The South Africa Financial Sector Conduct Authority (FSCA) issued a public warning urging caution when dealing with individuals claiming to be associated with Old Mutual Investment Group (Pty) Ltd, an authorised financial services provider (FSP number 604). The alert follows reports of an “OMIG (Old Mutual Investment Group)” WhatsApp group and an “OMIG” application using Old Mutual branding to promote and solicit investments from the public. Old Mutual confirmed it is not associated with the administrators of the WhatsApp group or the OMIG application and does not use WhatsApp groups to conduct business, while the FSCA was unable to reach the administrators using the contact details provided. The FSCA reiterated common fraud warning signs, including unrealistic returns, offers made via social media, upfront payment demands, requests for additional money to release funds, paid training requirements, pressure to act urgently, and vague product information, and pointed the public to its channels to verify whether a person or institution is authorised as an FSP and to report suspicious activity.
South Africa Financial Sector Conduct Authority 2025-12-12
South Africa Financial Sector Conduct Authority warns of impersonators of Old Mutual Investment Group soliciting investments via OMIG WhatsApp group and app
The South Africa Financial Sector Conduct Authority (FSCA) warned about fraudsters falsely claiming ties to Old Mutual Investment Group (Pty) Ltd. Reports show misuse of Old Mutual branding in a WhatsApp group and app to solicit investments. Old Mutual confirmed no connection, and the FSCA highlighted common fraud indicators, urging the public to verify FSP authorizations and report suspicious activities.