MFSA warns public of fraudulent companies misusing licensed entities’ details

The Malta Financial Services Authority (MFSA) has issued warnings against several fraudulent companies exploiting the details and website content of legitimate entities to deceive the public.

Fraudulent Cloning of Maltese Companies

Two Maltese companies, Finco Trust Services Limited and Alchemy Markets Ltd, have been targeted by fraudsters who have cloned their details and online content to create fake entities.

1. Finco Trust Services Limited:
   The MFSA cautioned that a fraudulent entity, Finco Trades, is falsely using the details and website content of the licensed company, Finco Trust Services Limited, to mislead the public.
   • Finco Trades is not a registered Maltese company.
   • It is not authorized to provide financial services in or from Malta.
   • The MFSA confirmed that Finco Trades has no connection to Finco Trust Services Limited, and its website is a fraudulent imitation of the legitimate Finco Trust website.
2. Alchemy Markets Ltd:
   The company’s details and website content have been cloned by five fraudulent entities:
   • Secure Octabit Ltd
   • AceStock System
   • Imperial Capitals
   • Fxswiftrade
   • LibertyOptionMarket
     None of these entities are registered in Malta or authorized to provide financial services in or from Malta. The MFSA emphasized that these companies have no association with Alchemy Markets Ltd.

Additional warning: Cyberbyte.live

The MFSA also highlighted the risks posed by Cyberbyte.live, describing it as “likely a scheme of dubious nature” with a high risk of financial loss.

• Cyberbyte.live is neither registered in Malta nor licensed by the MFSA to offer investment or financial services.
• The Authority strongly advised the public to refrain from engaging in any transactions with this entity.

Public caution urged

The MFSA reiterated the importance of verifying the legitimacy of companies and their authorization status before engaging in financial transactions. It encouraged individuals to consult its official website or contact the Authority directly to ensure they are dealing with licensed entities.