With over 40 warnings issued this year, the FSCA is urging the public to steer clear of investment offers on social media that promise unrealistic returns and falsely claim ties to trusted financial brands.
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.
Fraudsters are posing as the FSCA and licensed financial service providers on social media.
The FSCA warns the public about multiple unauthorised financial scams impersonating trusted brands on social media, urging caution and verification before investing.
Five investors sought to recover their money, but the High Court ruled their funds were part of an illegal operation and must be forfeited to the state.
From impersonating financial institutions to AI-generated videos of trusted figures, fraudsters are exploiting technology and social networks to steal investors’ hard-earned money.
From fake love to stolen funds, romance scams powered by AI and cryptocurrency are on the rise – find out how to protect yourself from this growing threat.
The industry lost at least R175.9 million last year but prevented losses of R1.5 billion through enhanced detection efforts, says ASISA.
The FSCA also reiterates its warning against Donafin, which continues to charge fees for unauthorised financial services.
FSCA warns about Miway Express Credit Solutions, as well as entities and individuals who are impersonating legitimate FSPs.
La Grange was sentenced to 10 years in prison, with five years suspended contingent on his co-operation with the State in future cases involving Steinhoff’s executives.
Craig Warriner’s confession to orchestrating a massive Ponzi scheme has led to 30-year bans for Global & Local’s Michael Haldane and Mauro Forlin.
