Lifestyle | Your Money

July 16, 2013

FSC: "Watch Out for Scams in Social Media! "

Release of Draft Guidelines for the advertising and marketing of financial products

The Financial Services Commission regulatory authority in the non-banking financial services, has issued a warning to the investing public against the machinations of fraudsters and scammers who use social media to sell investment products "not credible."

Scams, writes the Financial Services Commission (FSC), in an "Investor Alert-Social media and Fraud" can take various forms. Most of them evolve over time to make it even more difficult to detect warning signs. Financial scams, said the regulator may seem credible when you find yourself in front of the officials from the sale of these financial products, which use a language more convincing, or in front of attractive websites or brochures and sophisticated prospectus.

Mauritian resident, indicate the FSC, are increasingly turning to social media (Facebook, Youtube, Twitter, Linkedin and other online networks) to obtain information on investment products. "While we recognize that social media can provide information to potential investors, it is our duty to warn that social media can also present opportunities for fraudsters," says FSC calling the public to watch great caution as it receives emails in bulk or unsolicited information. " The FSC is warning members of the public against unrealistic proposals made by some companies/individuals on the social media. The FSC recommends investors and members of the public not to respond to these invitations nor pass on these proposals to others prior to seeking appropriate advice "warns the controller.

The FSC recommends investing in duly authorized financial institutions and to consult for this purpose its websites and that of the Bank of Mauritius for a list of entities with a license recognized by the authorities. The FSC is inviting the public to be vigilant when it falls on investment products offering yields unrealistic, promising guaranteed returns or risk being exempt. " Consider getting independent professional advice before making any investment decision" recommends the regulator.

 

Text by Le Mauricien
 

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