The number of “clone firm” scams has significantly increased during the COVID-19 pandemic. Over a six-month period, these fraudulent schemes have led to more than 78 million pounds ($107 million) in losses for victims. A clone firm is a fake entity created by fraudsters that uses the name, address and Firm Reference Number of a legitimate organization. The average individual loss for these clone firm scams is about 45,000 pounds ($62,000) The NCA also notes that there has been a significant uptick as British citizens and investors have become increasingly concerned over their finances.”]
Source: https://www.cuinfosecurity.com/clone-firm-fraudsters-stealing-millions-from-uk-investors-a-15880