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GFSC alerts consumers of an increase in unauthorised activity through the cloning of legitimate companies

11 Dec 19

The Gibraltar Financial Services Commission (GFSC) is warning consumers to be vigilant following a rise in unauthorised activity through clone companies falsely purporting to be genuine Gibraltar-registered companies. 

Clone companies contact consumers through cold-calling or email and offer investment opportunities, typically in the form of forex currency investments. After paying a fee, consumers are directed to a corresponding illegitimate website where the name, registered office address and correct incorporation year of a genuine company are stated in an ‘about us’ section. This information, based on the legitimate company, is designed to reassure consumers. Further access to these websites requires login details that acts as a smokescreen for consumers. 

Head of Enforcement, Sean Byrne, advises consumers to be cautious when offered such investment opportunities: “We have issued several warnings in the last week following concerns on the increase of clone company cases being reported to us. We ask consumers to be vigilant and take the necessary precautions if contacted. 

“Companies that are or have been regulated by the GFSC will be listed on our website under the regulated entities register. I would also advise consumers to subscribe to the GFSC’s RSS feed to keep up to date with any warnings issued and if in doubt to contact the enforcement team.”

The GFSC is working closely with local industry in raising awareness and providing preventative measures for the future. 

Published warnings can be found under the publications section on the GFSC’s website and further information can be sought by contacting +350 200 40283 or information@gfsc.gi.

Notes to Editors:

1. The GFSC is a regulator of the Gibraltar financial services market, regulating providers of financial services conducted in both Gibraltar and other jurisdictions. The GFSC's vision is to be a high performing, agile, and innovative regulator.

2. The GFSC's regulatory objectives are the promotion of market confidence; the reduction of systemic risk; the promotion of public awareness; the protection of the good reputation of Gibraltar; the protection of consumers and the reduction of financial crime. 

Press Release contact details

Contact Name

Richard Newman

Contact E-mail

media@gfsc.gi 

Address

Gibraltar Financial Services Commission
PO Box 940
Suite 3, Ground Floor
Atlantic Suites
Europort Avenue
Gibraltar

Tel

+350 200 40283 / +44 7808815484

Fax

+350 200 40282

Web-site

www.gfsc.gi