While the amounts of money being lost to crypto scammers have gone up in the last few years, there are some clear consistencies in their methods. One of these is gaining social proof through impersonation.
Now, Dukascopy, a Swiss-based cryptocurrency bank, is fighting back against this by naming and shaming an organization falsely claiming to be in partnership with them. On February 27, 2019, they put out an announcement warning customers about GCG Asia, a firm that has claimed to be a partner of Dukascopy.
“Please mind that contrary to the fraudulent allegations of GCG Asia, GCG Asia is not in collaboration with Dukascopy Bank or with any other entity of Dukascopy Group,” the press release said.
This isn’t the first time that a company has been called out by name for impersonation of this manner. In August 2018, the FCA in the United Kingdom put out a formal warning about Fair Oaks Crypto, a firm that was claiming to be affiliated with Fair Oaks Capital Ltd in a bid to scam investors.
Stopping the Menace
Dukascopy has made it clear that their actions will go beyond just a public statement calling out GCG Asia but will extend to legal action as well. The bank reported:
“GCG Asia is fraudulently using Dukascopy’s name and logo for attracting clients/investors,