Beware these Valentine’s Day scams in South Africa

 ·14 Feb 2022

Banking group FNB has warned South Africans to be cautious over Valentine’s Day, with an increasing number of fraudsters looking to target desperate people.

“People plan ahead for Valentine’s Day, but sometimes, we make last-minute decisions, which can result in us letting our guard down when surfing the internet looking for alternative options to show our gratitude to loved ones,” said Ramesh Ramdeen, head of Fraud at FNB Wealth and Investments.

“As an investor, you may be enticed with fictional offers of unbeatable investment offers with a promise of high return rates, Ramdeen said, noting that some of the most common scams over this period occur when people click or access internet pop-up links, promotional emails or social media posts looking for a gift for their loved ones.

“Before clicking on any of these links, ask yourself this question: have I double-checked the authenticity of the link received, whether via SMS, email, or social media post before viewing it?

“This step is crucial and will help you detect whether it’s fraudulent or legit; and will also stop you from accepting fake investment offerings for quick profits. Take a few minutes to think before being lured into deals that are window dressed as lucrative investment offers,” said Ramdeen.

Below he shares a few tips to help you navigate the month of love, so you don’t become a victim of any fraud scams:

  • Avoid any interactions with third-party investment sellers or joining investment groups on social media platforms.
  • Don’t be fooled by emails that may appear to be from a recognised financial services provider. Double-check the authenticity of the investment offer with the financial services provider before investing any funds.
  • Always report any suspicious investment communication on email or social media with your provider’s fraud department.
  • FNB will never call you and ask you to divulge your PIN, password, and other confidential credentials to process any investment transactions. Don’t be pressured, stay calm. Ask for details of the transactions you are being asked about and confirm with your service provider.

“Double check the investments you would like to take up, so it’s confirmed to be the real deal. And if you are nervous about making any impulsive investment decisions, contact a credited financial advisor to help you make the right choice. This will go a long way into making the day extra special for your loved one without being swindled of your hard-earned money,” said Ramdeen.

A survey conducted by Kaspersky, a multinational cybersecurity and anti-virus provider, found that fraud is an increasing problem for those who use dating apps and online platforms in South Africa. One in five (21%) faced fraud attempts last year. More than half of them (64%) said the fraudster asked for money allegedly because of a difficult life situation, 54% – allegedly for the arrival from a remote area.

Some users in South Africa encountered blackmail attempts. Thus, 17% said the fraudster threatened to leak or to publish intimate photos. A significant part of respondents talked about phishing attempts: 38% said that the fraudster tried to get personal data, for example asked to register on a particular website.

“Our survey shows that 25% of users of dating services in South Africa faced fraud attempts more often since 2020 when the world knew about Covid-19,” said James Gumede, SADC territory account manager at Kaspersky. We all need to follow basic security rules to protect our privacy. Yes, there is still a dilemma, we would like to get to know new people and trust them but in the digital world, we often do not know who is there, on the other side of the screen.

“We highly recommend not to share detailed information especially bank card details and selfie with documents, not to give the dating app access to your contacts and accounts in social networks. It is interesting that 5% create fake accounts for the same reason – they consider it a good security measure,” said Gumede.

Kaspersky’s experts share the following recommendations to help people use dating apps more securely:

  • Be careful if you get digital Valentine’s cards from unknown senders: a card may lead to phishing or a fraudulent website.
  • Before buying gifts online and entering payment data check the title of the website and HTTPS-connection.
  • Talk with your partner about digital borders: it is important that both members of a couple realise that the right to privacy gives assurance of a trusted relationship.
  • Think about which passwords you are ready to share with your partner: there are good tools helping to manage passwords such as Kaspersky Password Manager.
  • Do not publish too much private information (surname, place you work in, photos with your friends, your mobile phone number etc.) and do not connect your social accounts to your profiles in dating apps.
  • Do not visit unknown dating services especially if you saw them in ads: they may turn out to be fraudulent created to aim at stealing users’ money.

Read: The most important message for businesses in Ramaphosa’s SONA: Nedbank

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