Beware of WhatsApp Scammers Posing as Financial Firm, Warns FSCA

• The Financial Sector Conduct Authority (FSCA) has issued a public warning about individuals impersonating the legitimate firm, Integrity Asset Management, with the aim of defrauding unsuspecting members of the public.
• The impersonators are falsely promising high returns on investments via WhatsApp, using the firm’s logo, website, and contact details, as well as the logo of a similarly named company in Texas, USA.
• The FSCA urges the public to verify the legitimacy of financial entities and individuals before engaging in any transactions. They provide a toll-free number and online resources for this purpose.

The Financial Sector Conduct Authority (FSCA) has issued a public warning against a group of individuals impersonating Integrity Asset Management, a legitimately registered Financial Services Provider (FSP number 43249). These impersonators are suspected of intending to defraud the public by soliciting investments under false pretenses.

According to the FSCA, these individuals have been luring unsuspecting members of the public with promises of unrealistic and excessive returns. They are reportedly using WhatsApp as a primary mode of communication, employing Integrity Asset Management’s logo, website, and contact information to give their operations a veneer of credibility. Interestingly, these impersonators are also leveraging the logo of a similarly named company based in Texas, United States.

Integrity Asset Management, which has confirmed no association with these individuals, has assured its clients and the public that it is working closely with the FSCA to resolve this issue. The FSCA, meanwhile, believes these impersonators are conducting unregistered financial services, a breach of the law and regulatory guidelines.

In light of this, the FSCA urges the public to exercise caution when dealing with financial entities and individuals. Before proceeding with any financial transactions, the public should verify whether an entity or individual is authorised to provide specific financial products, services, or advice.

Members of the public can verify the legitimacy of a financial services provider in three ways:

1. By calling the toll-free number: 0800 110 443
2. By conducting an online search for authorised financial institutions by license and product category. This search can be carried out by visiting this link.
3. By conducting an online search to verify whether an entity is an authorised FSP in terms of the FAIS Act. This search can be performed by visiting this link.

The FSCA reiterates its commitment to safeguarding the public from fraudulent financial schemes and urges everyone to remain vigilant. It also assures that the regulator, along with law enforcement agencies, will continue to take strong actions against those who violate financial sector regulations.

The Financial Sector Conduct Authority is a statutory body mandated by law to regulate the financial sector in South Africa. It aims to protect customers from unfair business practices and fraudulent schemes, ensuring that financial institutions conduct their operations in a manner that is fair and transparent.