South Africa’s Financial Sector Conduct Authority (FSCA) has warned the public to exercise caution when engaging with a company named Immediate Matrix.
“It has come to the attention of the FSCA that Immediate Matrix may be providing financial services to members of the public without being authorised to do so.
Immediate Matrix has used images of well-known individuals, such as Mr Elon Musk and Mr Patrice Motsepe, as part of its advertising and marketing campaign. The FSCA suspects that Immediate Matrix is using the images of these well-known personalities without their consent [a so-called deep fake],” said the FSCA statement.
According to one local report, the company claims to be an intuitive and streamlined Bitcoin trading and management platform. Nonetheless, Immediate Matrix appears to just gather leads for third parties, erasing all assurances of guaranteed returns and effortless earnings.
The company allegedly publishes false marketing information through articles and videos, utilizing the identities of famous persons. For example, X/SpaceX/Tesla leader Elon Musk was recently used in an article:
“Elon dropped a bombshell when he announced that his new cryptocurrency trading platform was launched at the end of last year, although it was in closed testing. The platform first launched in the US in January 2022, but as of a few days ago, it has also become available worldwide.
‘I’ve been interested in cryptocurrencies for a long time and I can say directly that this is a gold mine in the near future, the main thing is not to miss this opportunity. My best people at OpenAI have accomplished the impossible. They brought together the best investing gurus and wrote a complex algorithm for buying and selling cryptocurrencies for those who are weary of being in debt forever and working long hours.’ “
The article encourages individuals to promptly register for quick financial gains before potential closure by banks or the government. It instills a sense of urgency by suggesting limited available spots to ensure wealth. The registration links direct users to Immediate Matrix.
Nonetheless, completing the registration process on the Immediate Matrix website directs users to CMTrading, a company authorized by the FSCA to provide derivative broking services in South Africa.
South Africa has been the center of cryptocurrency-related fraud on the continent, and in addition, has experienced a remarkable rise of 1,200% in deepfake fraud.
“Without commenting on the business of Immediate Matrix, the FSCA points out that entities offering investments in financial products to South African citizens and/or within South Africa are required to be authorized by the FSCA. Immediate Matrix is not authorized in terms of any financial sector law to provide financial products or render financial services.”
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