The Financial Sector Conduct Authority (FSCA) urges the public to exercise caution when dealing with Fast Track Global Trade, a website that claims to offer investment opportunities.
The FSCA has received reports that Fast Track Global Trade is soliciting funds from members of the public through its website: https://fasttrackglobaltrade.com. The platform promotes various investment plans and promises unrealistic daily returns of up to 98%. To process withdrawals, it charges a 15% service usage fee on the investor’s accumulated profits. The FSCA warns that any offer of excessively high returns should be treated with suspicion, as it is often a sign of fraudulent activity.
Although the FSCA does not comment on the specific business operations of Fast Track Global Trade, it confirms that the entity is not authorised under any financial sector law to provide financial services in South Africa. Operating without authorisation is a criminal offence. Despite efforts to make contact, the FSCA was unable to reach Fast Track Global Trade for comment.
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.