Johannesburg – The Financial Sector Action Authority (FSCA) has warned the public about fraud run by Resavo Morefe.
what's happening?
Molefe promises a return of R9 000 from its first R900 investment through the Telegram group. Funds will be deposited in a Capitec bank account under Thatto Rapelego. Rapelego claims that his account was used without his knowledge. Neither Molefe nor Rapelego are authorized to provide financial services.
FSCA warning
Unrealistic returns are the red flags – always suspicious. The FSCA is under investigation and involves South African Police (SAPS).
How to protect yourself
Verify authorization – Use only FSCA authorized providers.
Check the FSP numbers – Match them in the FSCA database.
Avoid social media offers – beware of unsolicited investment transactions.
How to check if your provider is legal
Phone FSCA: 0800 110 443 (free). Search online: A list of regulated entities.
Keep Alert and report suspicious schemes to the FSCA
“To avoid unnecessary risks, citizens should refrain from accepting financial advice, support or investment offers from individuals or entities not permitted by the FSCA,” the FSCA warned.
“An authorized financial service providers must clearly display their permission status in their documents.
“If this doesn't exist, we recommend doing further research before making payment.”
*This article was first published in our sister publication techfinancials.co.za
