Investment firm targeted in website clone scam
The website of the fraudulent website features the same layout and similar graphics to NSBroker
Fraudsters have cloned the website and licence details of a Malta-based financial services firm in an attempt to trick investors out of money.
The details of legitimate investment company Alchemy Markets Ltd were cloned by fictional entity iQpips Ltd “in an effort to deceive the public”, the Malta Financial Services Authority (MFSA) warned.
The regulator said iQpips Ltd, which has a presence at iqpips.com, was neither registered in Malta nor licensed to provide financial services.
Fraudsters cloned the website design of Alchemy Markets Ltd subsidiary brand NSBroker, including the licence details and the St Julian’s address of the parent company.
The website of the fraudulent website features the same layout and similar graphics to NSBroker and purports to offer trading in currencies, precious metals, shares, energy fuels and cryptocurrencies.
According to domain records for the cloned site, it was created in May last year.
The financial services regulator reminded the public that a list of reputable operators is available on the MFSA website and that it should be alerted in instances of any suspicious transactions or companies.
Victims of a scam or people who think they might be dealing with an unauthorised entity, or any other type of financial scam, should stop all transactions with the company and contact the MFSA.
This is not the first time fraudsters have cloned a legitimate website to dupe investors out of funds.
A Ta’ Xbiex investment firm fell victim to the practice last year when its website was copied by fake entity CapitaliaFX.