Martin Lewis said the government’s failure to include online fraud in a new bill was “completely annoying” – after it was discovered that scammers claim to originate from the website he founded.
The Financial Regulator has warned consumers to beware of fraudulent emails from scammers posing as MoneySavingExpert.com or Martin Lewis after identifying a copycat company that is mistakenly using the name.
The Financial Conduct Authority (FCA) warned people about the so-called “cloning company”.
The addresses have no connection with the real MoneySavingExpert.com or Martin Lewis.
Martin shared MSE’s warning about the cloning company and told followers on Twitter, “And yet, the government still doesn’t see fraud as online damage enough to include in the new online damage bill. It’s completely annoying.”
“Hold Big Tech Responsible for What’s Paid to Publish!”
The FSA said in his warning : “Almost all companies and individuals providing financial services in the UK must be authorized or registered by us. This company is not authorized or registered by us, it is aimed at individuals in the UK and claims to be an authorized company.
“This is what we call a ‘cloning firm’. Scammers usually use this tactic when they come into contact with people out of the blue. So you should be extra careful if you’ve received cold calls. They may be using the name of the real company, the ‘company reference number’ (FRN) we have given the authorized company or other details. “
The government has promised that its new online security law, due to be introduced in parliament this year, will create “the world’s most comprehensive online security regime”.
While the bill will give Ofcom (the communications regulators) more powers to fight offensive social media content, the government has specifically excluded giving Ofcom powers to fight online fraud and other financial damage.