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FSCS warns of second copycat scammer in six weeks

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The Financial Services Compensation Scheme is warning about a Russian website fronting as an FSCS subsidiary and asking people to register claims.

The FSCS says the the site by Insider Group claims to be a wholly-owned subsidiary of the lifeboat fund.

The lifeboat fund is clear that it is not connected to the fake site in any way.

The warning says the site also uses the logos of the FCA and the Prudential Regulation Authority to add false credibility.

This is the latest in a string of fraudsters looking to leverage the compensation fund’s reputation.

In September the FSCS warned people to be wary of “fake emails from fraudsters claiming to represent FSCS”.

In January it also warned of an email scam where consumers were being promised a $5.7m (£4.5m) payment from the lifeboat fund.

The warning came on the same day that the FCA published a consultation paper on its review of the FSCS funding model.

The paper proposed product providers should contribute more towards the scheme.

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