Certain Individuals are Posing as Legitimate Firm on Telegram, Warns FSCA

On January 30, South Africa's Financial Services Conduct Authority (FSCA) warned of a scam posing as a legitimate firm on Telegram.

According to an announcement issued by the FSCA, scammers on the chat APP Telegram are offering investment services to the public and claiming to be from Brantam (Brantam Financial Services Holdings (Pty) Limited), an FSCA-registered financial services provider.

The information acquired by the Authority is that someone fraudulently used Brantam's company logo, contact details, and photos of its director to deceive innocent customers on Telegram. The scammers not only asked customers to invest in cryptocurrencies such as Bitcoin, but also falsely claimed that they were offering a lump sum investment that would bring investors two to three times the return in four days.

Lump sum investments require customers to invest a large amount of money at once, which is extremely risky and not suitable for vulnerable investors. Accepting such investment opportunities from illegal entities poses a serious threat to an investor's funds.

Brantam has confirmed to the FSCA that those offering lump sum investments illegally on Telegram have no connection to the registered company.

Brantam, based in South Africa, is a wealth management firm that provides asset management services to individual and corporate clients.