ASIC has warned consumers to be wary of a fake website promoting foreign exchange broker, First Forex.

First Forex and related entities Fifx and FiFX Global promote their services at www.fifx.com and falsely claim that their services are ‘under the regulation of Australia (Regulation No. 290600)’.

ASIC Commissioner Greg Tanzer said neither First Forex, FiFx or FiFX Global are registered Australian companies, nor are their services regulated as a financial services business under Australian law.

'The website, www.fifx.com appears to be operated overseas and refers to an Australian company that is in no way associated with First Forex', Mr Tanzer said.

'The best way for consumers to protect themselves from scams is to only deal with financial services providers who are licensed by ASIC. Licensed companies and individuals are required to meet stringent requirements under Australian law, the purpose of which is to protect consumers.'

Consumers can confirm a company is licensed by ASIC by searching our website at www.asic.gov.au.

ASIC's MoneySmart website also provides information for consumers about how to identity a loan scam. Consumers are advised to watch out for the following warning signs:

• requests to transfer money upfront to an overseas-based account or to a person overseas, or requests to pay taxes or fees before a loan can be provided
• repeated telephone calls or emails
• offers of an interest rate substantially lower than what is available from legitimate lenders
• offers of a free period before any repayments have to be made
• the loan provider says that they do not do any credit checks and will lend money to consumers with past financial problems
• the loan provider pressures consumers to make a quick decision

Visit www.moneysmart.gov.au for more information.