Dukascopy warns of copycat website duukascoppy.com

abdelaziz Fathi

Switzerland’s forex bank and broker, Dukascopy has alerted the market and consumers to a clone of its authorised brand.

ducascopy

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 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.

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

“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.

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

Read this next

Chainwire

Velocity Labs and Ramp Network facilitate fiat to crypto onramp on Polkadot via Asset Hub support

Velocity Labs is proud to announce a fiat to crypto onramp using Ramp Network through the integration of Asset Hub. Through it, Ramp will be able to service any parachain in the Polkadot ecosystem.

Executive Moves

INFINOX hires Mayne Ayliffe as Global Head of HR

“I look forward to working with our teams around the world to develop a strategic HR agenda that supports high performance and is centred on human motivation.”

Fintech

Sterling to provide risk and margin support for fixed income

“Firms must have the tools to effectively manage their risk across all asset classes. As yields rise, we see more exposure from clients in the fixed income space. We understand their need to measure and mitigate risk in a highly regulated environment.”

Retail FX

FXOpen launches HK share CFDs: Tencent, Alibaba, Xiaomi, Baidu

Hong Kong share CFDs will be commission-free for a limited period of time.

Retail FX

IronFX Celebrates an Award-Winning Start to 2024 with a Series of Industry Recognitions

IronFX, a global leader in online trading, has embarked on 2024 with a spectacular display of accolades that highlight its commitment to excellence and innovation in the competitive financial services sector.

Industry News

FIA urges CFTC to regulate use cases rather than AI itself

“We urge the CFTC to refrain from crafting new regulations that generally regulate AI because this approach presents certain well-known pitfalls. By approaching the issue from the perspective of AI as a technology, rather than the use case for the technology, corresponding regulations would likely necessitate a definition of AI. We anticipate that any attempt to properly define AI would be very challenging and require considerable resources.”

Education, Inside View

The Power of Public Relations in Finance: Shaping Perceptions & Building Reputation

It’s safe to say that the finance industry has faced its share of reputation crises over the years, from the 2008 financial collapse to the many scandals around irresponsible lending, political corruption, and even Ponzi schemes. 

Digital Assets

Crossover’s crypto ECN executed over $3 billion in Q1 2024

“Our growth is also driving continued increases in the percentages of trades that are ‘Order Crossing Order’ (OXO). Currently, roughly 10% of all trades executed on CROSSx are OXO, another differentiator in our platform’s capacity. This capacity and our unique execution model provide value to both the market maker and taker, as evidenced by our commercial model.”

blockdag

BlockDAG’s Explosive Presale Hits $20.3M In April Swaying Investors From XRP’s Price Trends Upward, & Polygon’s NFT Market

Learn about BlockDAG’s impressive $20.3M presale results, XRP’s price increase prospects, and the booming NFT market on Polygon among the top 10 cryptocurrencies.

<