Be Alert! A Clone Firm Is Impersonating HYCM Broker, UK FCA Warns

The United Kingdom‘s Financial Conduct Authority (FCA) warned on Thursday that a clone firm had been impersonating the FCA-authorized broker Henyep Capital Markets (UK) Limited. According to the advisory, the alleged fraudsters are using the brand ’HYCMFX to pose as the legit broker entity that operates in the UK.

The watchdog said that the fraudsters are using a website dubbed www.hyxmfx.com to catch clients and tell them that theyre an authorized FCA firm. In reality, the authorities commented: “Be aware that scammers may give out other false details or mix these with some correct details of the registered firm. They may change contact details over time to new email addresses, telephone numbers, or physical addresses.”

A clone firm is a concept used by the British watchdog or refers to the tactics used by fraudsters when contacting people trying to convince them that they work for an authorized firm in the United Kingdom.

The FCA pointed out that the only domain authorized under the watchdog‘s jurisdiction is www.hycm.co.uk, with a firm reference number 186171. “This FCA authorized firm that fraudsters are claiming to work for has no association with the ’clone firm,” the British financial supervisor added.

The UK FCA stated that people dealing with authorized firms in the UK are entitled to access the Financial Ombudsman Service and the Financial Services Compensation Scheme (FSCS), which depends on the investment made. In fact, the watchdog cautioned people that conducting businesses with clone firms exposes them to potential fraud.

This week, the FCA issued a warning about a clone firm that is impersonating the US-based Bank of America. A fake firm using a domain dubbed boa-eu.com is arranging contact bridges with potential victims of fraud, claiming that they are representatives of the major US bank. The Bank of America is registered and authorized by the FCA under the legal name of ‘Bank of America, N.A.’ with the firm reference number 124642.

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