Officials in Jersey have warned consumers against using Channel Offshore Bank (COB) as it is a fake.

Officials in Jersey have warned consumers against using Channel Offshore Bank (COB) as it is a fake.

COB claims on its website that it is based in St Helier and has been in business since 1989.

However, the Jersey Financial Services Commission says this is a lie. The commission said the bank had never been registered, or applied to be registered, and said any deposits it received would be illegal.

“This statement is made in order to warn investors and others against dealing with unauthorised financial service providers. COB has not received authorisation to conduct deposit-taking business within the meaning of the Banking Business Law,” the Jersey Commission said.

“It appears to the Commission that COB, as described on the Website, is falsely purporting to trade from an address of PO Box 998, St. Helier, Jersey, Channel Islands and is carrying on, or holding out that it is carrying on, deposit-taking business in Jersey when it is not authorised to do so pursuant to the provisions of the Banking Business Law,” it added.

The bank's account registration process asks users to input personal details, including current bank account details.

In a notice on its website, the commission said Jersey's 33 genuine banks were registered and listed on the regulator's own website.

"COB has not received authorisation to conduct deposit-taking business within the meaning of the banking business law," the statement added.