According to the Financial Conduct Authority, scammers are using names or the ‘firm reference number’ (FRN) that the FCA gives to authorised firms to try to con consumers.

These firms are referred to as ‘clone firms’ by the FCA.

The warning follows a recent ‘clone’ scam, which saw fraudsters using the name of authorised firm Citibank to scam people into revealing their personal information and handing over money.

According to the regulator, scammers have been sending out emails from addresses that look similar to Citibank’s name. For example: email: onlinetransfer@citibankinguk.co.uk

The FCA said the genuine firm has no association whatsoever with the ‘clone firm’.

Citibank is authorised to offer, promote or sell financial services or products in the UK under:

Citibank International plc
FCA authorisation number: 122342
Address: Citigroup Centre, Canada Square, London, United Kingdom, E14 5LB

Citibank, N.A.
FCA authorisation number: 124704
Address: Citigroup Centre, Canada Square, London, United Kingdom, E14 5LB

Investors should be aware that scammers often try to clone authorised firms in order for a quick profit. In recent months, scammers have cloned authorised firms like Pictet Private Wealth Management and Cayenne Trust Investment Plc.

How to protect yourself

The FCA advises that consumers only deal with financial firms that are authorised by it, and to check the Financial Services Register to ensure they are. It has information on firms and individuals that are, or have been, regulated.

The Register also includes firms that are regulated in a country in the European Economic Area (EEA) and offer financial services or products in the UK. These firms are said to be ‘EEA authorised’.

To verify the identity of an authorised firm, ask for the ‘firm reference number’ and their contact details, but always call them back on the switchboard number given on the Register.

If there are no contact details on the Register or the firm claims they are out of date, contact the Consumer Helpline on 0800 111 6768.

Fraudsters often adapt their tactics so you should make additional checks to confirm you are dealing with the genuine, authorised firm and have the correct contact details – especially if you have been cold-called.

There are more steps you should take to protect yourself from unauthorised firms and investment scams. 

Consumers should also be aware of the rise in scammers using ‘ghost’ websites to con people into giving them money or personal details. 

Ghost or fake websites are used by scammers to con you into paying for goods that will not arrive, and to harvest your personal details for all manners of criminal activity. Read our tips to stay safe online.

You should also be aware that if you give money to an unauthorised or cloned firm, you will not be covered by the Financial Ombudsman Serviceor Financial Services Compensation Scheme (FSCS) if things go wrong.

Report a clone firm

If you think you have been approached by an unauthorised or clone firm, or contacted about a scam, you should contact the FCA Consumer Helpline on 0800 111 6768.