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The FSCA's Warning on Fake Financial Service Providers pretending to be legitimate companies in South Africa​

This week (12-18 Nov) is International Fraud Awareness Week and the FSCA is joining the global effort to minimize the impact of fraud by promoting anti-fraud awareness and financial education.

In the vast landscape of financial services, a sinister threat is lurking:​ fake Financial Service Providers (FSPs) masquerading as legitimate companies. The Financial Sector Conduct Authority (FSCA) raises a crucial alarm, urging consumers to be vigilant against these deceptive entities that aim to exploit trust and jeopardize financial well-being. As consumers, understanding and vigilance become paramount shields against these deceptive actors seeking to exploit trust and compromise financial integrity.

The FSCA has issued 25 press releases since February this year, about fraudsters cunningly posing as legitimate entities. One matter relates to a WhatsApp account impersonating INN8 Invest, a registered trademark of STANLIB Wealth Management (Pty) Limited (STANLIB), which promises clients double their money in 24 hours. More such cases can be found on at the end of this article.

Consumers should note the following:

 The Deceptive Mirage:

Fraudulent FSPs deploy sophisticated tactics to mimic established companies. They create counterfeit communication channels, phishing websites, and craft convincing unsolicited offers, creating a mirage that closely mirrors legitima​te financial institutions. The deception is intricate, demanding a sharp eye from consumers. The intention is to present an illusion of trustworthiness, making it challenging for consumers to distinguish between the authentic and the fraudulent.

 Caution in the Face of Deception:

Consumers are implored to exercise caution, especially when faced with high-pressure tactics demanding immediate action. Verification of credentials is emphasized as a critical step in the defense against these impersonators. Independently cross-checking contact information is vital to ensure legitimacy and to stop attempts at financial exploitation.

 The FSCA's Directive:

The FSCA takes a firm stance, calling on individuals to promptly report suspected fake FSPs. By doing so, consumers not only protect themselves but contribute to a collective effort against financial fraud. 

 ​Empowering Consumers:

Knowledge becomes the ultimate weapon against fake FSPs. Continuous education on evolving fraud tactics, staying informed about the latest warnings and alerts, and participating in awareness initiatives empower consumers to navigate the financial landscape with resilience.​

In the era of digital transactions, the vigilance of consumers, acts as a collective defense against the encroaching shadows of fake FSPs. By staying informed, verifying credentials, and reporting suspicious activities, individuals play an active role in preserving the trust and integrity of financial systems. It is a shared responsibility to unmask the impostors and create a financial environment where authenticity prevails over deception.


Here is a list of press releases that have been issued by the FSCA, in the past year on impersonation of legitimate FSP's:  


1FSCA warns the public against an entity impersonating BI ME (Pty) Ltd_07 November 2023
2FSCA warns the public against a WhatsApp account impersonating INN8 Invest24 October 2023
3FSCA warns the public about a Whatsapp Group purporting to be Ashburton Investments13 September 2023
4FSCA warns the public against a group of entities impersonating JSE Private Placement (Pty) Ltd 8 September 2023
5FSCA warns the public about a fraudulent scam run by individuals purporting to be from Rezco Asset Management (Pty) Ltd 8 September 2023
6FSCA warns the public against individuals impersonating the FSCA, CySEC, Prudential Authority, SARS and Ms Emily Lakovidou6 September 2023
7 FSCA warns the public against a fraudulent WhatsApp Group impersonating Emperor Asset Management (PTY) Ltd

18 August 2023


8FSCA warns the public against a criminal syndicate claiming to be associated with Anchor Capital (Pty) Ltd

18 August 2023


9The FSCA warns the public against a WhatsApp group falsely using Aluma Capital (Pty) Ltd's logo18 August 2023
10The FSCA warns the public against a Telegram group falsely using Fairtree Asset Management (Pty) Ltd's name17 August 2023
11FSCA warns the public about a fraudulent scam run by individuals purporting to be from Julius Baer South Africa (Pty) Ltd17 August 2023
12FSCA issues public warning against Protrades and individuals impersonating the Authority_15 August 2023
13FSCA warns the public against individuals impersonating Regenesys Investment Fund (Pty) Ltd TA MyWealthinvestment.com_16 August 2023
14FSCA issues public warning against people impersonating Nano Technologies (Pty) Ltd FSP number 17245_27 July 2023
15FSCA issues public warning against Trading 4 July 2023
16FSCA warns the public against a fraudulent facebook page impersonating the IFM 19 June 2023
17FSCA warns the public against people impersonating FSCA Commissioner Unathi Kamlana 8 June 2023
18FSCA warns the public against Datum RS impersonating QuickTrade (Pty) Ltd 18 May 202318 May 2023
19FSCA warns the public against individuals impersonating Wealthport (Pty) Ltd17 May 2023
20FSCA warns the public against individuals impersonating Capital International Group Ltd17 May 2023
21FSCA warns the public against individuals impersonating Integrity Asset Management17 May 2023
22The FSCA warns the public against individuals impersonating Nesa Capital (Pty) Ltd 3 April 2023
23Public warning against individuals impersonating the International Capital Markets Pty Ltd_28 March 2023
24 FSCA warns the public against a fraudulent e-mail purporting to be from the FSCA 20 February 2023

FSCA warns the public against an individual named Nombuso Ndlovu 16 February 2023


16 February 2023

​Members of the public should always check that an entity or individual is registered with the FSCA to provide Financial Advisory & Intermediary Services and what category of advice it is that the entity is registered to provide. 

The FSCA reminds customers who wish to conduct financial services with an institution or person to check beforehand with the FSCA on either the toll-free number (0800 110 443) or on whether such institution or person is authorised to render financial services.

Enquiries: Financial Sector Conduct Authority

​Email address: 

Telephone: 0800 203 722