SARB issues scam alert over fake WhatsApp group

The South African Reserve Bank (SARB) has warned the public about a fraudulent WhatsApp group falsely claiming to offer daily stock recommendations from Governor Lesetja Kganyago.

The Reserve Bank said the group was not affiliated with Kganyago and warned members of the public against engaging with it.

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“This is a scam. Governor Kganyago is not affiliated with this group or any WhatsApp group offering investment advice or stock recommendations,” the SARB said.

The warning comes as the public is urged to remain vigilant against scams that use the names of prominent public figures and trusted institutions to gain credibility.

SARB warns against sharing personal information

The Reserve Bank has advised the public not to join or engage with the fraudulent WhatsApp group, click on related links, or share personal or financial information.

It stressed that neither the institution nor its governor provides investment advice, stock recommendations or financial tips through WhatsApp or any other platform.

“The SARB and the Governor do not provide investment advice, stock recommendations or financial tips through WhatsApp or any other platform,” the bank said.

Members of the public should be cautious of unsolicited investment offers, particularly those promising exclusive recommendations or claiming to come directly from senior officials.

Anyone who encounters the group should avoid interacting with its administrators or sharing sensitive details that could be used for financial fraud.

The SARB’s warning reinforces the importance of verifying investment-related communications through official channels before taking action or handing over personal information.