Fake traders, false promises, and fraudsters abusing big names
From Facebook investment scams to impersonators posing as Sygnia’s CEO, the FSCA has issued multiple warnings against unauthorised operators.
#FSCAwarning
Ramaphosa deepfake scam highlights rising threat of AI-driven investment fraud
Not even South Africa’s president has been spared as scammers use deepfake videos of public figures to promote bogus investment schemes – prompting fresh warnings from the FSCA about social media scams, impersonations, and unauthorised financial services.
FSCA warns of surge in impersonators using fake credentials to scam investors
Fraudsters are posing as the FSCA and licensed financial service providers on social media.
Unauthorised operators masquerade as top firms to promise unrealistic returns
The FSCA warns the public about multiple unauthorised financial scams impersonating trusted brands on social media, urging caution and verification before investing.
Scammers falsely claim to be associated with Brenthurst Wealth, Nicolette Mashile and 1nvest
Online fraudsters are abusing the names of Brenthurst Wealth’s Magnus Heystek and Brian Butchart, as well as Nicolette Mashile of Financial Fitness Bunny, to solicit money from the public.
‘Investment scheme’ falsely claims ties to Kallie Kriel and Steve Hofmeyr
The FSCA also warns of scammers impersonating 10X Investments, Prescient, Compsure Insurance, and Viviers Brokers.
Beware of doing business with unauthorised entities
Promises of unrealistic returns are clear sign that a scam is afoot.
Scammers impersonate credit providers on loan applications
FSCA also warns about unauthorised funeral policies being sold by a company in the Western Cape.
Warning of impersonation scam involving Nampak
The FSCA also advises the public to be cautious of World Option Crypto and JoziEx.
Latest warnings against unauthorised operators soliciting ‘investments’
The FSCA has issued warnings about individuals and entities promising unrealistic returns while lacking the required authorisation to offer financial services.
Telegram groups impersonating Truffle and Vista Wealth
Impersonators are using the names of authorised financial firms, Truffle Asset Management and Vista Wealth Management, to defraud people.
FSCA warns of deepfake fraud featuring Patrice Motsepe
AI-generated media make it seem as if one of South Africa’s richest people is endorsing an ‘investment’.
US financial company’s name hijacked in impersonation scam
The FSCA says the scammers are also misusing the FSP number of a Bloemfontein-based financial planning business.
‘Investment’ scammers impersonate companies on Telegram
The FSCA also alerts the public to individuals who may be providing financial services without authorisation.
FSCA flags unauthorised investment schemes and funeral policies
An entity must be authorised by the FSCA and the Prudential Authority to issue insurance policies in South Africa.
Banxso v FSCA over links to deepfake adverts
The Authority challenges Banxso’s claim that it is not connected to Immediate Matrix’s deepfake adverts.
