Pepperstone Warns Customers of Clones

The Australian-based brokerage Pepperstone Group Limited has sent out alerts to current customers warning them of potential clones, according to Finance Magnates. Apparently Pepperstone has experienced a data security incident in which “a small subset of our client contact details was compromised around the 20th of July. The incident was limited to client names and contact details – no trading accounts, passwords, or client ID documents were impacted”, the broker said.

As a result, the parties who illegally obtained the data are purportedly using the information to contact the impacted customers, according to Pepperstone. In their communications, the unknown parties are either claiming to be representatives of the brokerage or a third party and indicating to customers that the broker has ceased trading or that the customers should seek alternative trading services.

Such fraudulent requests most often seek to obtain customer funds, as is the case with the current situation, as Pepperstone pointed out in their message to customers, stating that “third parties are requesting clients of the firm to transfer their funds and, in some instances, have asked clients to use a remote desktop viewer.”

Customers should be vigilant in their communications with their broker at all times, as sophisticated clones, website copies and fake representatives continue to pose a risk to the global Forex and CFD trading community. If you are not sure about something, don’t hesitate to ‘Check Your Broker’ or reach out to your local regulator for help!