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Fraud and scams continue to rise: Protect yourself

July 29, 2024
in Business
Fraud and scams continue to rise: Protect yourself
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*This article is brought to you by Brenthurst Wealth

Leslie Greyling *

Beyond politics and sport the one topic that always comes up in dinner party conversations is the relentless efforts of scammers and fraudsters wanting to get their hands on your personal details … and your money.

Ever evolving technology enables scamsters to adapt their methods continually. 

Medium recently reported that in the USA, seniors lose more than $3 billion per year in swindles ranging from tech-support and investment fraud to “fake romance” such as dating sites. 

In South Africa, according to the 2022 crime report by Sabric, digital crime saw a notable surge of 36% of reported incidents for banking application fraud. 

SAFPS (South African Fraud Prevention Services) reported that Banking fraud makes up 45% of all fraud and scams over the last year.

Fraudsters employed a variety of tactics which included social engineering, exploiting data vulnerabilities, and stealing login credentials.

Although older people are particularly vulnerable to scams and fraud, research by Experian shows that in the USA 35- to 44-year-olds are most likely to be exposed to and fall victim to scams. However, younger Americans (18 to 24) tend to lose more money. 

One of the main reasons for the above is that younger people use technology more than any other generation, because they grew up with it and prefer the convenience it offers. 

The USA leads the world as the country with most scam victims per year.

The most common scams in SA and how to avoid them :

Sim swap

The scammer claims to be calling from your mobile service provider’s fraud department informing you that someone is trying to do a SIM swap on your phone. To stop the alleged attempted fraud, you are requested to answer security questions and, in this way, they gain access to information enabling them to hack your phone and steal your identity.

What to do: Make sure you have biometric and/or two-step authentication on any devices and online platforms you use. When you receive such a call, end the conversation as quickly as possible and report the number used to call you to your service provider.

SARS impersonators

The SA Revenue Service is known for its relentless efforts to make sure citizens pay taxes due. It is therefore understandable that people immediately panic when they receive a message (email or SMS) that their taxes are outstanding or overdue, and that legal processes will follow. Or, that they need to pay a lower amount than they had anticipated, and a bogus account number is provided for this.
Another scam impersonating Sars is an email or SMS stating there is a tax refund due to you, it then directs you to open an attachment or link to verify your bank account details to authorise the so-called refund. 
What to do: Before taking any action verify the information with your tax consultant or the SARS official channels.

Job Scam

Unfortunately, due to the high unemployment rate in SA, job scams are prevalent in SA. Usually scamsters will post a too-good-to-be-true opportunity on job portals. When applicants respond, an application/processing fee must be paid to apply for the position. Applicants then later discover no such job vacancy existed. These fake “recruiters” might also request personal documents such as your ID to finalise the so-called job application, and then used for identity theft.
What to do: Do your research and check that the company has a website and active social media channels. Be cautious of job posts where the salary does not match the word and/or urgency to hire immediately or if they request a fee.

Charity scams

Scammers tug on your heartstrings by claiming they are calling from a charity that is in desperate need for financial help. They often research your interest on social media and target you in this way. For example, if they see you have pets / love animals they claim that they are calling from an animal shelter and request donations to feed the dogs, cats etc. 
What to do: Always research the charity first, look for a physical address and contact details and verify these by calling them or checking the location on Google.

Competition / lottery or inheritances scams

We have all received an email or SMS claiming that we have won something, or inherited money from a long lost relative. Yes, this is a very common scam that people still fall victim to. The scam requires you to pay an amount for tax or other costs, before you can receive your prize / winnings.
What to do: Never trust any messages claiming you won something, especially when you can’t recall entering a giveaway or competition. Don’t accept calls from suspicious numbers and never make any upfront payments to “claim” your prize. Report the message (if received as an email) as junk or spam and block the sender. 

Amounts due to collect a parcel

South Africa’s e-commerce sector is growing rapidly, reaching a record R71-billion in sales value in 2023, according to a new report. This represents 29% growth which means that online retail now represents 6% of the total retail sector, generating a R1.1-trillion in sales in the last year. With the huge volume of online purchases, chances are good that you are in fact expecting a shipment. Consumers are spammed with messages that a small amount is due before the parcel can be delivered or collected. This may seem legitimate, especially if you are unsure which courier company will deliver your parcel.
What to do: Online platforms typically have a tracking service. Go to the site where you placed the order and check the status and courier service of your parcel before acting on any message about payment required.

Phishing

Phishing is preferred by Cyber criminals, and they cast their lines out daily. Whether it is a direct message on social media platforms, an email or “smishing” (an SMS purportedly from your bank or financial services provider). When you open the link or document it automatically installs malware (malicious software) on your device. 
What to do: Be vigilant and check the source of any communication. Remember to check URLs before clicking on links, to never do anything in haste and to always verify before acting.

The ATM scam

A stranger offers to help you at an ATM when you withdraw money or perform other ATM transactions. As a result, the scamster might swap your card with another one or see your PIN, which could give them remote access to your account.
What to do: Never accept ‘help’ from strangers. Cancel the transaction, take your card and leave.

Investment scams

Investment scammers are marketing experts and lure investors with promises of superior returns in a short time. They will often use complicated jargon to convince you. Always Remember this: If something sounds too good to be true, it probably is.
What to do: Consult a professional, experienced financial advisor. They research investment options in detail and can spot a scam or Ponzi scheme immediately.

Fake messages from financial institutions

You receive a message that looks like a legitimate message from your bank, insurer or wealth manager. You are lured by a transaction request, such as password expiring and the process leads you to a website that will look exactly like your online banking site, prompting you to log-in.  The cyber criminal then has access to your actual online banking account and profile. 

What to do: Check the email address it was sent from and confirm with your provider directly before responding. If there is a time limit or pressure to respond it’s probably fake.

It often comes down to doing a simple search on Google to verify or research service providers or make a call to the company directly to confirm requests received, and stay informed of trending scam alerts.

 * Leslie Greyling is a financial advisor at Brenthurst Wealth Fourways. [email protected]. 

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Read also:

What’s a good retirement saving option?
Reinvigorate your Retirement Plan
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