South Africa's Financial Sector Conduct Authority (FSCA) warns the public against doing any financial services related business with a group of individuals that are impersonating the MitonOptimal (Pty) Ltd brand to defraud unsuspecting financial customers on social media platform Telegram.
The FSCA said in a statement on 24 November it had come to the attention that these individuals target their victims on Telegram, falsely claiming to be agents or representatives of MitonOptimal (Pty) Ltd, which is an authorised financial services provider (FSP number 28160).
These individuals impersonate the representatives of MitonOptimal (Pty) Ltd to get investment funds from people seeking trading opportunities and profits, the regulator said.
MitonOptimal (Pty) Ltd confirms they are not associated with the impersonators and that these scammers are using their brand name, logos and trademark without permission to offer investment opportunities and dupe the public. MitonOptimal (Pty) Ltd also confirms that they do not have a Telegram account.
"It is the FSCA's view that these individuals are conducting unregistered financial services business and providing advisory and intermediary services without the necessary authorisation", the statement said.
