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Co-op Bank clone draws FCA warning

The-Co-operative-Cooperative-Bank-700x450.jpgFraudsters are trying to scam consumers out of money by pretending to represent Co-operative Bank, the FCA has said in a warning notice today.

A post on the regulator’s website says that the “clone firm” scammers are using the Co-op Bank brand as a way to get people to hand over details or money.

The FCA says: “Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm…Fraudsters usually use this tactic when contacting people out of the blue, so you should be especially wary if you have been cold called”.

The regulator says the scammers are not authorised or registered with the FCA and have “no association” with the real Co-operative Bank.

The fraudsters also using a fake website as part of the scam.

The latest copycat scam is the latest in a line of clone firm warnings issued by the FCA in recent months.

Others include property investment firm Castlebrook Properties Ltd, as well as big name fund managers like Axa Investment Managers, Jupiter, UBS, Vanguard and Rothschild.

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