Beware DUKASCOPY Traders! There's A Copy Cat Lurking Around!

Dukascopy, the Swiss forex bank and brokerage, has issued a cautionary alert to the market and its clients regarding a fraudulent imitation of its authorized brand.

The clone entity, operating through the domain https://duukascoppy.com/, is currently posing as the legitimate investment firm, attempting to deceive individuals into surrendering their hard-earned money. Dukascopy has explicitly stated that it maintains no affiliation with the mentioned domains and strongly advises everyone to steer clear of them. Instances of FX firms, including Dukascopy, having their branding exploited by scammers are not uncommon. Notably, these scammers typically refrain from initiating unsolicited contact to encourage investments. Individuals are cautioned against trusting any information found on the website and urged not to provide personal data on it. Dukascopy is actively taking measures against this potentially fraudulent webpage.

As the prevalence of 'clone firm' investment scams continues to rise, with over £78 million stolen in the UK alone, fraudsters are adapting their tactics to convince people to part with their money or sensitive information. Global regulators highlight the increasing sophistication of scammers, who employ professional-looking websites and messages through social media to target victims. The most frequently reported scams involve investments in shares, bonds, foreign exchange, and cryptocurrencies.

Scammers are now incorporating branding from legitimate, regulated companies and creating cloned websites to lure individuals into making investments. Once potential victims express interest, they are contacted by fraudsters who often acquire names of genuine employees from investment firms, creating seemingly legitimate company email addresses with subtle alterations. This means that even sophisticated investors could be vulnerable to falling victim to a clone scam.

Dukascopy's cryptocurrency business has been a primary target for clone firm scams, particularly during the pandemic, when people are more susceptible due to concerns about personal finances. The company has taken steps to enhance its cryptocurrency offerings, allowing clients to deposit and withdraw funds in digital coins and facilitating free internal crypto transfers between users of mobile banking.