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FCA warns of fraudulent UBS clone

The FCA has warned consumers about a clone firm of UBS, which has been operating under the name of “UBS Private Wealth Management”.

According to the FCA, fraudsters are using or giving out the details under the name of the Swiss bank with a false email and phone number.

The FCA warns that scammers may give out other false details or mix these with correct details of the authorised firm.

The FCA says: “Almost all firms and individuals carrying out financial services activities in the UK have to be authorised or registered by us. This firm is not authorised or registered by us but has been targeting people in the UK, claiming to be an authorised firm.

“This is what we call a ‘clone firm’; and fraudsters usually use this tactic when contacting people out of the blue, so you should be especially wary if you have been cold called. They may use the name of the genuine firm, the ‘firm reference number’ we have given the authorised firm or other details.”

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