The Financial Sector Conduct Authority (FSCA) warns the public to exercise caution when conducting financial services business with persons purporting to be associated with Rand Merchant Bank FSP number 664.
It has come to the FSCA’s attention that individuals using the names “Ayanda and Noah” are using the name and FSP number of Rand Merchant Bank to promote and solicit investments from members of the public. Rand Merchant Bank’s name is reflected on WhatsApp communication with members of the public, from whom investments are solicited. Rand Merchant Bank confirmed that it is not associated with a WhatsApp Channel that offers investments to the members of the public. The administrators of the WhatsApp Channel, did not respond to FSCA enquiries.
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.