In a recent press release, the Financial Sector Conduct Authority (FSCA) has issued a stern warning to the public about a fraudulent entity or individual(s) impersonating Itransact Fund Managers (RF) (Pty) Ltd (IFM), a reputable Manager of Collective Investment Schemes. The impersonators are believed to be using the Facebook social media platform to solicit investments from unsuspecting members of the public.

The FSCA, South Africa’s financial regulatory authority, has expressed its concern over the malicious activities of these impersonators. The IFM has categorically stated that it has no affiliation with the individual(s) or the Facebook page in question. The company has urged the public to only use the contact details listed on the IFM’s official website for any investment or general queries.

The public is being urged to exercise caution and vigilance, and to report any suspicious communication purporting to come from the IFM. The FSCA has reiterated the importance of ensuring that any entity or individual offering a financial product or service is suitably authorised by the FSCA before any purchase or investment is made.

The FSCA has provided resources for the public to verify the authenticity of financial institutions. These include a toll-free number (0800 110 443) and an online search tool for authorised financial institutions by license category. The public can also verify if a financial institution is an authorised collective investment scheme in terms of the Collective Investment Schemes Control Act.

This incident underscores the growing threat of online fraud and the importance of vigilance when dealing with financial transactions online. The FSCA’s warning serves as a reminder to the public to always verify the legitimacy of financial institutions before engaging in any financial transactions.

In the digital age, where online platforms are increasingly being used for financial transactions, it is crucial for regulatory bodies like the FSCA to continue their efforts in protecting the public from fraudulent activities. The public, on the other hand, must also play their part by being cautious and vigilant, and by reporting any suspicious activities to the relevant authorities.

The FSCA’s warning is a clear indication of the regulator’s commitment to safeguarding the interests of the public and maintaining the integrity of South Africa’s financial sector. It is a call to action for all stakeholders in the financial sector to work together in combating fraudulent activities and protecting the public from financial scams.