The Financial Sector Conduct Authority (“FSCA”) warns the public against doing any financial services business with individuals using WhatsApp account “Stanlib WhatsApp Investment Group” and Mzwandile Ngcobo with WhatsApp account (069 162 7744), who falsely claims to be associated with Stanlib.
Stanlib has confirmed to the FSCA that these WhatsApp accounts are not associated with the company.
The FSCA once again reminds consumers who wish to engage in financial services to first verify whether the institution or individual is authorised to provide such services. This can be done by contacting the FSCA on the toll-free number 0800 110 443 or by visiting www.fsca.co.za.
What is Fraud? “Fraud” is any activity that relies on deception in order to achieve a gain. Fraud becomes a crime when it is a “knowing misrepresentation of the truth or concealment of a material fact to induce another to act to his or her detriment” (Black’s Law Dictionary). In other words, if you lie in order to deprive a person or organization of their money or property, you’re committing fraud.