FSCA warns public about fraudulent Telegram group impersonating PSG Wealth
Image: File photo.
The Financial Sector Conduct Authority (FSCA) has issued a warning to the public regarding a Telegram group falsely operating under the name 'PSG Wealth (Pty) Ltd'.
The group misleadingly claims to be affiliated with PSG Wealth Financial Planning (Pty) Ltd (FSP number 728) and its representative, Elke Brink.
According to the FSCA, multiple reports have been received about the group soliciting money from unsuspecting individuals. Notably, the administrators are impersonating Brink and offering guaranteed returns of up to 100%, a clear red flag.
In a statement, PSG Wealth confirmed it has no association with the Telegram group or the individuals behind it. The firm also clarified that it does not conduct any business via the Telegram platform.
'The public must understand that PSG Wealth and Ms Brink are not in any way connected to this group. Any claims suggesting otherwise are unequivocally false,' says PSG.
Although the FSCA refrained from commenting on the group's exact operations, it confirmed that the administrators are not authorised under any financial sector law to offer financial services in South Africa. Attempts by the FSCA to engage with the individuals behind the group were ignored.
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'The operators of this group failed to respond to our inquiries. Their conduct raises serious concerns, and we urge the public to remain vigilant,' says the FSCA.
The FSCA highlighted the growing number of fraudulent schemes circulating on social media platforms. Each year, South Africans lose millions to scams disguised as legitimate ventures.
'Social media is not a regulated financial environment. Fraudsters exploit these platforms to lure victims with unrealistic promises and urgency,' the FSCA cautioned.
Members of the public are encouraged to look out for the following warning signs when approached with investment opportunities: Promises of unrealistic or exaggerated returns
Investment offers via social media platforms
Requests for upfront payments
Demands for additional payments to release returns
Fees charged for 'training' or insider access
High-pressure tactics urging quick payment
Vague or unclear information about the investment product
To check if a person or company is authorised by the FSCA to provide financial services, the public can use the Authority's website or call the FSCA directly.
'The safest way to protect your money is to verify before you invest. When in doubt, contact the FSCA,' it says.
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