Friday 15 November 2019

Central Bank warns consumers as fraudsters clone details of Irish registered companies

Central Bank.
Central Bank.
Louise Kelly

Louise Kelly

Consumers have been warned to be aware of financial fraudsters as an unauthorised firm has cloned the details of an Irish registered company.

The Central Bank have discovered that Baradero Global Transfer Limited (www.baraderoglotrans.tk) has been operating as a payment institution and/or as a money transmission business here without appropriate authorisation.

According to the bank, this unauthorised firm cloned the details of a company called Baradero Limited, a company registered with the Irish Companies Registration Office (CRO) which does not deal in financial services. 

"It should be noted that there is no connection whatsoever between Baradero Limited, which is a company registered with the CRO and the unauthorised entity Baradero Global Transfer Limited (www.baraderoglotrans.tk) that has cloned its details," read a Central Bank statement.

Meanwhile, Park Projects Investments Limited (www.parkprinvest.eu.pn), has been operating as a retail credit firm without authorisation, cloning the details (name and Irish registered address) of a company called Park Projects Investments Limited.

"Fraudsters are increasingly using legitimate firms’ details to add an air of legitimacy to their fraud. The fraudsters will 'borrow' all of the legitimate information of an authorised/legitimate firm for the purpose of this fraud.

"They may quote authorisation numbers/company registration numbers and links to seemingly legitimate websites and even provide the real address of an authorised/legitimate firm."

The Central Bank said that it is a criminal offence for an unauthorised firm to provide financial services in Ireland and has advised consumers should be aware that, if they deal with a firm which is not authorised, they are not eligible for compensation from the Investor Compensation Scheme. 

Consumers have also been advised to check the Central Bank's register to verify a firm’s details and to call the firm back directly using its advertised phone number.

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