Dukascopy warns of Scoin, a clone scam 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.‎

Dukascopy Stella Performance

The clone entity, operating through the domain https://www.app-uplow.vip/dist/#/, 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 Scoin is fraudulently using the name and logo of Diascopy’s own cryptocurrency (Dukascoin) for attracting clients/investors.

“Dukascopy Bank SA informs about its website’s fraudulent clone on the domain https://www.app-uplow.vip/dist/#/. 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 https://www.app-uplow.vip/dist/#/. 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 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.

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.

Most recently, Dukascopy users have gained access to ten new crypto instruments, including many within the realm of decentralized finance (DeFi). On top of that, the FX broker has significantly improved its overnights rates.

The decision to broaden its offering into CFDs should yield immediate benefits for Dukascopy, especially given the affinity of the instrument by clients and the maturation of the CFD market across the industry.

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