The Financial Sector Conduct Authority (FSCA) warns the public to exercise caution when conducting financial services business with Telegram groups associated with Tlotlego Duiker.
The FSCA received information that individuals operating several Telegram groups under the name “Tlotlego Duiker” are soliciting funds from the public for investment purposes and offering trading signals to members of the public.
Without commenting on the business of the administrators of these Telegram groups, the FSCA confirms that the administrators are not authorised by the FSCA to provide financial services to members of the public. Mr Tlotlego Duiker confirmed that these Telegram groups are using his name without his consent and that he has no association or involvement with the administrators of the Telegram groups. The FSCA was unable to reach the administrators of the Telegram groups on the contact details provided to it.
The public is strongly urged to exercise caution when considering unsolicited investment or trading offers, especially those communicated through social media. The public is urged to act with care when investing their funds. 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. The public is advised to be on the lookout for certain tell-tale danger signs when approached by persons offering attractive investment opportunities.
These red flags include:
- Unrealistic or exaggerated returns
- Offers made on social media platforms
- Requirements to pay for services upfront
- Requirements to pay more money to have your investments returned
- Requirements to pay for training
- Claims that you must act and pay urgently i.e. creating a sense of urgency
- Vague information about the investment product.
Members of the public may use one of the following methods to confirm whether a service provider or person is authorised to act as an FSP by the FSCA, including to verify their FSP number:
To confirm whether a person or institution is authorised, contact the FSCA on the toll-free number 0800 110 443 or visit https://www.fsca.co.za/Fais/Search_FSP.htm.
Suspicious activities can be reported via the Ethics and Fraud Hotline at 0800 313 626, by email at fsca@behonest.co.za, or online at www.behonest.co.za.