The UK financial regulator has flagged an unscrupulous company impersonating the licensed Admiral Markets UK Ltd. According to the Financial Conduct Authority (FCA), the cloned entity is using Admiral Markets UK Ltd details in a fraudulent company under the name admrlmrkts.co.
Cloning company details
According to a statement from the Financial Conduct Authority (FCA), admrlmrkts.co contacts unsuspecting individuals, pretending to be associated with the legitimate company. A clone scam involves an entity using contact information similar to that of a real company, making it difficult for potential investors to distinguish between real and fake information.
The cloned company operates under the name admrlmrkts.co, with phone number +442030972830 and emails at support@admrlmrkts.co, support@admiralmarkets.io, and compliance.uk@admiralmarkets.io. Its website is https://admrlmrkts.co/. The FSA noted that the fraudulent entity uses other fake details and mixes them with those of real companies.
It is worth noting that Admiral Markets UK Ltd is a legitimate company licensed by the Financial Conduct Authority (FCA) and has no connection to the copy. Real name is Admiral Markets UK Ltd, reference number is 595450, address is UK, correct email is compliance.uk@admiralmarkets.com.
Cloned companies exploit the trust and reputation of legitimate companies to deceive investors. They often appear credible due to their convincing use of real company details. This tactic makes it difficult for individuals to detect fraud until it is too late. The Financial Conduct Authority (FCA) has urged users to be wary of unsolicited calls, emails or messages offering financial services or investments.
The FCA is targeting more clone companies
Cases of cloned companies in the financial sector are on the rise. Recently, the Financial Conduct Authority (FCA) flagged a fraudulent entity masquerading as a legitimate financial services provider. The scam, identified as “finaltolive.com”, claims to be authorized by the Financial Conduct Authority.
Finaltolive.com is said to be mimicking the details of a legitimate FCA-registered company, Finalto Financial Services Limited, to deceive the public. The flagged entity uses the email address h.stevens@finaltolive.com. Consequently, the Financial Conduct Authority (FCA) has warned users that fraudsters behind the company may provide additional false contact information, such as email addresses, phone numbers and other postal addresses.
Likewise, the Financial Conduct Authority (FCA) last month warned of ten companies suspected of offering or promoting financial services without their permission. GLOBAL SKY TRADING, SUPERMININFX.LTD, ELITEGLOBALMINERS, FLOWSGLOBAL, LEGITIMATEFXPRO.COM and SOLID-TRADES UNIT, the regulator said.
This article was written by Jared Kirroy at www.financemagnates.com.