BONUS - RUSTENBURG - Fraudsters and scammers continue to be on the prowl and are more sophisticated than ever. They rely on psychological tactics to put a dent in your personal finances and every South African is at risk of falling victim, because many times we underestimate the risk.
From job scams, e-commerce fraud, fake calls and phishing scams to the latest malware scams – scammers are constantly thinking up new ways to con you out of your money. Because of this, Momentum Group’s Cyber Security Team warns against three tricks scammers us to fool South Africans:
- Fear
Fear and intimidation scams have one common aspect - human emotion. In some cases, criminals use official sounding and threatening words; threatening potential victims with violence, a lawsuit, or possibly arrest with the intention to instill fear. Getting a call about a crisis or problem, the mind spontaneously goes into high gear, seeking a solution. Do not panic, as that is the goal. It is important to stay calm when you receive calls such as this.
- Urgency
The situations scammers create, often involve high pressure emotional stakes and tight deadlines, intended to deceive people to act impulsively. This is to avoid giving you time to reconsider or consult with someone you trust. As such, scammers will offer you a deal that appears to be too good to pass. Be careful – the key is to entice the potential victim to override rational decision making. Being sceptical can help keep you safe. Question everything and always double check - especially when a situation feels too good to be true.
- Authority
There are several active scams in which fraudsters pose as authority figures (police officers, government officials, bank representatives) to frighten victims. They make use of various sophisticated voice, text, or email methods and it is thus important to verify identities before providing any information or money.
Should you find you are in a predicament with scams, gather as much information as possible about the incident. Next, investigate ways to repair the damage and avoid getting scammed, in future. The global economy has worsened, placing an ever-tightening squeeze on households. Because of this, fraudsters have become more determined, and people are more desperate to make a quick and easy buck. The impact, as a result, goes well beyond financial loss, ending in being an unfortunate and traumatic experience.
Momentum Group's Cyber Security Team's guidelines to protect yourself:
Staying current on the latest types of scams can help you to identify the risks and learn how avoid them.
Don’t be embarrassed about reporting a scam as you'll make it more difficult for them to deceive others.
Do not make attempts to scam your scammer. You may potentially end up getting scammed, again.
Check accounts regularly and report unusual activity to your bank.
Authenticate information - contact the company directly to check if you are dealing with them.
Keep sensitive information, such as passwords, private.
Never click on links unless you are 100% sure where the link is from and where it may take you.
By accessing your free annual credit report, you can identify fraudulent accounts or loans and can address the situation with the relevant institution.
Be wary of email addresses that are supposedly coming from established companies.
Avoid accessing sensitive services such as your email or internet banking when using public WiFi networks.
