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FCA issues wave of warnings over scam loan firms

  • 26/08/2015
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FCA issues wave of warnings over scam loan firms
The Financial Conduct Authority has issued a wave of fraud warnings to consumers about fake firms pretending to offer financial services to scam borrowers out of cash.

Three of the four firms flagged by the FCA are offering loan services while one is masquerading as an investment portfolio advice service.

Loan Me the Money, Payday Loans Now, Cash Flex and Nicolas Adamides are all legitimate firms which have fallen victim to fraudsters using some of their company details to trade illegally, known as cloning.

Loan Me the Money has issued a warning under its website domain telling customers that it is a dormant non-trading company and if approached by anyone of the same name to report them to the authorities.

The genuine Payday Loans Now, which is based in Mid Glamorgan, Wales, is owned by a company called William Ellis Sinclair and authorised under the firm number 618190. The clone firm is using the same name but has an address of 53 Harvey Street, Sheffield, South Yorkshire S36 2QB,UK and is giving out an email address of On its website, which was still active at the time of publishing, the home page carries a disclaimer reassuring borrowers it is FCA authorised.

Cash Flex has been targeted in the same way, with fraudsters giving out a false telephone number and email address. The real firm is the trading name of Digitinony Limited, an FCA authorised firm (658817). This clone firm is not connected with Digitonomy Limited.

Fraud experts Cifas and Action Fraud issued a warning yesterday to small business owners to be wary of fake invoice scams which they may be exposed to while experienced staff are on holiday leaving temporary or junior staff to look after operations. SMEs were told to be on the look-out for companies contacting them pretending to be suppliers and asking to change the details on the original invoice so they can divert money into their own accounts. In some cases the fraudsters had inside help from employees.

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