The regulator stated on its website yesterday that mystery fraudsters had created a clone firm using the same name as FCA authorised entity Alternative Bridging Corporation. This clone is in no way associated to the lender.
The fake company, which holds an Australian address, is falsely using the short-term financier’s identity to issue loan offers on Australian properties and collect up-front fees.
The respected bridging lender informed B&C that as well as alerting the FCA, the Australian police have also been notified of the issue.
On its website the Regulator stated: “This is what we call a 'clone firm'; and fraudsters usually use this tactic when contacting people out of the blue, so you should be especially wary if you have been cold called.
“They may use the name of the genuine firm, the 'firm reference number' (FRN) we have given the authorised firm or other details.”
The FCA reminds consumers that the scammers may give out other false details or mix these with some of the correct details of the authorised firm.
On its website the legitimate Alternative Bridging Corporation ( Cheval ) notifies visitors of the circumstances.
It reminds visitors that it only operates and lends within England, Scotland and Wales.
To see the announcement from the FCA in full, including the specific details of the cloned firm, click here.
Via that link you can also obtain advice on reporting clone firms as well as information on actions to take if you suspect your firm has been cloned.
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