Fraudsters sometimes say they work for genuine, authorised firms. Find out how to protect yourself from these clone firms and how to spot the warning signs.
Fraudsters are always looking for new ways to scam the public. One of these involves pretending to be from firms we authorise. We call this a clone firm.
Use the FCA Firm Checker[1] to find out if a firm is authorised and has permission for the service it's offering you. If you can't find a firm on the Firm Checker, contact us[2] on 0800 111 6768.
How clone firms work
Almost all financial firms in the UK must be authorised or registered by us. Clone firms aren't authorised or registered, but scammers may try and convince you that they are.
They'll often use the name and address of a genuine firm, or they may copy the firm reference number (FRN).
They may also:
- Copy the website of an authorised firm, making small changes (for example, to the phone number).
- Point you to the genuine firm’s website, but use different details to contact you.
- Give you the details of a genuine firm but give you the wrong phone number.
- Use email addresses that look similar to the genuine firm’s or use providers such as Outlook or Gmail.
They may even claim that a firm's contact details on the Firm Checker or the Financial Services Register[3] are out of date. This is unlikely, as we update both services, on average, every 24 hours.
Scammers may contact you unexpectedly by phone or email, but they may also get in touch via newsletters or social media.
They might even reach out to you after you search for loans or investments, and submit your details online. The scammers may offer you investments in products such as bonds, shares, foreign exchange (FX) and cryptocurrencies that are non-tradable, worthless, overpriced or even non-existent.
Avoid clone firms
Make sure you only deal with financial firms that are authorised or registered by us.
- Step 1: Search for the firm by name on the Firm Checker[1].
- Step 2: Select the product or service you’re looking for.
- Step 3: Check that the firm is authorised and has permission for the product or service you selected.
- Step 4: Check the firm's contact details listed on the Firm Checker and make sure they match the contact details you've been given. If there aren't any contact details listed on the Firm Checker, or the firm says they’re out of date, call us on 0800 111 6768.
With fraudsters constantly changing their tactics, you should make extra checks to make sure you’re dealing with the genuine firm.
Aside from the Firm Checker, you can check the firm's details:
- On the firm's website.
- With directory enquiries.
- With Companies House[4].
If you visit the FS Register (https://register.fca.org.uk/s/) or the Firm Checker (https://landmark-phase.live/consumers/fca-firm-checker), always check the website address is correct and there aren’t any small changes that mean it's fake.
Find out more about how to protect yourself from scams[5].
Report a clone firm
If you’re worried about a potential scam, or you think you may have been contacted by a fraudster, report it to us. Call us on 0800 111 6768 or use our contact form[6] to get in touch.
