The Financial Sector Conduct Authority (FSCA) has recently issued public warnings about dealing with the following operators.
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The Financial Sector Conduct Authority (FSCA) has recently issued public warnings about dealing with the following operators:
It has come to the attention of the FSCA that Alpatoken and Mdabe are soliciting funds from the public for investment purposes while promising unrealistic returns. Members are recruited through WhatsApp groups. Alpatoken and Mdabe require minimum deposits ranging from R220 to R22 000, with a promise of more than 35% profit within seven days. The FSCA says these unrealistic returns must be viewed with great suspicion.
Alpatoken and Mdabe are not authorised in terms of any financial sector law to provide financial services to the public in South Africa.
The FSCA urges caution about buying insurance policies from Ubomi Unlimited Projects (Pty) Ltd, trading as Ubomi Fire Protection Insurance. The FSCA says it received a complaint that Ubomi Fire Protection may be issuing insurance policies that may not be underwritten by an authorised short-term insurer.
Conducting financial services or insurance business without a licence is a criminal offence. Ubomi Fire Protection is not authorised to do so and does not hold a licence from the FSCA to conduct insurance business.
It was brought to the attention of the FSCA that individuals behind xrp2024.live are soliciting funds from members of the public for investment purposes. Members of the public are required to deposit funds into crypto wallet addresses with the promise of unrealistic returns.
xrp2024.live is not authorised in terms of any financial sector law to provide financial services to the public in South Africa.
Check before committing your money
The FSCA says that you should not take the risk accepting financial advice, assistance, or investment offers from individuals or entities not authorised by the FSCA. Authorised financial services providers must clearly display their authorisation status in their documentation. One of the following methods may be used to confirm the status and FSP number of a service provider or a person that claims to be an authorised service provider:
PERSONAL FINANCE
