Another Dukascopy clone comes up; genuine broker warns

abdelaziz Fathi

Switzerland’s forex bank and broker, Dukascopy has alerted the market and consumers to a clone of its authorised brand. The website, which remains active, is impersonating the genuine investment firm in an attempt to deceive people into handing over their hard-earned money.

Dukascopy

The clone entity, operating through the domain https://dukascopygroup.com, prompted action from the regulated company.

As of the time of publication, the fake Dukascopygroup has taken down all website pages, and the aforementioned link only leads to the member login page. It’s not clear if the site was taken down as a result of the warning or leading up to it.

But according to a cached version of its website, the copycat broker was seemingly focused on offering cryptocurrency products to Thai speakers.

Dukascopy’s cryptocurrency business was a major focus for clone firm scams as the pandemic has made people more susceptible due to concerns about personal finances. The company has been taking steps towards strengthening its cryptocurrency offering, including allowing clients to deposit and withdraw funds in digital coins, as well as enabling free internal crypto transfers between users of mobile banking.

Dukascopy confirmed that it has no association whatsoever with ‎the aforementioned domains and advised everyone to avoid it entirely.‎ The broker is one of a number of FX firms whose branding has been appropriated by scammers on many occasions, though they never make cold approaches encouraging people to invest.

“Please be aware that this website is not controlled and does not belong to Dukascopy Bank, Dukascopy Europe, Dukascopy Japan or any other entity of Dukascopy Group. Do not trust any information to be found on the website. Do not provide any personal data on this website. We are taking action against this fraudulent webpage,” the statement reads.

With over £78 million stolen in ‘clone firm’ investment scams in the UK alone and the number of reports for this scam type on the rise, fraudsters are always changing ways in which they convince people to part with their money or sensitive information.

Global regulators say scammers are becoming ever more sophisticated, targeting victims with professional looking websites and messages through social media channels. The most commonly reported thefts involved investments in shares and bonds, foreign exchange and cryptocurrencies.

Scammers are also using branding from legitimate, regulated companies and even cloned websites to solicit people to make investments. Once victims have registered their interest, they’ll be contacted by the fraudsters, who often obtain the names of genuine employees of investment firms and create seemingly legitimate company email addresses, but with very subtle changes. As such, even the most sophisticated of investors could be at risk of falling victim to a clone scam.

Read this next

Reviews

Traders Union Experts Share The Trading Analyst Review For 2024

Navigating options trading in rapidly shifting markets poses a considerable challenge. This is where options trading alert services become invaluable. They aid traders in keeping abreast of evolving opportunities and market trends. In this assessment, Traders Union experts scrutinize The Trading Analyst alert service to ascertain its efficacy. 

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

Digital Assets

BlockDAG Presale Raises $9.9M as Batch 5 Nears Sell-Out Amid Bonk’s Fluctuating Trading Volume & Spell’s Bullish Price

Explore BONK’s trading volume, SPELL’s market shifts, and why BlockDAG’s 10,000 ROI makes it an ideal crypto for savvy investors in 2024.

Digital Assets

Bybit expands into Europe amid regulatory scrutiny

Dubai-based cryptocurrency exchange Bybit is expanding its operations in Europe after encountering regulatory challenges in Hong Kong.

Digital Assets

Cathie Wood’s sponsored Bitcoin ETF sees historic $200 million inflows

The ARK 21Shares Bitcoin ETF (ARKB), co-sponsored by Cathie Wood’s ARK Invest, registered historic inflows exceeding $200 million on Wednesday, signaling a robust appetite among investors for Bitcoin-centric investments.

Digital Assets

Sam Bankman-Fried might see his 25-year sentence halved

Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, was sentenced to 25 years in federal prison by a Manhattan court on Thursday. This comes after he was convicted of defrauding customers and investors, with Judge Lewis Kaplan highlighting the potential future risks posed by Bankman-Fried.

Technical Analysis

EURJPY Technical Analysis Report 28 March, 2024

EURJPY currency pair under the bearish pressure after the pair reversed down from the major resistance level 164.25, which also stopped the sharp weekly uptrend at the end of last year,

Digital Assets

BlockDAG’s Presale Hits $9.9M, MultiversX & MINA Price Predictions Show Green

Read about BlockDAG’s promising $10 prediction and insights on MultiversX Price Prediction as MINA’s potential unfolds.

<