FCA Issues Warning against Saxo Bank Impersonators

<p>The UK Financial Conduct Authority (FCA) has raised
a red flag against fraudulent entities mimicking the multi-asset investment firm
Saxo Bank. These imposters, often referred to as "clone firms," are
using every detail of the authorized firm, including its names, websites,
addresses, and logos, to convince unsuspecting individuals that they are
legitimate financial institutions. </p><p>The warning, first published in 2020 and updated
today (Wednesday), indicated that the fraudsters are using the name "Saxo
Bank/ Saxo Capital/ Saxo Advisory" in their attempts to impersonate the
FCA-authorized firm. </p><p>FCA Identifies Saxo Bank Clone Scammers</p><p>The clone scammers use multiple telephone numbers
and email addresses, such as [email protected] and
[email protected], to appear authentic. Their websites include
www.saxobankfxtrade.com, https://saxobank-online.info/, and
www.saxobank-online.net.</p><p>According to the <a href="https://www.financemagnates.com/tag/fca/" target="_blank" rel="follow">FCA</a>, Saxo Bank A/S, with the
reference number 207519, is the legitimate firm that the fraudsters claim to
represent. This Denmark-based institution is located at Philip Heymans Alle 5,
Hellerup, 2900. It can be reached at +4539774000 and operates through
www.saxobank.com. </p><p>Meanwhile, Saxo Capital Markets UK Limited holds the
reference number 551422 and is situated on the 26th Floor, 40 Bank Street,
London, E14 5DA, United Kingdom. For inquiries, they can be contacted at
4402071512100, and their official website is https://www.home.saxo/en-gb/.</p><blockquote><p lang="en" dir="ltr">Saxo Bank/ Saxo Capital/ Saxo Advisory (Clone of an EEA Authorised firm and an FCA authorised firm) <a href="https://t.co/JC87EqjZbN">https://t.co/JC87EqjZbN</a></p>— Jared Kirui (@JaredLopta79285) <a href="https://twitter.com/JaredLopta79285/status/1719711615753302384?ref_src=twsrc%5Etfw">November 1, 2023</a></blockquote><p>The regulator has warned users that they will not
have access to the Financial Ombudsman Service in case of a complaint if they
engage with fraudulent firms. Moreover, users are not protected by the
Financial Services Compensation Scheme if things go wrong, making it unlikely
to recover lost funds.</p><p>Surge in Clone Firms Impersonating Big Names</p><p>The cases of <a href="https://www.financemagnates.com/terms/c/clone/">clone</a> firms impersonating renowned
financial institutions have increased. Last month, the FCA warned against a
<a href="https://www.financemagnates.com/forex/news-nuggets-23-october-vantage-lowers-copy-trading-barrier-fca-warns-against-ms-clone/" target="_blank" rel="follow">fraudulent firm impersonating Morgan Stanley</a>. This imposter has operated under the
guise of "Morgan Stanley/msaccounts.uk" and has not been authorized by the
FCA. The clone firm has been actively reaching out to individuals, masquerading
as the legitimate Morgan Stanley. </p><p>As per the regulator, fraudsters have primarily been luring unsuspecting users through <a href="https://www.financemagnates.com/forex/clone-scams-are-killing-it-on-social-media/" target="_blank" rel="follow">social media platforms</a>. Scammers have
flocked to platforms like Telegram, operating channels with misleading names
such as "Plus+ 500 Official Signal", "eToro Signals",
"FXCM FX Signals", and "FXStreet Signals". Despite boasting
tens or even hundreds of thousands of followers, these channels have no
affiliation with the brands they impersonate.</p>

This article was written by Jared Kirui at www.financemagnates.com.