The Financial Commission (FinCom), a self-regulatory body for the financial services industry, became the latest victim of scammers when a clone of its website surfaced. Fincom has issued a public warning against the clone, which attempts to defraud forex brokers.
The clone website operates from the domain “thefinancialcommission.io” while the genuine FinCom website is “financialcommission.org”.
“The Financial Commission has come into possession of information indicating that the aforementioned clone website has copied information and membership details from the official Financial Commission website claiming to offer bogus services in what appears to be an attempt to mislead traders by falsely claiming the status of multiple Forex brokers,” said the official FinCom press release shared with the finance tycoons.
The clone website listed GANN Markets and Lotas Capital as active members of the Financial Commission. These two brokers lost their membership status last year and are now on FinCom’s warning list.
FinCom Clone
FinCom provides membership to FX and CFD brokers, blockchain platforms, technology providers, investment platform providers, and even education platforms. As a FinCom member, brokers benefit from several services, including mediation for dispute resolution and €20,000 deposit protection for all its clients. Deposit protection, covered by the self-regulator compensation fund, is beneficial to clients of brokers who operate under regulators without such compensation schemes.
Over the years, several well-known brokers have become members of FinCom, including Exness, Pepperstone, IC Markets, TMGM, RoboMarkets and many more.
Registered withdrawal complaint
FinCom reported it to law enforcement authorities to tackle the clone website. Additionally, the self-regulatory body is taking action against GANNMarkets and Lotas Capital.
“The Financial Commission took immediate action to block the clone website and filed a claim with the domain registrar to appropriate the overly similar domain address to ensure merchants still access official records of the Financial Commission,” FinCom added.
“The Financial Commission plans to take further action against GANNMarkets and Lotas Capital, including reporting to law enforcement authorities and taking legal action against them and the clone website owners, to protect themselves. and to prevent all future fraudulent activity against its merchants.”
The Financial Commission (FinCom), a self-regulatory body for the financial services industry, became the latest victim of scammers when a clone of its website surfaced. Fincom has issued a public warning against the clone, which attempts to defraud forex brokers.
The clone website operates from the domain “thefinancialcommission.io” while the genuine FinCom website is “financialcommission.org”.
“The Financial Commission has come into possession of information indicating that the aforementioned clone website has copied information and membership details from the official Financial Commission website claiming to offer bogus services in what appears to be an attempt to mislead traders by falsely claiming the status of multiple Forex brokers,” said the official FinCom press release shared with the finance tycoons.
The clone website listed GANN Markets and Lotas Capital as active members of the Financial Commission. These two brokers lost their membership status last year and are now on FinCom’s warning list.
FinCom Clone
FinCom provides membership to FX and CFD brokers, blockchain platforms, technology providers, investment platform providers, and even education platforms. As a FinCom member, brokers benefit from several services, including mediation for dispute resolution and €20,000 deposit protection for all its clients. Deposit protection, covered by the self-regulator compensation fund, is beneficial to clients of brokers who operate under regulators without such compensation schemes.
Over the years, several well-known brokers have become members of FinCom, including Exness, Pepperstone, IC Markets, TMGM, RoboMarkets and many more.
Registered withdrawal complaint
FinCom reported it to law enforcement authorities to tackle the clone website. Additionally, the self-regulatory body is taking action against GANNMarkets and Lotas Capital.
“The Financial Commission took immediate action to block the clone website and filed a claim with the domain registrar to appropriate the overly similar domain address to ensure merchants still access official records of the Financial Commission,” FinCom added.
“The Financial Commission plans to take further action against GANNMarkets and Lotas Capital, including reporting to law enforcement authorities and taking legal action against them and the clone website owners, to protect themselves. and to prevent all future fraudulent activity against its merchants.”
