The Financial Sector Conduct Authority (FSCA) has issued a stern caution to the public regarding a fraudulent scam proliferating on social media platforms, particularly TikTok and Facebook. Individuals posing as representatives of International Capital Markets (Pty) Ltd (IC Markets) are luring unsuspecting victims into their scheme.
Recently, the FSCA received distressing reports from a member of the public who fell victim to this deceitful operation on TikTok. The perpetrators promised substantial returns on investments and persuaded the victim to deposit additional funds to supposedly unlock higher returns. Similarly, another victim encountered a fraudulent scheme on Facebook where an individual purported to aid in recovering lost investments but instead demanded further deposits, exacerbating the financial loss.
f, a legitimate financial services provider (FSP number 50715), has unequivocally stated that they have no affiliation with the fraudulent entities operating under their name on TikTok or Facebook.
The FSCA underscores the necessity for vigilance among the public in the face of such schemes proliferating across various messaging and social media platforms. Instances of financial scams, as highlighted in this warning, are on the rise, necessitating heightened caution and skepticism when engaging in online investment opportunities.
In light of these developments, individuals are urged to exercise prudence, conduct thorough research, and verify the legitimacy of investment opportunities before committing any funds. By remaining vigilant and informed, potential victims can safeguard themselves against falling prey to fraudulent activities masquerading as legitimate financial ventures.