XTB Website Impersonation By Scammers Prompts UK Regulator Warning
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The Financial Conduct Authority (FCA) has issued warnings concerning scammers pretending to be XTB Limited, a UK-licensed broker and part of the fintech company XTB. These scammers might use the company’s address and a website that looks very similar to trick people into giving away their money.
The FCA warns that a fake XTB broker website is operating at xtbtrading.org. This site looks very much like the real English-language site. The scammers are utilizing the same firm address and pretending to be company representatives. The regulator added that they are contacting people using the mobile number +442036953085.
Scammers Have Replicated Almost The Entire Site, Including The Signup Feature
According to the FCA, scammers might share other fake details like email addresses, Firm Reference Numbers, postal addresses, and phone numbers.
The scammers have copied almost the whole website. Everything seems to work, including the Sign-up system. Users might think they are signing up with XTB, but they are dealing with fraudsters. There is a danger of sending money to the wrong place and losing it, the UK regulator warns.
This is not the first occasion the UK financial regulator has warned about a fake version of the Poland-based broker. The FCA has been giving these warnings about once a year. The last warning came in December last year, and before that, in March 2022. But the previous fake sites didn’t copy the real website as closely as the recent one does.
Clone websites are a big threat in the FX/CFD industry, putting brokers and traders at risk. These fake sites copy real companies or regulatory bodies to trick people who don’t know better.
The UK Financial Regulator Aims To Alert Traders About Potential Scams
Clone websites often attract traders by offering tempting deals or investment opportunities. People who don’t realize the sites are fake might put in money, only to have it stolen. Sharing personal and financial details with these scam sites can lead to identity theft and more financial and personal harm.
Regulators have a hard time handling clone sites that promote their services all over Europe. At the same time, they prevent regulated entities from advertising by pointing out the risks of the CFD industry. For example, Spain has banned the promotion of such instruments, and XTB followed this rule last month.
To stay safe, traders should always check if a broker’s website is real by looking it up in official regulatory databases. They should also be cautious of unexpected deals or offers that seem too good to be true.
