Share

BEWARE OF FOREX WHATSAPP SCAM!

accreditation
WhatsApp. (Duncan Alfreds, Fin24)
WhatsApp. (Duncan Alfreds, Fin24)

The Financial Sector Conduct Authority has warned the public to stay away from a firm called Worldwide Investments.

The company is reportedly using a WhatsApp group to take money from the public on the pretext that it will trade in forex on their behalf.

"The said entity uses a WhatsApp group and takes money from the members of the public and promises to trade in forex and when it’s time to pay back they block you," the FSCA said in a statement issued on Tuesday.

Worldwide Investments is neither an authorised Financial Services Provider nor a representative of an authorised Financial Services Provider, the FSCA said. There are no records of an application by Worldwide Investments to become one, either, the regulator added.

It urged consumers who wish to conduct financial services with an institution or person to check their legitimacy beforehand with the FSCA on either the toll free number (0800 110 443) or online. 

WhatsApp scams have been in the spotlight recently, with the R200 WhatsApp stokvel making headlines. Many members of the public have complained of joining up, only to be blocked or met with silence when the time came for their payout.

ALSO READ: STOKVEL FOR BOYFRIENDS!

The National Stokvel Association of SA (Nasasa) has warned South African consumers that the WhatsApp stokvel likely operates in similar fashion to a pyramid scheme, with only the first few members to join receiving a payout.

SOURCE: FIN24

Get the best in Soccer, News and Lifestyle content with SNL24 PLUS
For 14 free days, you can have access to the best from Soccer Laduma, KickOff, Daily Sun, TrueLove and Drum. Thereafter you will be billed R29 per month. You can cancel anytime and if you cancel within 14 days you won't be billed.
Subscribe to SNL24 PLUS
heading
description
username
Show Comments ()
Voting Booth
SunFam, How do you normally spend Easter holidays?
Please select an option Oops! Something went wrong, please try again later.
Results
Going to church
29% - 62 votes
Hosting or attending a family gathering
12% - 25 votes
Chilling at home
52% - 112 votes
Working
7% - 15 votes
Vote
Let us know what you think

Contact the People’s Paper with feedback on stories and how we could make dailysun.co.za even better!

Learn more
Do you have a story for the People’s Paper?

Click below to contact our news desk and share your story with SunLand!

Let's do it!