FSCA warns public against a fraudulent Telegram channel impersonating Old Mutual Limited

23-02-24 / Duty Editor

FSCA warns public against a fraudulent Telegram channel impersonating Old Mutual Limited

Pretoria - The Financial Sector Conduct Authority (FSCA) has today issued a warning to the public against a fraudulent Telegram channel impersonating the Old Mutual Limited (OML) Group, which has licenced entities such as Old Mutual Life Assurance Company of South Africa Limited, Old Mutual Insure Limited, Old Mutual Investment Group Propriety Limited, and more.

In a statement issued today, the FSCA said it received a report of a sophisticated scam operating within a private Telegram channel, accessible only through invitation. The individuals operating the scam are purporting to be representatives of Old Mutual Investment Company (a fictitious and unauthorised entity) and lure unsuspecting members of the public with the promise of lucrative financial products and/or investment opportunities.

The financial services regulator said what is of concern is that the Telegram channel is reported to have about 1402 members. "The emergence of such scams underscores the critical need for heightened vigilance and scepticism by the public, particularly when approached with unsolicited investment offers or invitations to private channels.

"OML has confirmed to the FSCA that it is in no way associated with the private Telegram channel that is offering these investment opportunities to the South African public using its name, and has published similar cautionary messages on its social media pages," it said.

The FSCA said it encourages the public to be cautious of such fraudulent scams being run on messaging platforms – impersonating authorised entities, as they are on the rise.

"Members of the public are encouraged to verify the legitimacy of investment opportunities, and refrain from disclosing personal or financial information to unknown individuals and entities online," it concluded.