The UK Financial Conduct Authority (FCA) has issued a warning regarding a fraudulent company impersonating the legitimate online broker AVA Trade. This clone, operating under the name Ava Capital Markets, is not authorized by the FCA and is engaging in deceptive practices by misusing the legitimate firm’s name, logo, and other identifying information to attract potential victims.
Clones are increasingly common, as they take advantage of the credibility of authorized businesses to mislead individuals into providing personal and financial information. It is crucial for investors to differentiate between authorized entities and fraudulent clones, as engaging with a clone can have serious financial implications.
The clone operates with several contact details, including multiple email addresses, such as info@avacm-ltd.com and accounts@avacmltd.com, as well as websites like www.avatradecoins.com and www.avacm-ltd.com. These sites and contacts have no legitimate affiliation with the authorized firm, which is known as AVA Trade EU Limited, located in Ireland.
For comparison, the authorized firm is registered under Firm Reference Number 504072 and is based at Dockline IFSC in Dublin. They can be reached at +353872033740, and their official website is www.avatrade.com. Investors should always verify this information before engaging in any sort of financial activity.
Those who interact with the clone may find themselves without recourse if issues arise. In particular, they would not have access to the Financial Ombudsman Service for complaints, nor would they be protected by the Financial Services Compensation Scheme (FSCS). As a result, should the clone business dissolve or become unresponsive, retrieving any invested funds may prove exceedingly difficult.
To protect oneself, it is vital to conduct thorough research and ensure that any financial institution is registered and regulated by a recognized authority like the FCA. Regular updates from regulatory bodies can also provide alerts about potential scams, frauds, or clones operating within the financial services sector.
In summary, vigilance is essential when it comes to financial dealings, especially with the rise of fraudulent entities mimicking established companies. Always ensure the legitimacy of a broker before proceeding to protect one’s financial interests.