The Guernsey Financial Services Commission (GFSC) has issued a warning that criminals are using social media channels to commit fraud and mislead consumers by abusing the name of Investec Bank's Channel Islands subsidiary.

The regulator has put out a statement in which it says:

"Investec Bank (Channel Islands) Limited is a wholly owned subsidiary of Investec Bank plc and is regulated by the Guernsey Financial Services Commission.  It has been noted that criminals have been using the company’s details in an attempt to commit fraud.  The fraud scheme has included posting adverts on social media sites offering fraudulent and misleading offers not connected to the genuine bank. We have been advised that the adverts have now been removed."

"Anyone who has sought to conduct business with Investec Bank (Channel Islands) Limited through links on social media is encouraged to take steps to ensure that they are dealing with the genuine firm."

Investec has been operating in the Channel Islands since 1998.