Impersonation scammers target TCEPMA and iFX Brokers

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The Financial Sector Conduct Authority (FSCA) has warned the public about impersonation scams targeting insurance brokerage TCEPMA and online trading broker iFX Brokers Holdings.

Individuals are falsely claiming to be associated with TCEPMA (Transport, Construction, Engineering, Plant, Marine, Aviation) Insurance Specialists, to solicit “investments”.

TCEPMA, an authorised financial services provider (FSP number 36799), is not associated with the impersonators.

The FSCA has received information that iFX Brokers (FSP No. 48021) and its chief executive, Hannele de Necker, are being impersonated online.

The impersonators have created a website that closely resembles that of iFX Brokers and are soliciting “investments” in forex, contracts for difference, stocks, and indices. The impersonators have also created a Telegram group that uses De Necker’s persona. The group is soliciting funds, undertaking to pay unrealistic returns.

Neither iFX Brokers nor De Necker are affiliated with the administrators of the website and the Telegram group.

The impersonators are not authorised to provide financial services to the public.

The FSCA has also advised the public to exercise caution when conducting financial services business with Hlalani Rocken Nkuna.

The Authority said uses Instagram to market signals and trading services and is soliciting funds for “investment purposes”.

The FSCA would not comment on Nkuna’s business. However, he is not authorised to provide financial services to the public in South Africa. Nkuna failed to respond the FSCA’s enquiries.

Spot the red flags

The FSCA advises the public to remain alert when approached with attractive investment offers. These often come with warning signs that should raise immediate concern. Common red flags include:

  • Promises of unrealistic or exaggerated returns.
  • Offers made through social media platforms.
  • Requests for upfront payments.
  • Additional payments required to access your investment returns.
  • Charges for training before you can invest.
  • Pressure to act and pay urgently.
  • Vague or unclear information about the investment product.

To check whether a person or business is authorised by the FSCA to operate as a financial services provider – and to verify their FSP number – the public can use any of the following options: