Company News

Fraudulent scheme is imitating Scandinavian Capital Markets

Recently, we detected a fraudulent scheme that is spoofing users by cloning our website and persuading them to open accounts and deposit funds with them.

It appears the group that spoofed our website is highly sophisticated and put a lot of effort into the fraud. They have created multiple fake Instagram profiles claiming to be Cathie Woods. The way they work is that they offer mentorships to traders if the trader opens a brokerage account. That is when they guide the trader to their fraud website.

On the surface, it can be difficult to tell that you are in fact not on the Scandinavian Capital Markets website, but rather an imposter site, as the group did an exact copy of our existing website.

However, there are two ways to differentiate between the imposter website and our website:
1) Pay attention to the domain. Our website is scandinavianmarkets.com while the spoofed version is scandinaviancapitalmarket.com.
2) The application pages once you click open account are completely different. On our version, you have a secure application portal and on the spoofed, you get a login page.

We are actively trying to have this website taken down and contacted the appropriate authorities. We look forward to having it taken down in quick order, however in the meantime, if someone has questions, they should contact us on our actual website, www.scandinavianmarkets.com.”

Read more about this issue and other forex scams on FinanceFeeds.