By Terri-Ann Brouwers.
The Financial Sector Conduct Authority (FSCA) has issued an urgent warning to the public about a sophisticated “cloning scam” that impersonates the authority and its deputy commissioner, Katherine Gibson.
Fraudsters are reportedly assuming these identities to deceive individuals into believing they are communicating with official regulators to facilitate the release of owed funds.
The mechanics of the fraud
The impersonators operate by soliciting payments from the public under the false promise of accelerating or enabling payouts.
The FSCA clarified that it does not request payments from members of the general public under any circumstances. This distinction is critical, as any individual purporting to represent the FSCA who asks for money, even to “facilitate” a legitimate payment, is acting outside of the authority’s mandate.
Both the FSCA and Gibson have formally denied any involvement or association with these individuals. The regulator’s efforts to reach the impersonators via the provided contact details have been unsuccessful, as the parties have remained unavailable to respond to queries.
Ongoing investigation and public vigilance
The regulator is currently investigating the matter and is urging the public to remain vigilant against these predatory tactics. By mimicking the identities of high-ranking officials like Gibson, scammers attempt to lend their fraudulent requests a veneer of legitimacy.
The FSCA has reiterated that the general public should never pay any person claiming to represent the organisation. For those concerned about the legitimacy of a communication, the authority can be reached through its official channels for verification.