Facebook’s Forex Fraudsters: Over 50% of Forex scams find their victims on social media

CAPE TOWN – As the lockdown triggered by the Covid-19 pandemic wreak havoc on the economy and impacting household income, a significant number of desperate South Africans have fallen victim to Forex fraud, according to a report by TradeForexSA.

The Financial Service Conduct Authority (FSCA) has issued several warnings about bad Forex brokers and scammers purpoting to be Forex traders, however, with the numerous digital platforms at their disposal it has become increasingly difficult for the non-discerning eye to tell which one is legit and which one isn’t.

“Members of the public should always check that an entity or individual is registered with the FSCA to provide Financial Advisory & Intermediary Services and what category of advice it is that the entity is registered to provide.

“There are instances where persons are registered to provide basic advisory services for a low risk product and then offer services of a far more complex and risky nature.

“The FSCA again reminds consumers who wish to conduct financial services with an institution or person to check beforehand with the FSCA on either the toll free number (0800 110 443) or on the website www.fsca.co.za as to whether or not such institution or person is authorised to render financial services,” says the FSCA.