The Financial Sector Conduct Authority (FSCA) warns the public to exercise caution when conducting financial services business with impersonating GTC (Pty) Ltd (GTC), an authorised Financial Services Provider (FSP) (FSP 731).
It has come to the FSCA’s attention that individuals are using various social media platforms including WhatsApp to impersonate GTC by using its name and FSP number to solicit investments from members of the public. GTC confirmed that it is not associated with these individuals.
The individuals behind the social media platforms failed to respond to FSCA queries.
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 people offering attractive investment opportunities.