The Capital Markets Authority has issued a warning to Kenyans about fraudsters impersonating licensed firms on social media and fake websites. The alert was disclosed on Friday July 24 amid rising online investments.
The Capital Markets Authority urged investors to verify the licensing status of brokers fund managers and online forex dealers before committing funds. It warned that failure to check could lead to heavy financial losses.
Fraudsters are increasingly using social media apps and fake websites to impersonate licensed capital market intermediaries the CMA said. The regulator provided an online portal at licensees.cma.or.ke for verification.
The advisory comes as more Kenyans especially youths turn to digital platforms like MMFs for higher returns and easier access via mobile apps. The CMA advised investors to stay alert and invest smart.
