Clone Firm Scamming

Fraudsters are always looking for new ways to scam businesses, especially golf clubs which are seen to be a ‘soft touch’. One scam currently on the increase involves scammers pretending to be from firms authorised by the Financial Conduct Authority (FCA). These scammers typically cold-call investors to promote financial services that are worthless, overpriced, non-tradable or even non-existent. This recent tactic has seen fraudsters using the name, ‘firm registration number’ (FRN) and address of firms and individuals authorised by the FCA to suggest they are genuine. This is known, by the FCA, as a ‘clone firm’....
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