The FCA, or the Financial Conduct Authority, has issued out a warning of a clone of the regulated company: Midpoint Transfer Ltd.
While Midpoint Transfer Ltd. is a legitimate exchange platform working in Forex among other things, Midpoint Exchange is a clone of it. The entire purpose of Midpoint Exchange is to confuse customers to spend their money there instead of a real platform, pocketing the profits for themselves and to the dismay of misled customers.
In its statement on Tuesday, the FCA has given the legitimate Midpoint Transfer Ltd. contact details on its website.
Clone firms can be tough nuts to crack, especially when you’re the target. They actively give snippets of correct information to convince their victims that they are a legitimate business, only giving false info when they want you to send them their money. Some take it even further than that, copying their website, brand, and general ‘feel’ to trick unsuspecting investors and steal their money.
The FCA released a statement warning that these fraudsters could mix in real contact information with the fake one. They affirmed that the fraudsters under no circumstances have any association with the legitimate company and vice versa.
With its warning, the FCA gave the URL for the clone company, warning against responding to this specific link. Within, Midpoint Exchange claims to be a trader in Forex, indices, stocks and even cryptocurrencies.
Midpoint further claims to be an international service with a “patented matching technology” that eliminates spread or margin through “directly matching” with a client’s selected currency, thus saving them with each transaction.
Protecting Yourself from Clones
The FCA strongly urges readers to deal with financial firms within the UK that have been verified by the FCA itself. They advise studying their Financial Services Register. This register contains the contact information of firms that have been registered by the FCA.
If you find yourself in contact with a firm that isn’t registered with the FCA but claims that it actually does, please contact the FCA for assistance.
Using an unauthorized firm doesn’t just lead to a risk of fraud due to lack of verification, but also disallows you from things like the Financial Ombudsman Service or the Financial Services Compensation Scheme, mechanisms in place to get your money back if an authorized bank makes a blunder.
Please be safe and use your finances wisely.