FSCA warns public against fraudsters using social media

An unsuspecting consumer who was defrauded by someone on TikTok purporting to be from International Capital Markets was burnt again when someone on Facebook offered to assist her – and turned out to be another fraudster.

The Financial Sector Conduct Authority (FSCA) issued a warning after the consumer complained that she had been defrauded twice.

The person she initially dealt with via the social media platform TikTok promised to invest her money in return for a greater payout, and subsequently requested her to deposit more money to release her investment return. Then a second person on Facebook offered to assist her with recovering her investment returns from the individuals who defrauded her via TikTok, and this too turned out to be a scam as she was requested to deposit more funds.

IC Markets is a global forex broker and a registered financial services provider (FSP number 50715). It has confirmed that it is not associated with the individuals on TikTok or Facebook using their name. 

The FSCA encourages the public to be cautious of such schemes being run on messaging platforms, as well as the different social media platforms, as they are on the rise.

TikTok issued a fraud warning: “Unique or time-sensitive investment opportunities should give you pause. Urgent expenses for things like IT support, business operations, customs and taxes, travel or medical needs should also raise alarm bells. 

“Be cautious if requestors quickly demand moving communications to encrypted messaging platforms, and do not share personal identification documents, Social Security or bank account numbers, or any other personal identifiers.” DM