FSCA Warns of Individual Impersonating Licensed Firm's Representative for Forex Trading Scam

The Financial Sector Conduct Authority (FSCA) of South Africa has issued a public warning about an individual falsely claiming to be a representative of Compsure, an authorized financial services provider with FSP Number 47507.

The individual, identifying himself as Mr. Makhanya (contact number: 0738096097), has allegedly been contacting individuals via phone calls to offer Forex trading services. To legitimize his claims, he uses an electronic copy of Compsure’s license.

Compsure’s Compliance Officer, Mr. Lourens De Jongh, has confirmed that Mr. Makhanya is in no way affiliated with Compsure, nor had the company ever appointed or conducted any business with a Mr. Makhanya. 

The FSCA has warned of the rise in scams exploiting messaging and social media platforms and recommended caution. Members of the public are urged to verify the legitimacy of individuals or entities claiming to offer financial products, services, or advice. Traders can check authorization directly through the FSCA’s official channels to ensure compliance and avoid falling prey to fraudulent schemes.