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Forex Trading and Brokerage Scams

Alert message sent 02/08/2021 08:32:00

Information sent on behalf of Cheshire Constabulary

Morning all

Forex trading and brokerage scams 

UK consumers are being increasingly targeted by unauthorised forex trading and brokerage firms offering the chance the trade in foreign exchange, according to National Trading Standards. 

Most consumers report they initially receive some returns, they are then encouraged to invest more money.  The returns then stop, the account is suspended and there’s no further contact with the firm.  Many claim to be authorised by the FCA (Financial Conduct Authority) and give registration details of another company a ‘clone firm’.  Some scammers sell details on to other criminals who then offer to get your money back or buy back the investment after you pay a fee.

Protect yourself:
  • Check the firm is regulated by the FCA. 
  • Ask the company for the firm reference number (FRN). Use this number to search the FCA’s register.
  • If they are not registered check the FCA’s warning list of firms to avoid.
  • Never use a phone number link in an email or website from the firm offering the investment.
  • Don’t be pressured to invest quickly.
  • Be wary of promised returns that sound too good to be true.
  • Seek independent financial advice or guidance before investing.
  • Don’t click on the links or attachments in suspicious emails, and never respond to messages that ask for your personal or financial details.
Kind regards

Stephen Blake
Message sent by
Stephen Blake (Cheshire Police, Warrington LPU, Warrington Central PCSO, Latchford)

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