At EasyEquities, aside from helping and allowing every ordinary citizen to grow their wealth, protecting it along the journey is one of the key priorities. Nicola Comninos, our Chief Risk Officer (CFO), compiled a piece breaking down some of the red flags you may have to look out for to protect your wealth from fraudsters.
Silly season is around the corner and as we all look forward to some downtime, fraudsters are looking forward to us letting our guard down so they can be the Grinch who stole Christmas early this year…
Be cautious over the festive season and ensure your account remains secure, keeping your #easy investments in your account and the fraudsters out. There are many ways fraudsters try to get hold of our information and get their hands on our hard-earned investments. Here are the top 3 scams targeting South Africans right now according to the Southern African Fraud Prevention Service (SAFPS), a non-profit organisation that aim to prevent fraud:
Money mule (increased by 97% in 2022) – a person approaches you and asks you to use your account for a reason such as to send money to their relative in another country. In this case, lending a helping hand is not the answer, you are at risk of helping a criminal.
Impersonation (increased by 264% in 2022) – has always been a significant crime is South Africa as fraudsters prey on their victims through phishing, smishing and vishing*.
*Phishing - scammers try to trick you into giving them your personal or financial information by pretending to be a legitimate company or organisation. Smishing - a type of phishing scam where attackers send SMS messages (or text messages) to trick victims into sharing personal information or installing malware on their devices. Vishing - almost identical to smishing, except criminals use Voice over IP to place phone calls to trick victims.
Forged documentation – a person unlawfully and intentionally makes a false or counterfeit document to commit fraud, e.g. false qualifications increased by 158% in 2022.
Don’t get stuck in a RUT, secure your account and keep your information safe:
Top 10 tips to protect your wealth
#EasyVSTRs way you and your loved ones have an awesome festive season, and may your account be safe and your investments forever growing