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Consumers Warned of $100m Clone Firm Scams
British consumers lost nearly £80m ($109m) to so-called “clone firm” scams last year, as pandemic-related money woes persuaded many to make ill-judged investments, according to the Financial Conduct Authority (FCA). The financial regulator reported consumers losing an average of £45,242 each when interacting with fraudsters masquerading as legitimate investment companies. Reports surged 29% between March, when the country went into its first lockdown, and April 2020. As the name suggests, clone firms are fake entities set…
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