LoginFCA issues 'clone firm' warning
A rise in 'clone firm' scams has led the Financial Conduct Authority to issue advice
Posted 27 January 2021 | JoTS Online
Content Tags: Updates|Crime|National
UPDATES: The Financial Conduct Authority has warned consumers about clone investment firms after reporting substantial fraud losses. The update explains the threat and highlights the precautions investors should take.
A surge in so-called ‘clone firm’ scams has prompted the Financial Conduct Authority (FCA) to issue a warning to the public.
A clone firm is an entity set up by fraudsters to imitate a genuine investment company. Action Fraud reported a 29% rise in the scams in April 2020 compared to March, when the UK went into its first COVID-19 lockdown.
Victims reported losses of £78m betwe...
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