Cross Asset Solutions Scam
A bogus organisation calling itself Cross Asset Solutions is running a follow-on-fraud. The company uses the domain name crossassetsolutions.org (click LINK TO WEBSITE HERE) and has clearly purchased a list of investors without having the faintest clue what products the investors have bought. The scammers have embarked on a fishing trip casting their net as wide as possible hoping that a few people will be tempted to take the bait. That can be seen by the letter below which is a “write a lot, but say very little” letter. They have been sending it out to investors after first telephoning them to introduce their scam. We’re still amazed that people can make their living scamming people as brazenly as this.
The crossassetsolutions.org website was purchased in February of this year.
This bogus company is not to be confused with the genuine company, Cross Asset Solutions Ltd, which has a .com website address and not a .org one. A visit to the genuine company’s website reveals that they are aware of the identity theft and have reported it to the authorities. This shows that some people had the good sense to independently check out the company (they did not use the telephone number or email given to them but made their own enquiries). The genuine website contains a warning about the scammers. You can view the genuine website here.
If you are contacted by Cross Asset Solutions you can be certain that it is a scam.
So what can an investor do when contacted by a bogus company which has cloned the real company’s details ? The answer is:
1. Do not trust the email, website or telephone number they’ve given you;
2. The big chink in the scammers’ armour is that in order to pull off their scam they have to copy ALL of the genuine company’s details. This includes the registered office address. So investors should go to the Companies House website, type in the full name of the company, check the registered office address and drop a brief letter to the company explaining what has happened and ask if it was them. Give them your phone number in case they would like to talk to you about it. The scammers can fake everything else, but they can’t intercept a letter to the office address registered at Companies House. This may take a bit longer but it is better to be safe than sorry. Never be tempted to short-cut this process if the scammer tells you his offer is only available for a short period of time. That’s another sign of a scam.
3. Report the matter to the Police via your country’s reporting procedure. The more people who report it the more likely it will be actioned by the Police.