South Africa’s financial regulator has warned the
public about a fraudulent investment outfit that is using the name of the
Johannesburg Stock Exchange (JSE) on WhatsApp to lure investors.
Fake Links to JSE
The Financial Sector Conduct Authority (FSCA) said
Octodec Invest Ltd has been presenting itself as associated with the JSE, South
Africa’s licensed stock exchange. The JSE confirmed through legal counsel that
no such connection exists.
According to the FSCA, Octodec has used the JSE’s
trademarks without permission, which is prohibited under section 4(2) of the
Financial Markets Act. The law bars unlicensed entities from presenting
themselves as exchanges or suggesting a link to one.
“It is the FSCA’s view that Octodec is operating
without proper authorization and is fraudulently using JSE’s names to conduct
business and mislead members of the public,” the regulator said in a Wednesday
warning.
Related: South Africa’s Regulator Impersonated in WhatsApp Scam Promising 30% Returns
The FSCA said Octodec is operating without
authorisation and misleading members of the public with false claims of
legitimacy. The regulator cautioned anyone approached by the firm to proceed
with care. The watchdog urged investors to request proof of all
dealings and to confirm that providers are licensed before engaging in
transactions.
Wider Scam Network
The FSCA also drew attention to a fraudulent WhatsApp
group claiming ties to both the FSCA and the JSE, highlighting growing concerns
about online channels being used to spread scams.
It reminded the public that only entities authorised
by the FSCA may provide financial products or investment advice, and urged
verification through its website.
South Africa’s financial regulator has previously
warned about impersonation scams on WhatsApp. In April, FSCA warned of a wave of investment
scams that emerged, involving deepfake videos that impersonate regulators to promote
fraudulent schemes.
One such video currently circulating on WhatsApp
falsely depicts the FSCA and Commissioner
Unathi Kamlana endorsing an AI-powered trading platform promising unrealistic
returns of up to 30%.
#ScamWatch The FSCA is aware of a deepfake video on WhatsApp of the FSCA and its Commissioner Mr. Unathi Kamlana promoting an artificial intelligence (AI) trading tool called NBSG Securities or Nedbank Securities that promises 20-30% higher returns. pic.twitter.com/1biLScBG7l
— FSCA South Africa (@fscasouthafrica) April 24, 2025
“The FSCA is aware of a deepfake video on WhatsApp
impersonating the FSCA and its Commissioner, Mr. Unathi Kamlana, to promote a
new artificial intelligence (AI) trading tool called NBSG Securities or Nedbank
Securities that promises a 20-30% higher return on investment,” the regulator
wrote on X and LinkedIn.
This article was written by Jared Kirui at www.financemagnates.com.
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