Regulation  

FSCS warns of Russian cloning attempt

FSCS warns of Russian cloning attempt

The Financial Services Compensation Scheme has warned about a Russian website claiming to represent it.

According to a warning from the FSCS, the fake website claims to represent the compensation scheme and is asking people to register for a claim.

Under the banner of Investor Protection Management, the site by Insider Group claims to be a wholly-owned subsidiary of the UK compensation scheme.

But the FSCS has said it is not and it is not connected to the Russian website in any way.

In a statement the FSCS said: “Please avoid falling victim to a potential scam or fraud. Protect your details; do not provide any information to this site.

“Sadly, online scams are too common and this one also uses the logo of the UK regulators (the Financial Conduct Authority and the Prudential Regulation Authority).”

This is the second time in as many months that scammers have attempted to impersonate the FSCS.

Last month the scheme warned consumers of fake emails from fraudsters claiming to represent it.

The FSCS said it was aware that fraudsters had targeted at least one consumer by email asking them to share their personal data.

In January there was another attempt at impersonating the FSCS when scammers posing as the scheme emailed consumers in a bid to entice them into providing personal information with the promise of a $5.7m (£4.3m) payment.

damian.fantato@ft.com