FCA warns against clone of Interactive Brokers
The UK Financial Conduct Authority (FCA) has published a warning regarding a clone of Interactive Brokers (UK) Ltd.
The details of the unauthorized firm are:
Interactive Brokers (clone of an FCA Authorised Firm)
Telephone: +31202326341, +31203082694, +31202623601
The details of the FCA authorised firm are:
Firm Name: Interactive Brokers (UK) Ltd
Firm Reference Number: 208159
Address: Heron Tower
London, EC2N 4AY, UNITED KINGDOM
Telephone: (44) 02077105630
The FCA warns that fraudsters are using the details of firms it authorises to try to convince people that they work for a genuine, authorised firm.
Almost all firms and individuals carrying out financial services activities in the UK have to be authorised or registered by the FCA. The clone of Interactive Brokers (UK) Ltd is not authorised or registered by the FCA but has been targeting people in the UK, claiming to be an authorised firm.
Fraudsters usually use this tactic when contacting people out of the blue, so investors should be especially wary if they have been cold called. The fraudsters may use the name of the genuine firm, the ‘firm reference number’ (FRN) the FCA has given the authorised firm or other details.
In January 2021, the FCA issued a warning over what the watchdog dubbed as an “attack of the clone firms”.
The regulator notes Action Fraud data revealing consumers reported losses of more than £78 million between January-December 2020. Throughout 2020, consumers reported average losses of £45,242 each when investing with fraudsters imitating genuine investment firms.
The ongoing financial impact of Covid-19 may also make people more susceptible to these types of clone scams, the FCA says, adding that 42% of investors are currently worried about their finances because of the pandemic, and over three quarters (77%) have or plan to make an investment within the next 6 months to help improve their financial situation.