MyZA

News, Directory, Events and Other Stuff

You are here: Home / News / Business / Individuals Impersonating Exness ZA (Pty) Ltd

Individuals Impersonating Exness ZA (Pty) Ltd

The Financial Sector Conduct Authority (FSCA) advises the public to exercise caution when engaging in financial services transactions with individuals impersonating financial services provider (FSP) Exness ZA (Pty) Ltd (Exness) (FSP number 51024) on Telegram and WhatsApp.
The FSCA received information that Exness is being impersonated on both platforms, where the administrators of these groups are soliciting investments from members of the public by posing as representatives of Exness. Exness has confirmed that it is not associated with the administrators of the Telegram and WhatsApp groups and has emphasised that it does not conduct business through these platforms.
While the FSCA does not comment on the specific business model or services offered via Telegram and WhatsApp, it is important to note that the administrators of these groups are not authorised under any financial sector law to provide financial services to the public.
Moreover, the administrators failed to respond to the FSCA’s enquiries.
The public is strongly urged to exercise caution when considering investment or trading offers on social media platforms or any unsolicited offers. There are many fraudsters operating scams, and the number is growing. South Africans lose millions of rands every year to fraudsters. Illegal operations are sometimes well-disguised as legitimate operations.
The public is advised to be on the lookout for certain tell-tale danger signs when approached by persons offering attractive investment opportunities.
Be alert to the following red flags:
  • Unrealistic or exaggerated returns
  • Offers made via social media platforms
  • Requests for upfront payments
  • Demands for additional payments to release your investment
  • Charges for training or onboarding
  • Pressure to act quickly or urgently
  • Vague or unclear information about the investment product.
Category: Tag: ,

If you feel strongly about this article then feel free to send MyZA a ‘Letter to the Editor’ using the submission form below:

Letter to the Editor

This field is for validation purposes and should be left unchanged.
If this is in response to an article please include that article title here or as the lead in for the first paragraph of your Letter below.

Separate tags with commas

Localise your letter by naming the city your words are about. Add relevant words describing your subject. Single comma separated words of no more than 5
Your Name(Required)
Your Name will be linked to the website below.
Your personal, business or social media web site
Choose NO to not set up a user account on MyZA. User Accounts will allow you to submit letters under your own Author Name

3 Latest Letters to the Editor:

  • Fun South African fact

    Dear Editor Fun South African fact: towns like Franschhoek and Stellenbosch are home to world-class wine farms set in stunning, scenic surroundings. Regards Aressa Smith In Response to/From: Luxury Properties Seized in New Lottery Crackdown

  • Condolences on the Passing of Lusanda Dumke

    Statement by Leander Kruger MPL – DA Buffalo City Constituency Leader: The Democratic Alliance in Buffalo City Metropolitan Municipality mourns the passing of Springbok Women’s rugby player and Mdantsane trailblazer, Lusanda Dumke, who lost her battle with cancer at the age of 28. South Africa has lost an exceptional athlete, a leader, and a source…

  • Rape Kits Delivered, But…

    Statement by Nicholas Gotsell MP – DA NCOP Member on Security & Justice: The DA can confirm that 2 840 rape kits arrived in Cape Town on Monday, following sustained DA oversight and pressure after multiple police stations across the Western Cape were found to be without this critical forensic evidence tool. While this delivery…

Reader Interactions

Comments

  1. Lebo Gunguluza started his entrepreneurial journey with R60 and a lot of nerve. He managed to secure a bursary, which enabled him to study a BCom degree at the University of Natal. To earn money while he studied he became an agent for Edgars on campus, then went on to work in sales for the SABC. He launched his first business and made his first million by 27 but squandered it and had to work his way back to financial wealth. He launched Corporate Fusion, and at 33 his business was turning over R14 million, but he left it to others to run while he travelled the world, and he soon found himself in R4 million worth of debt. Several years later after paying off his debt, he launched GEM (Gunguluza Enterprises & Media) Group of Companies, which has become a multimillion rand business in it\’s first two-and-a-half years. He went on to become one of the \”dragons\’ on the South African edition of Dragons\’ Den, as well as one of the \”sharks\’ on M-Net\’s Shark Tank.