The Financial Sector Conduct Authority (FSCA) advises the public to exercise caution when conducting financial services business with Treasurer Investment.
The Financial Sector Conduct Authority (FSCA) received information that Treasurer Investment is conducting unauthorised financial services business via the WhatsApp platform. According to the information received, Treasurer Investment is soliciting investments from members of the public for the purpose of trading in cryptocurrency.
Members of the public are encouraged to invest R150 with a promised return of R1 500 (1000% return) within a six-hour period. The FSCA points out that unrealistic returns must be viewed with great suspicion.
While the FSCA does not comment on the business activities of Treasurer Investment, the FSCA confirms that Treasurer Investment is not authorised by it to provide financial services to members of the public. The FSCA was unable to contact Treasurer Investment on the contact details available 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.