• The Financial Sector Conduct Authority (FSCA) has issued a warning about individuals impersonating Commissioner Unathi Kamlana on WhatsApp and other social media platforms in a fraudulent scheme known as a “clone scam.”
• The FSCA does not conduct any business on WhatsApp or any other social media platforms, and any communication claiming to be from the FSCA or its representatives on these platforms should be treated with suspicion.
• The FSCA is taking the impersonation issue seriously and has launched a full investigation. They have provided a toll-free number and their official website for the public to report any suspicious activity or verify the legitimacy of any communication claiming to be from the FSCA.

In a recent press release, the Financial Sector Conduct Authority (FSCA) has issued a stern warning to the public against unscrupulous individuals impersonating FSCA Commissioner, Mr Unathi Kamlana, on WhatsApp and other social media platforms. This fraudulent activity, known as a “clone scam,” involves a scamming entity assuming the identity of a legitimate business or individual to defraud the public.

The FSCA was alerted to the scam by a member of the public who had received communication from an individual purporting to be Mr Unathi Kamlana. The impersonator attempted to convey the outcome of what appeared to be a legitimate ongoing investigation into some sensitive transactions involving the member of the public with a registered financial service provider (FSP). The impersonator also offered a reimbursement to the member of the public while soliciting a settlement payment for themselves.

The FSCA and Commissioner Kamlana have confirmed that they do not conduct any business on the WhatsApp messaging platform. The FSCA has formal processes to deal with any matters under investigation by the institution, and at no stage will such an investigation be communicated via WhatsApp. The Authority will also never conduct any other matters under its investigation (or any other authority) through its individual executives, representatives, or staff members in the manner described above, nor in any other manner not prescribed by the Financial Sector Regulation Act 9 of 2017 (FSR Act) and other applicable laws.

The FSCA views the current imposter issue in a serious light and a full investigation, with full cooperation from the complainant, is underway. Members of the public are reminded to treat any entity or individual purporting to represent the FSCA on the WhatsApp messaging platform, or any social media platform, with suspicion.

The FSCA has provided a toll-free number, 0800 110 443, for the public to report any suspicious activity. The public can also verify the complaints or investigation procedures of the FSCA via their official website, www.fsca.co.za.

This incident serves as a stark reminder of the growing threat of online scams and the importance of vigilance when dealing with communications purporting to be from financial institutions. It is crucial to verify the identity of the individual or entity before engaging in any financial transactions or sharing sensitive information. The FSCA’s swift action in alerting the public to this scam demonstrates its commitment to protecting the public from financial fraud.