Russian Scam Clone Uses Swiss Bank Brand to scam users

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Russian lawmakers and cryptocurrency crimes

Recently, a Swiss online bank has found out about a fraudulent company that has been manipulating naïve users and scamming them for money.

Dukascopy is a well-known Swiss online bank. Mostly, it specializes in online and web trading, like mobile dealings, financial services, security, and banking. The company takes pride in its high-quality financial services.

Dukascopy Bank has three official branches. First, a type-1 licensed broker’s location is in Japan, Tokyo, Dukascopy. The second one, Dukascopy Europe IBS AS, based in Riga.  The third branch is in Riga, and it is SIA Dukascopy Payments. Besides, all of them have 1-tier licenses from top regulatory organizations.

The Dukascopy Bank’s headquarters and offices are located all over the world. You can find them in Switzerland, Geneva, Moscow, Kuala Lumpur, Kyiv, Hong Kong, Dubai, and Tokyo. Up to 300 employees work for the company. Ducascopy clients have equal trading opportunities and rights.

Recently, the Swiss bank exposed a fraudulent broker (Dukas-broker.ru.).  The Russian clone was using Dukascopy’s brand and logo to attract clients.  This Russian Scam company and Russian-focused forex ‎trading provider has been falsely claiming affiliation with its ‎authorized brand.

Dukascopy’s Russian Clone

Dukascopy confirmed that it has no affiliation with the fraud company and advised everyone to avoid it entirely.‎ Unfortunately, the damage was already done. Dukascopy’s reputation was damaged.  Last month, the broker reported its financial metrics for the first half of 2019. Thus, it showed a decrease in its operating earnings.

However, Dukascopy has been taking steps towards strengthening its crypto security offerings. Besides, from now on it allows free crypto-transfers between users of mobile banking. Also, Dukascopy suggested clients not to trust any information on the website dukas-broker.ru.  However, the web page’s information is a scam.

In addition, the company stated that clients should not provide their data to unregulated and unknown sources.  Also, recently Dukascopy started granting permission to withdraw funds in digital coins.

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