The corporation was recognized as utilizing the exact details as Swiss Re Capital Markets, an actual corporation.

The Financial Conduct Authority (FCA) of the United Kingdom claims that fraudsters exploit the details of a company it licenses to deceive victims, calling it a clone corporation.

According to a warning issued Wednesday by the financial watchdog, scammers are operating as ICO Crypto are utilizing an authorized company’s Firm Reference Number (FRN) in an attempt to seem like a legal organization. Other information it provides is incorrect. Swiss Re Capital Markets, a Swiss Re, one of the world’s largest reinsurers, owns the FRN.

“Be aware that scammers may give out other false details or mix these with some correct details of the registered firm,” the FCA said. “They may change contact details over time to new email addresses, telephone numbers, or physical addresses.”

The FCA must license or register all businesses and persons performing financial services activities in the nation. The watchdog strongly recommends consumers to only conduct business with financial institutions that have been approved by the FCA, directing them to the Financial Services Register to verify this.

A similar incident occurred in April, when a scammer syndicate impersonated Gain Capital UK Limited and cold-called and emailed investors under Blockchain Recovery Association’s name.

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