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FSCA warns the public against individual(s) impersonating the FSCA and its staff

21 May 2024 The Financial Sector Conduct Authority (FSCA)

The Financial Sector Conduct Authority (FSCA) warns the public to be cautious when dealing with individuals impersonating the FSCA, and its staff member, Mr Melvin Fish (Mr Fish).

The impersonators appear to be operating a “cloning scam”, using emails, where they assume the identity of the FSCA or members of its staff to defraud the public.

The FSCA received complaints from members of the public, who were contacted by the impersonators and requested to pay over funds, so that their (members of the public) investment returns would be released. The recipients of these fraudulent emails were victims of scams that the FSCA is investigating. It appears that the impersonators have knowledge of the FSCA’s investigations and are using this information to extort funds from victims.

The impersonator(s) used an email address - fscamalvin@gmail.com”. This is not an official FSCA email address and is in no way linked to the FSCA or Mr Fish.

The public is urged to act with care when dealing with the impersonators or with unsolicited emails, purporting to be from the FSCA or its staff. There are many fraudsters operating scams, and the number is growing. South Africans lose millions of rands every year to fraudsters. Illegal operations are sometimes well-disguised as legitimate operations.

FSCA encourages the public to be cautious of investment opportunities being offered on social media platforms. Members of the public are encouraged to verify the legitimacy of investment opportunities, and refrain from disclosing personal or financial information to unknown individuals and entities online. Entities unlawfully impersonating authorised product or financial services providers is becoming a common occurrence.

For more information or to read other press releases from the FSCA, please click on the link below or on Toll-free number: 0800 110 443

1) Online search for authorised financial institution by license category: https://www.fsca.co.za/Regulated%20Entities/Pages/List-Regulated-Entities-Persons.aspx.

2) Online search for a financial institution that is an authorised FSP in terms of the FAIS Act: https://www.fsca.co.za/Fais/Search_FSP.htm.

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