The Malta Financial Services Authority (MFSA) said in a warning on Wednesday it had become aware of an entity by the name of Northway Brokers which has an internet presence in Malta.

This website, the MFSA said, is making unauthorised use of a similar name and reference to the head office address of a Maltese registered company, Northway Broker Ltd.

Northway Broker Ltd had voluntarily surrendered its financial institution's licence in July 2014 whereas Northway Brokers purports to be “a regulated investment adviser serving institutional and private clients globally”.

The authority said Northway Brokers is not a Maltese registered company nor is it authorised to provide any financial services in or from Malta.

Additionally, it has no association with Northway Broker Ltd.

The website appeared to be a clone of the legitimate entity and the public should, therefore, refrain from undertaking any business or transactions with the false entity.

The MFSA reminded consumers of financial services not to enter into any financial services transaction unless they have ascertained that the entity with whom the transaction is being made is authorised to provide such services by the MFSA or another reputable financial services regulator.

A list of entities licensed by the MFSA can be viewed on the authority’s website here.

For more information on clone companies one can refer to the scam detection guidelines issued by the MFSA here.

If you are a victim of a scam or think you might be dealing with an unauthorised entity or any other type of financial scam, stop all transactions with the company and contact the MFSA here as soon as a suspicion arises.