by using the details of authorized firms.
The practice is typically associated with unsolicited investment offers, ‘cold’ calling and others. Fraudsters typically contact prospective investors and provide them with lucrative returns offers while using the official label of the regulated entity as cover.
The main difference between the companies in question is only in one word. The scammer is believed to be using the name “UBS Global Asset Management Funds Ltd” and mixing it with the Firm Reference Number “119319” which belongs to the official subsidiary of Swiss bank UBS in the UK, UBS Global Asset Management (UK) Ltd.