FSCA warns about people impersonating FSCA Commissioner

09-06-23 / Sisanda Ndlovu

FSCA warns about people impersonating FSCA Commissioner

Pretoria - The Financial Sector Conduct Authority (FSCA) has issued a warning to the unsuspecting public to be cautious regarding unscrupulous individuals impersonating FSCA Commissioner Mr Unathi Kamlana on the
WhatsApp messaging system and other social media platforms.

The Regulator said this appears to be a “clone scam” where a scamming entity assumes the identity of a legitimate business or individual to defraud the public. The FSCA says it received an alert from a member of the public regarding communication from an individual(s) purporting to be Mr Unathi Kamlana, the FSCA Commissioner.

In the communication, the impersonator attempts to convey the outcome of what seems to be a legitimate ongoing investigation into some sensitive transactions regarding the member of the public with a registered financial service provider (FSP). Furthermore, the impersonator appears to offer a reimbursement to the member of the public, while soliciting a settlement payment to themselves.

"The FSCA and the Commissioner hereby confirm 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 investigation be communicated via the WhatsApp messaging platform.

"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," said the Regulator.

The FSCA further said it views the current imposter issue in 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, and to contact the Authority immediately, it concluded.