FSCA warns South Africans about unauthorised financial activities
Momentum Group, a prominent player in South Africa's financial services sector, has alerted the public to an alarming increase in scams leveraging the power of 'deepfake' technology. The FSCA has issued a warning about Mr. Lethabo Molefe, who is soliciting investments with unrealistic returns. The public is urged to verify the legitimacy of financial services to avoid scams.
The Financial Sector Conduct Authority (FSCA) has issued a public warning regarding financial services offered by Mr. Lethabo Molefe, urging caution when engaging in financial transactions with him.
The FSCA has identified that Molefe has been soliciting funds for investment purposes, promising unrealistic returns to members of the public. Individuals were recruited via Telegram groups, where they were assured a return of R9,000 from an initial investment of R900. Deposits were made into a Capitec Bank account linked to Mr. Thato Rapelego.
Upon investigation, the FSCA contacted Rapelego for comment. He stated that he does not provide financial services and alleged that his bank account was used without his authorisation. Molefe was unavailable for comment. While the FSCA does not provide details on their business activities, it emphasises that neither Molefe nor Rapelego is authorised under any financial sector law to offer financial services to the public. The matter is now being referred to the South African Police Service for further action.
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