Not a day goes by without us hearing how careful we must be to stay out of the claws of scammers who have become incredibly sophisticated to steal your confidential details or your money. However, before we say it is getting too much and monotonous, remember that we also hear of people being scammed every day. The international scamming ecosystem has grown to industrial levels, leaving consumers vulnerable to sophisticated and hard-to-spot scams.
As we head into the festive season, Sanlam is warning consumers to be extra cautious amid a sharp rise of impersonation and investment scams, in particular, Helen du Toit, head of forensics at Sanlam. “Over the past year, financial institutions, regulators and law-enforcement partners have seen a noticeable escalation in fraud cases involving fake investment opportunities, advance-fee schemes and identity impersonation. “These scams are becoming more sophisticated, more convincing and more aggressive and increasingly using the names andimages of well-known brands and executives to lure victims.” Du Toit says scammers are acutely aware of the festive “spirit of spending” and will look to capitalise on it.
“They also know January can be financially difficult for many people, which makes consumers more vulnerable to offers of quick cash or seemingly ‘guaranteed’ returns.” She warns that the global proliferation of highly coordinated and industrialised ‘scam compounds’ is not to be taken lightly, especially as they increasingly target vulnerable groups such as the elderly. There is also a new wave of impersonation scams. Du Toit says one of the fastest-growing threats is the rise of fake investment groups on Telegram, WhatsApp and Facebook.
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“These groups falsely claim to be run by credible institutions and well-known leaders, using slick profiles, fabricated testimonials and manipulated images of executives to create legitimacy. “In some cases, scammers mimic official emails so convincingly that only a small spelling error or altered domain name gives them away.” The Financial Sector Conduct Authority (FSCA) has issued a specific warning about scammers impersonating authorised financial services providers (FSPs), including individuals claiming to be associated with Sanlam.
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