Wednesday, 14 October 2026 ⚠️ Real Incident

Warning: Fake WhatsApp investment groups impersonate trusted leaders

The South African Reserve Bank warned the public about a fake WhatsApp group using Governor Lesetja Kganyago's name to offer investment advice. Fraudsters add people to unauthorized chat groups to trick them into sharing banking details or transferring money.

What happened

Scammers created a fraudulent WhatsApp group claiming to share daily stock recommendations from South African Reserve Bank Governor Lesetja Kganyago. The Reserve Bank confirmed that neither the Governor nor the bank is associated with the group. Fraudsters use trusted public figures and institutions to make fake investment schemes appear legitimate.

How it worked

First, strangers add you to a WhatsApp chat group without your permission. Next, members post screenshots of big profits and claim celebrities or officials endorse the scheme. Finally, administrators pressure you to act quickly and demand banking details, passwords, or upfront payments.

How to protect yourself

• Adjust your WhatsApp privacy settings under Groups so only your saved contacts can add you.
• Verify whether an investment provider is registered on the Financial Sector Conduct Authority (FSCA) website.
• Stop all communication and contact your bank's fraud line immediately if you suspect a scam.

Source: SAPeople