- Scammers use Capitec Bank’s name, logo, and FSP number to run fake investment schemes on WhatsApp and Facebook.
- Victims are promised large returns on supposed JSE share investments before getting cheated.
- FSCA urges South Africans to verify all financial offers as social media scams increase nationwide.
A new wave of online fraud is sweeping through social media. Scammers are pretending to represent Capitec Bank Limited to trick South Africans into fake investment schemes.
The Financial Sector Conduct Authority (FSCA) has issued a strong warning after finding multiple reports of people getting scammed through WhatsApp, Facebook, and fake websites using Capitec’s name and license number.
Using the Capitec Bank impersonation scam, fraudsters claim to offer real investments in **Johannesburg Stock Exchange (JSE)** shares, promising quick and large returns. Many victims, believing they were dealing with the real bank, sent money upfront only to find out later that they had been conned.
Capitec Bank has denied any connection to these scammers, stating that it “does not use WhatsApp or Facebook for business”. The FSCA noted that the impersonators disregarded efforts to verify their credentials.
FSCA urges caution as scams grow more advanced
The regulator has advised South Africans to stay vigilant as social media scams become more sophisticated, often mimicking real institutions with official logos and registration information. “The number of scammers is rising, and South Africans lose millions of rands every year,” the FSCA warned.
Consumers should watch for signs like unrealistic returns, vague investment information, or urgent payment requests. Other warning signs include requests for more money to release “profits” or to cover alleged “training fees.”
The FSCA encouraged the public to verify all financial service providers through official channels, 800 110 443** (toll-free) and search the FSCA’s online database of authorised institutions.
It stated it remains dedicated to protecting consumers and ensuring compliance under the Financial Advisory and Intermediary Services Act (FAIS Act). It urged anyone who receives suspicious investment offers to report them immediately.
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