Dukascopy warns of fake website impersonating its cryptocurrency

abdelaziz Fathi

Switzerland’s forex bank and broker, Dukascopy, today warned against a fraudulent website that have been falsely claiming affiliation with its ‎authorized brand.‎

scam

The clone entity, operating through the domain www.dukascoin.holds-coins.com, prompted action from the regulated company.

Dukascopy confirmed that it has no association whatsoever with ‎the aforementioned platform and advised everyone to avoid it entirely.‎

The company added that dukascoin.holds is fraudulently using the name and logo of Diascopy’s own cryptocurrency (Dukascoin) for attracting clients/investors.

“Do not trust any information to be found on the website www.dukascoin.holds-coins.com. This website is a clone of www.dukascoin.com website and its purpose is to induce individuals to reveal seed phrases to their crypto wallets. Do not provide any personal data on this website,” Dukascopy said.

The forex bank stated that it’s taking actions against this dishonest organization.

The fraudulent brand is indeed attempting to mislead investors into ‎thinking that it is offering ‎a ‎‎legal product by using the ‎details of an authorized firm operating under a similar name.‎ However, investors should be aware that the original company is not available to help in recovering funds if the unauthorized entity defrauds them.

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 reports solid revenues

Dukascopy is an established forex bank and broker. Recently, the company has been a target of sophisticated tactics that mirror the genuine brokerage firm’s website. Last year, it warned clients to be extra vigilant to a fraudulent brand called ‘Unitrade Enterprises Limited.’ The latter was a shady business that spans different sectors ranging from asset management to cryptocurrency trading.

What made the Geneva-based broker deeply outraged was a statement on Unitrade Enterprises’s website saying that all their clients’ transactions are made through Dukascopy Bank.

Scammers are becoming ever more sophisticated, targeting potential victims with professional looking websites. The most commonly reported thefts involved investments in forex, stocks, bonds, and cryptocurrencies.

Earlier this month, Dukascopy unveiled its financial statement for the four months ending April 30, 2022. The Geneva-based firm’s latest report was characterized by positive metrics in areas ranging from operating income to revenues, underpinning its guidance for the full year.

Specifically, the forex bank witnessed a surge in its revenues, which came in at CHF 10.3 million ($10.5 million). This figure is up by nearly a third from the CHF 7.9 million reported back in the same period a year ago.

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