FSCA warns of scam using the regulator's identity

South Africa’s market conduct regulator, the Financial Sector Conduct Authority (FSCA), has issued an urgent public warning following the discovery of a sophisticated “cloning scam” targeting both local and international investors.

- Terri-Ann Brouwers

In an official enforcement notice released on Monday, the watchdog said unknown fraudsters are actively assuming the corporate identity of the regulator and the personal identity of its sitting commissioner, Unathi Kamlana.

The syndicate has also gone so far as to impersonate external public agencies, including the Financial and Fiscal Commission, to systematically commit financial fraud.

According to the regulator, the scam is primarily carried out through digital channels.