FSCA issues public warning against Cuntrade and Trade Market 247 Websites

The Financial Sector Conduct Authority (FSCA) has warned the public to exercise caution when conducting financial services business with Cuntrade and Trade Market 247.

The FSCA says it received information that Cuntrade and Trade Market 247 are soliciting funds from members of the public for investment purposes through WhatsApp and the following websites Cuntrade.net and Trademarket247.com.

Without commenting on the business of Cuntrade and Trade Market 247, the FSCA confirms that Cuntrade and Trade Market 247 are not authorised by it to provide financial services to members of the public. The FSCA was unable to reach Cuntrade and Trade Market 247 on the contact details provided to it.

 According to the FSCA, To avoid unnecessary risk, the public should not accept financial advice, assistance, or investment offers from individuals or entities not authorised by the FSCA. Authorised financial services providers must clearly display their authorisation status in their documentation. If this is not present, it is advised to further investigate before making any payments.

The public is strongly urged to exercise caution when considering unsolicited investment or trading offers, especially those communicated through social media. The public is urged to act with care when investing their funds, it says.

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 public is advised to be on the lookout for certain telltale danger signs when approached by persons offering attractive investment opportunities.

These red flags include:

• Unrealistic or exaggerated returns

• Offers made on social media platforms

• 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.

PERSONAL FINANCE