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Vanguard latest firm targeted by clone scammers

Vanguard is the latest big-name investment firm to be targeted by scammers in a copycat scheme.

The FCA has released a number of warning notices in recent months alerting consumers to known ‘clone firms’, where fraudsters use the details of a genuine firm to appear credible and obtain customers’ details.

Brands that have were copied in 2017 include Rathbones, BlackRock, Alliance Trust Savings, Rothschild and Wharton Asset Management.

For the Vanguard scheme, the fraudsters are using the same address as the passive house’s UK headquarters in London, and are using the name Vanguard Asset Management. However, their website, www.vanguardassetmanagement.co.uk, and phone numbers are not those used by the genuine, authorised firm.

The FCA says: “This firm is not authorised or registered by us but has been targeting people in the UK, claiming to be an 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 FCA urges firms of consumers who are aware of clone firms to come provide information so warnings can be published and further action taken.

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Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. Readers may remember the movie ‘Apocalypse now’ and the following lines that could be adapted as a solution to scammer firms owners and staff:

    “Colonel Lucas: Your mission is to proceed up the Nung River in a Navy patrol boat. Pick up Colonel Kurtz’s path at Nu Mung Ba, follow it and learn what you can along the way. When you find the Colonel, infiltrate his team by whatever means available and terminate the Colonel’s command.

    Willard: Terminate the Colonel?

    General Corman: He’s out there operating without any decent restraint, totally beyond the pale of any acceptable human conduct. And he is still in the field commanding troops.

    Civilian: Terminate with extreme prejudice.

    Colonel Lucas: You understand, Captain, that this mission does not exist, nor will it ever exist…

    Now there’s a thought?

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