ICT Market 24 impersonates IG Markets

The UK Financial Conduct Authority (FCA), as the regulatory body for financial services in the UK, has issued a warning to the public about an unauthorized “clone firm.” This entity impersonates IG Markets Limited, an authorized financial services provider listed in the UK. The fraudulent company operates under the name “ICT Market 24” and utilizes the website “ictmarket24.com,” falsely claiming to be an FCA-authorized entity. The FCA has identified this fraudulent entity as a potential threat to unsuspecting consumers.

The FCA has found that fraudsters may also provide other fabricated details, such as email addresses, phone numbers, mailing addresses, and company reference numbers, to create a false sense of legitimacy. These deceptive tactics may be mixed with the genuine details of authorized financial companies, making it more challenging for individuals to distinguish between legitimate and fraudulent entities.

A significant concern raised by the FCA is that individuals dealing with unauthorized or cloned companies may not have access to crucial safeguards. In case of issues arising from transactions with these cloned companies, they won't be able to seek assistance from the Financial Ombudsman Service and won't be under the protection of the Financial Services Compensation Scheme.

To ensure the legitimacy of any financial service provider, individuals are advised to consult the FCA-maintained Financial Services Register. This register provides information about authorized companies, details of protection consumers can expect, and contact information for authorized firms.

If individuals receive unexpected communication from a financial entity or individual, they are urged to verify the legitimacy of the communication using the contact details found on the FCA Financial Services Register.

The FCA's warning serves as a reminder for individuals to exercise caution when dealing with financial service providers, emphasizing the importance of verifying the authorization and legitimacy of companies operating in the financial industry.

Distinguishing Between Finalto Pro and Finalto Financial Services Limited: Facts vs. Fraud

The FCA tweeted that a total of 54 warnings about unauthorized or cloned companies were issued last week. Finance Magnates reported that the FCA expressed concerns about Finalto Pro, suspected to be a cloned company falsely claiming an association with Finalto Financial Services Limited, regulated by the FCA. Finalto Pro employs deceptive tactics, including using a similar name, email, and website as the legitimate entity.

The FCA warns consumers that dealing with Finalto Pro will leave them without the protection of the Financial Ombudsman Service and the Financial Services Compensation Scheme.