South African Financial Regulator Warns of Investment Scam Impersonating iFX Brokers

On August 29, the Financial Sector Conduct Authority (FSCA) of South Africa cautioned the public against scammers impersonating forex broker iFX Brokers and its CEO on social media.

iFX Brokers Holdings (Pty) LTD is an online trading platform supervised by the South African financial regulator, with registration number 48021.

According to information obtained by the FSCA, fraudsters are impersonating iFX Brokers and its CEO on social media platforms and other online channels.

Fraudsters have created a website highly similar to iFX Brokers, soliciting investments in financial products such as forex, CFDs, stocks, and indices. However, the FSCA did not disclose the web address of this website.

Additionally, scammers are using the information and image of iFX Brokers CEO Hannele de Necker in Telegram groups to encourage members to invest, making unrealistic promises of returns.

South African regulators stated that iFX Brokers has confirmed that the website and Telegram group administrators have no affiliation with the brokerage or its CEO.

The FSCA cautioned that these impostors hold no authorization to provide financial services to the public under any financial sector laws.

To avoid unnecessary risks, the public should exercise caution regarding investment and trading advice obtained through social media platforms.

BrokersView reminds you

The Financial Sector Conduct Authority (FSCA) of South Africa has replaced the Financial Services Board (FSC) as the regulator of local FX and CFD brokers since 2018.

You can search for more FSCA-regulated forex service providers through BrokersView.