UK Financial Watchdog Warns That ICO Crypto Is a Clone Company

UK Financial Watchdog Warns That ICO Crypto Is a Clone Company

The U.K.’s Financial Conduct Authority (FCA) says fraudsters are using the details of a company it authorizes in a bid to fool victims, labelling it a clone firm.

In a warning issued Wednesday, the financial watchdog said scammers operating as ICO Crypto are using an approved company’s Firm Reference Number (FRN) in an attempt to look like a legitimate business. Other details it gives out are false. The FRN it’s using belongs to Swiss Re Capital Markets, a unit of Swiss Re, one of the world’s largest reinsurers.

“Be aware that scammers may give out other false details or mix these with some correct details of the registered firm,” the FCA said. “They may change contact details over time to new email addresses, telephone numbers, or physical addresses.”

All firms and individuals conducting financial services activities in the country have to be authorized or registered by the FCA. The watchdog strongly advises users to deal with financial firms that are authorized by the FCA only and points toward the Financial Services Register to ensure they are.

In April, a similar instance occurred when a scamming syndicate impersonated Gain Capital UK Limited, cold-calling and emailing investors under the guise of Blockchain Recovery Association.