The Financial Sector Conduct Authority (FSCA) has issued an urgent warning about fake WhatsApp groups called “Q23 Momentum Official Securities Group” and “Q923 MOSG Official Securities Group” that are fraudulently using the name and image of Risto Ketola, Group Finance Director of Momentum Metropolitan Holdings Limited (MMI).
Key Facts About the Scam:
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The groups falsely promise returns exceeding 160%
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They offer a “check-in reward” of R2,000/month for promoting the group
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Momentum Metropolitan confirms they have no connection to these groups
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The FSCA states: “These groups are not authorized to provide any financial services”
How the Scam Works:
- Uses fake credentials of a real executive (Risto Ketola)
- Operates through WhatsApp, Telegram, and Facebook
- Makes unrealistic profit claims (a major red flag)
FSCA’s Strong Warning:
“The public must exercise extreme caution. These groups have no authorization under any financial sector laws, and their operators failed to respond to our queries.”
How to Protect Yourself:
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Never invest through unverified WhatsApp/Facebook groups
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Check authorization via:
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FSCA Toll-free: 0800 110 443
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Online search: FSCA Regulated Entities
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Red Flags to Watch For:
- Promises of “guaranteed” high returns (160% is impossible)
- Claims that “FSCA authorization isn’t needed”
- Pressure to recruit others for bonuses
FSCA Advice: “When in doubt, consult an authorized financial provider. South Africans lose millions yearly to such scams.”
