South Africans warned about Telegram investment scams
The Financial Sector Conduct Authority (FSCA) has warned South Africans against persons impersonating asset managers on Telegram’s social media platform.
On Thursday, 16 January 2025, the FSCA warned that fraudsters were impersonating Truffle Asset Management and Vista Wealth Management to scam Telegram users.
The organisation warned the public to be cautious with Telegram users purporting to be financial service providers (FSPs), including Vista Wealth Management, Truffle Asset Management, and Saul Miller, a key individual of Truffle Asset Management.
“It was brought to the attention of the FSCA that the individuals behind the Telegram groups are unlawfully using the names of Vista Wealth, Truffle Asset Management, and Mr. Miller to solicit funds from members of the public,” it said.
“Members of the Telegram groups are promised unrealistic returns on their investments.”
Vista Wealth and Truffle Asset Management have confirmed that they are not associated with the Telegram groups or the administrators of these groups.
“Both FSPs have confirmed that they do not use social media, specifically Telegram, to market their services,” the FSCA said.
“The FSCA could not contact the administrators behind the Telegram groups for comment.”
The organisation said the public is urged to act with care when investing their funds, warning that there are many fraudsters operating scams, and the number is growing.
“South Africans lose millions of rands every year to fraudsters. Illegal operations are sometimes well-disguised as legitimate operations,” the FSCA said.
“The public is advised to be on the lookout for the tell-tale danger signs when dealing with persons offering attractive investment opportunities.”
The FSCA outlined “red flags” to look out for:
- Unrealistic returns.
- Requirements to pay for services upfront.
- Requirements to pay more money to have your investments returned.
- Requirements to pay for training.
- Claims that you must act and pay urgently, i.e. creating a sense of urgency.
- Vague information about the investment product.
The FSCA’s warning comes as South Africa is seeing a sharp rise in fraud, prompting a call for heightened vigilance from local investors to safeguard their assets.

In October last year, Satrix’s head of brand, René Basson, highlighted alarming statistics from the Southern African Fraud Prevention Service, revealing a 32% increase in fraud incidents and a staggering 54% rise in impersonation fraud victims compared to 2023.
“The digital landscape has become a hunting ground for sophisticated scammers. They’re not just after your personal information; they’re targeting your hard-earned investments,” Basson warned.
Globally, fraudsters employ increasingly advanced tactics, such as fake investment platforms and impersonating financial advisers on social media.
Basson emphasised the need for investors to stay informed and approach online investment opportunities with extreme caution.
While social media is a valuable tool for accessing investment tips and financial news, it has also become a hotbed for fraudulent activity.
“Social media is well and truly integrated into our daily lives. However, investors need to stay alert, considering the increasing number of scammers taking to social media. Often, the scams are so believable it’s easy to be deceived,” she said.
The Association for Savings and Investment South Africa (ASISA) has echoed these concerns, noting a rise in fraud targeting investment companies via social media.
“Fraudsters have even taken to imitating key personnel by using their profile photos and company logos,” Basson said.
“If you receive a request for financial assistance from a family member or friend via social media, contact that person directly to ensure they are the person you’re communicating with.”
These scammers not only harm investors but can also be detrimental to local asset managers.
In November last year, the Forensic Standing Committee of the Association for Savings and Investment South Africa (ASISA) recently released its comprehensive fraud statistics for the industry.
Following a complete overhaul last year, the statistics cover fraud reported by investment companies and fraudulent and dishonest claims statistics reported by life insurers.
The organisation found that South African life insurers and investment companies detected 13,074 cases of fraud and dishonesty in 2023, a 46% increase from the previous year.
The industry lost at least R175.9 million to fraud and dishonesty in 2023, a 128% increase from the R77.2 million lost in 2022.
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