South Africa Regulator Warns of Exness Impersonators Targeting Social Media Users

FSCA Warns of Exness Scammers on Telegram and WhatsApp

Cape Town – South Africa's Financial Sector Conduct Authority (FSCA) has issued a public alert about fraudulent operators pretending to be affiliated with licensed broker Exness, using group chats on Telegram and WhatsApp to solicit investments from unsuspecting individuals.

The FSCA's statement highlights fake entities on Telegram and WhatsApp that mimic the regulated broker Exness. In group chats on these apps, administrators claim to represent the company and actively seek investments from users.

Exness has publicly disavowed any connection to these chat administrators or groups. The broker stated it does not use Telegram or WhatsApp for business activities and advises clients to stick to its official website and verified communication channels for any services or inquiries.

Pattern of Impersonation Scams in Recent Months

This case fits a recurring trend identified by the FSCA, where scammers leverage popular messaging apps to mimic established financial firms. Just one day later, the regulator issued a similar notice about WhatsApp groups and mobile apps falsely claiming ties to Avior Capital Markets (Pty) Ltd, urging the public to avoid unsolicited offers.

Earlier in the month, the FSCA flagged impersonators of Cuthman Capital, including fake representations of its chief operating officer, in schemes promising high returns. Another alert targeted groups posing as Altvest Capital, where Telegram chats were used to lure investments under the guise of legitimate affiliations.

These incidents echo previous FSCA actions, such as a warning about a deepfake video on WhatsApp that impersonated the regulator's commissioner to promote AI-driven trading scams. In that instance, fraudsters used fabricated endorsements to draw in victims with guarantees of 30 percent returns, highlighting how technology like AI is being exploited in these deceptions.

The FSCA reports indicate that such impersonation tactics often involve pressure to invest quickly, with funds directed to untraceable accounts. The authority has noted a steady stream of complaints linked to these apps, prompting ongoing monitoring and public advisories.

Advice for Investors and Verification Steps

The FSCA recommends verifying any financial service provider's credentials through its official database before engaging. Investors should confirm if the entity holds a valid license and report suspicious activities directly to the regulator. Exness reinforces this by providing a list of authorized contacts on its site, warning against any third-party solicitations.

For added diligence, platforms like WikiFX can assist in cross-checking broker details against global regulatory records and user reports, helping spot discrepancies early. As these alerts show, sticking to licensed channels remains the safest approach in South Africa's financial landscape.