FCA Warns Against Fake Bestinvest Fraudsters

Pretending to represent the investment management firm, fraudsters have been trying to steal money from members of the public.

The Financial Conduct Authority’s (FCA) never-ending war against garbage human beings continues. On Tuesday afternoon, the British regulator announced that scammers have set up a fake company that aims to mimic Bestinvest, a legitimate investment services firm based in London.

According to the FCA, the scammers are using a phoney website – www.bestinvest.org.uk – to attract customers. Currently, the website does not appear to be working.

Join the iFX EXPO Asia and discover your gateway to the Asian Markets

Alongside this, the fraudsters are providing their victims with a fake address on Kensington High Street. For those of you fortunate enough not to live in London, this is a very upscale neighbourhood.

Scammers frequently list bogus addresses in order to lend themselves an aura of sophistication. Having visited the office of a similar firm just a couple of weeks ago, Finance Magnates can assure you, with almost 100 percent certainty, that no one is working at this company’s Kensington office.

Suggested articles

7 Habits of a Highly Effective DeFi TraderGo to article >>

Fake numbers and a tough position for the FCA

Perhaps the best part of the scam is the phone number that the company lists (it’s +44(0)7933852009 in case you were wondering). As our UK readers will have realised immediately, this is a mobile number.

For those not in the know, remember that serious asset managers tend not to randomly call you on a mobile phone number asking for your cash. Put them in your block list along with all of those Nigerian princes.

Given that these fake firms pop up on an almost daily basis, it’s difficult for the FCA to do much about them. The fact that most fraudsters are fairly good at covering their tracks doesn’t make matters easier either.

Nonetheless, there is some light at the end of the is fraud-ridden tunnel. On Monday of this week, the City of London Police confirmed that they had arrested a scammer who, by running a fake binary options business, had managed to nick close to £500,000.

Got a news tip? Let Us Know