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FCA Warns Of Cloned Primus Forex Financial Group Offerings

Financial Conduct AuthorityThe UK Financial Conduct Authority (FCA) has released a warning about Primus Forex Financial Group that is targeting unsuspecting citizens with multiple financial offerings. The FCA states that this rogue company is using the information of an authorized firm to present itself as a legitimate forex broker.

This is yet another example of an increasingly popular scam known as “cloning.” Fraudsters attempt to draw in clients by presenting themselves as legitimate firms. They do this by using the information of an actual firm that has been authorized by the FCA.

In the UK, most firms and individuals that operate require an authorization to operate. To prove this, they need to present a firm registration number (FRN) and a legitimate address. What “cloners” do is to take this information and present this as their own.

The Primus Forex Financial Group cloned representative presents itself as a forex firm with an address at 3rd Floor, 9 Devonshire Square London EC2M 4YD UNITED KINGDOM. It even has a telephone number and a website. However, this is the real address of the Primus Capital Markets UK Limited – which is an authorized FCA firm.

Fraudsters claim that the address that they are displaying is their real address and most of the time it a copy of the authorized firm’s address. Sometimes they mix up the info and use a combination of original and fake info to throw the authorities off their train. There are some cloned companies who go a step further and copy the authorized dealer’s website and making subtle changes before launching it as their own.

The problem with dealing with unauthorized firms or those that are cloned is that the Financial Ombudsman Service or Financial Services Compensation Scheme will not be able to help if something goes wrong or fraud takes place.

How To Stay Protected From Cloned Firms

For those who want to be protected from such scams, the main way is to constantly check the FCA’s Financial Services Register and to only deal with the companies listed on the register. If a potential investor wants to be completely sure about the legitimacy of a company, then they should look up the FRN and contact details of the company. They should then contact the company using the contact number on the register to be fully certain that they are dealing with the real company.

To be sure that the register you are checking is the actual register; people should access it directly via register.fca.org.uk. Don’t use links in e-mails or websites. Next, investors should always double-check the contact details of the site.

The FCA is always there to assist investors and firms who have been victimized by fraudsters. Investors who need their assistance should directly contact them via their Customer or Firm Helpline for immediate help.

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