With global regulators stepping up efforts to hunt down fraudsters using cryptocurrency, more schemes are uncovered daily.
The United Kingdom Financial Conduct Authority (FCA) today flagged two clone companies.
One of the culprits operating with the name Swissinvest.biz claims to be famous Swiss-based crypto investment bank, Swiss Investments, while the other with the domain http://gsaminternational.com/ claims to be U.S based bank, Goldman Sachs.
At press time, however, we discovered that domain listed by the FCA as the clone for Goldman Sachs now displays an eCommerce store, suggesting that another person now operates the website.
The Swiss Invest clone, however, is still in operation with their website displaying a variety of investment packages include in precious metals and cryptocurrency funds that obviously do not exist.
In line with the FCA’s release, the fake Swiss Investment also claims to have its office in the U.K and registration at the European level. Investors also are enticed with other benefits such as ECB Guarantee on investments and serious tax benefits.
In its warning regarding the clone companies, the FCA writes,
“Fraudsters usually use this tactic when contacting people out of the blue, so you should be especially wary if you have been cold called. They may use the name of the genuine firm, the 'firm reference number' (FRN) we have given the authorised firm or other details”.
Meanwhile, in another report regarding regulatory efforts to safeguard investors from fraudulent companies associated with cryptocurrencies, we said that Russia’s Ministry of Internal Affairs (MOI) closely worked with authorities in Kazakhstan to arrest the founder of a cryptocurrency-related Ponzi scheme that defrauded at least 300 investors.