To avoid currency transfer scams, only use an FCA-authorised provider you have verified yourself on the FCA Financial Services Register, never send money to a personal account, and be wary of unsolicited offers, pressure to act fast, and exchange rates that look too good to be true. A few minutes of checking is the best protection you have.
Moving money internationally puts large sums in motion, and fraudsters know it. The good news is that the checks are simple and free, and a genuine provider will pass every one of them. This guide explains the common scams, how to verify a broker is legitimate, and what to do if something feels wrong.
A clone firm is a fake company set up by scammers using the real name, address and Firm Reference Number (FRN) of a genuine FCA-authorised firm, to trick people into sending money to the fraudster instead of the real business.
Who this guide is for. Anyone making an international transfer — especially a large one — who wants to be certain the provider is genuine before sending a penny.
Common currency transfer scams
- Clone firms. Scammers copy a real, authorised broker or bank — using its genuine FRN — but give you their own contact and bank details.
- Fake websites and comparison sites. Convincing sites advertising rates that beat everyone else, designed to capture your money or details.
- Payments to a personal account. A request to send funds to an individual’s account rather than a segregated client account. This is one of the clearest warning signs.
- Pressure and urgency. “The rate expires in an hour” — rushing you past the checks you would otherwise make.
- Social media and messaging-app offers. Unsolicited foreign-exchange or crypto “investment” opportunities promising unrealistic returns.
- Advance fees. Being asked to pay a fee up front to release funds or secure a better rate.
How to verify a currency broker is legitimate
Run through this checklist before sending money to any provider. A genuine firm will pass all of it.
- Check the FCA Register. Confirm the firm — or its named FCA-authorised partners — is authorised for the service it offers, using the FCA Financial Services Register. If you cannot find it, call the FCA on 0800 111 6768.
- Use the contact details on the Register, not the ones the firm gave you. This is how you defeat a clone — call back on the number listed by the FCA, not in an email or on the firm’s site.
- Check the FCA Warning List. Search the FCA Warning List of firms to avoid, which is updated regularly.
- Confirm a segregated client account. Your money should go to a segregated client account in the firm’s or its partner’s name, with a unique reference — never an individual’s personal account.
- Check Companies House. Confirm the registered company exists and matches the trading name.
- Look for a real address and a landline. Be suspicious of a firm that will only communicate by message and will not let you call back on a verified number.
For more on the protections behind a regulated broker, see whether currency brokers are safe, how safeguarding works, and our guide to FCA regulation for FX clients.
The red flags in one place
- You were contacted out of the blue, or pushed to act quickly.
- The rate or returns sound too good to be true.
- You are asked to pay into a personal or third-party account.
- The firm resists being called back on a number you found independently.
- The website or email address is subtly different from the real firm’s.
- You are asked to pay a fee up front before money is released.
What to do if you think it is a scam
- Stop sending money immediately and do not respond further.
- Contact your bank straight away — it may be able to stop or recall a recent payment.
- Report it. In the UK, report to Action Fraud at actionfraud.police.uk or 0300 123 2040, and to the FCA on 0800 111 6768.
- Ask about reimbursement. If you sent money to a fraudster on or after 7 October 2024, you may be covered by reimbursement protections introduced by the Payment Systems Regulator — ask your bank.
How Cambridge Currencies is set up to be verified
Cambridge Currencies is a UK specialist currency broker, and everything above can be checked against it. It operates through FCA-authorised partners, Currencycloud (FRN 900199) and ScioPay (FRN 927951) — both searchable on the FCA Register. Client funds are safeguarded in segregated accounts, not personal accounts, and every transfer is arranged by phone with a named, dedicated specialist, so you always have a real person and a verifiable number. We would always encourage you to verify these details independently before transacting — with any provider, not just us. If a broker you are considering has stopped trading or you are unsure, read what to do if a broker stops trading and the lessons from the Argentex case.
“The single best protection on any transfer is to check the provider yourself on the FCA Register, using the contact details there — not the ones in an email. And remember a legitimate broker sends your money to a segregated client account, never to someone’s personal account. If anyone asks for that, stop.”
Anthony Bull, CEO of Cambridge Currencies
Frequently asked questions
How do I check a currency broker is legitimate?
Verify the firm, or its named partners, on the FCA Financial Services Register, check the FCA Warning List, and confirm your money goes to a segregated client account. Contact the firm using the details on the Register, not those it gives you.
What is a clone firm?
A clone firm is a fake company set up by fraudsters using the real name, address and Firm Reference Number of a genuine FCA-authorised firm, to impersonate it and divert your money.
Does an FRN on a website prove a firm is genuine?
No. Clones copy real Firm Reference Numbers. Verify by contacting the firm using the phone number and email on the FCA Register, not the details the firm provides, and look for subtle differences in the web or email address.
Is it safe to pay into a personal account for a transfer?
No. A legitimate broker uses a segregated client account in the firm’s or its partner’s name, with a unique reference. A request to pay an individual’s personal account is a major red flag — stop and verify.
What are the biggest red flags?
Unsolicited contact, pressure to act quickly, rates that sound too good to be true, requests to pay a personal account, and a firm that will not let you call back on an independently verified number.
What should I do if I think I have been scammed?
Stop sending money, contact your bank immediately, and report it to Action Fraud and the FCA. If you sent money on or after 7 October 2024, you may be covered by Payment Systems Regulator reimbursement protections — ask your bank.
Does FCA authorisation mean my money is guaranteed?
No. It means the firm is regulated and must safeguard client funds in segregated accounts, but e-money and payment firms are not covered by the FSCS. Safeguarding is strong protection, but it is not the same as a deposit guarantee.
How can I verify Cambridge Currencies?
Cambridge Currencies operates through FCA-authorised partners, Currencycloud (FRN 900199) and ScioPay (FRN 927951), both of which you can search on the FCA Financial Services Register. Client funds are safeguarded in segregated accounts.
Transfer with a broker you can verify
The safest transfer is one where you have checked the provider yourself and dealt with a named person. Speak to a Cambridge Currencies specialist about your transfer — every transfer is arranged by phone with a dedicated specialist, and you are welcome to verify our partners on the FCA Register first. Request a quote to get started.
Related guides: Are currency brokers safe? · Brokers with safeguarded funds and forward contracts · Is Wise safe for large transfers?
