Cloning related fraud has grown exponentially during the global pandemic, with various mediums used to effect fraud (social media, telephone etc), replacing traditional time consuming ‘boiler room’ approach. Reported clone related scams equated to losses of more than £78 million between January-December 2020, with both individuals and organisations being cloned.
Combatting the mounting sophistication, audacity and fluidity of cloning attempts through ongoing vigilance and mitigation steps is critical, to ensure organisations and individuals may promptly identify incidents and take the necessary steps to protect themselves, their reputation, their brand and their current and prospective client bases; as well as taking any requisite damage limitation steps.
Combat Clone. Screen – Safeguard – Suppress.
GDFM Combat Clone Managed Service Solution enables organisations and individuals to proactively identify reputation and brand impactful cloning risks and incidences, as well as the related potential client damage; through ongoing assertive identification and management of the ever increasing cloning risk. This is achieved through detective, awareness and preventative steps.
The FCA has outlined that it expects firms to be taking measures to prevent harm, which can be challenging in such a fast paced landscape and when faced with an unidentified protagonist. Further, regulated firms whom “let down their guard” may face action being taken by the regulator.
Combat Clone enables early detection, awareness and prevention; all keys measures to reducing harm to reputation, confidence in the Financial Services industry and ultimately investors.