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%.
“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.
