FCA Report: Scammers/ Clone companies stole over £78 million in 2020

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The financial regulatory body of the United Kingdom has issued a statement detailing an approximate fund that has been lost in the year 2020.  Scammers have stolen over 78 million Euros already. Several clone companies use false information in the market.

Scammers have become smart, and they fake their physical address. Moreover, they also use licenses that belong to legitimate ventures. Unfortunately, it is easy for newbies to spot such red flags. This is because they do not research.

Fraudulent platforms steal an amount worth 45 242 Euros from their clients. Shameless brokers even claim to be regulated by the Financial Conduct Authority. It is disheartening to see that majority of investors cannot distinguish a scam from a legit venture.

A range of 75% up to 77% of traders is at high risk of falling victim to scammers.  Furthermore, this financial body’s press release shows that scammers were in full operation during the covid 19 pandemics. Despite these challenging times, these fraudsters mercilessly took a significant amount of money from investors.

FCA 2020 Report

The United Kingdom was in complete lockdown during March and almost the whole of the year. During this timeframe, Ponzi schemes increased with a percentage of 29. The main contribution of the increase in the number of victims is the economic anxiety that most investors experience.

It is straightforward for scammers to use the current global news against investors. Traders joined such schemes with hopes of making more money. The likelihood of falling for these marketing pitches are high. Desperate situations make traders vulnerable.

The questionnaire showed that 42% of survey samples indicated that they were in fear of their income. Over 77% of clients aspired to make an extra income in the coming 6 months. It was essential for the individual to find an additional source of earning to sustain their lives.

The FCA urges investors to be vigilant and watch out for scammers. One of the things that you can do to avoid being a victim is to search a company on the financial body database before investing your money. Once you visit this financial body database, you can also view the blacklisted brokers.

Scammers are tactical and convincing at the same time. They are cunning and look legit. Some even use false testimonials to lure in more victims. Ensure that you acquire the necessary knowledge beforehand normalize researching to avoid falling victim.

You might think that experience traders never fall victim to clone websites. Unfortunately, we have seen even those that have the skills and ability to spot a scam ended up losing money. You must avoid platforms that are not regulated by the FCA.

One lady lost an amount of £40,000. She is a financial officer who never thought she would suffer from con artists. The investor came across a company offering investment opportunities on student accommodation. The platform was very detail-oriented and even featured their legitimacy documents.

Little did the investor know that the website was a clone. After investing a significant sum of money, she started getting skeptical. She tried contacting the company in vain. Fraudsters will cut communication once they get what they want.

Avoid these tempting offers since these opportunities will only leave you high and dry. Additionally, you should refrain from sharing your data with suspicious ventures. It is easy for them to use the info against you. Scammers are over the market stealing from innocent investors. Once you get the right skills it will be hard for them to steal from you.

It would help if you did not jump to every company that promises you great returns. Acquire the best advice before investing your money. Double-check the information available from the FCA website and that which a broker provides. ­­­

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