10 tips that can save you from falling victim to an ‘investment’ scam
There has been an increase in complaints about deceptive practices wherein fraudsters employ the details of celebrities to persuade individuals to invest.
Fraud
Former Momentum financial planner arrested for R4.7 million fraud
The financial services group is aware of another client who fell victim to the former employee’s alleged misconduct.
Asisa statistics reveal the main source of insurance policy fraud
Sales fraud, where intermediaries write-up policies without clients’ knowledge to earn commission, constituted 57% of all fraud cases in 2022.
Fraudulent funeral policies: 5 tips to stay clear of scams
The FAIS Ombud alerts consumers to the strategies fraudsters are using to trick consumers into signing up for policies.
Partially fraudulent claim: insured forfeits R1.6m
SCA orders a policyholder to repay Discovery Insure the entire settlement, not only the amount related to the fraudulent part of the claim.
No, you did not receive a WhatsApp from the head of the FSCA
The impersonator pretends to have information about an investigation … and solicits a ‘settlement payment’.
WhatsApp fraudsters are stealing and abusing legitimate FSPs’ branding
FSCA issues a spate of warnings about scammers impersonating authorised FSPs and offering unrealistic returns.
The two banks with the biggest increase in complaints in 2022
Complaints about current accounts and digital banking were the two largest categories of cases opened with the ombudsman.
Regulatory exam fraud is rife, says FSCA
Moonstone will check the authenticity of a certificate if provided with written consent.
Why the High Court rejected PSG Wealth’s defences against liability for client’s loss
PSG contended its liability for loss could not include instances where the client’s computer was hacked because of his negligence.
Financial services firm caught in email fraud must reimburse client
Hacker gets away with R800 000 after duping PSG Wealth employees twice within 10 days.
Santam alerts advisers to email interception cyber scam
Provides guidelines on how to avoid being caught out.
Tribunal upholds debarment after IDs digitally altered for vehicle finance application
A Toyota Land Cruiser valued at more than R1.2 million found its way into the hands of the general of a rebel army in the Democratic Republic of the Congo (DRC) after a […]
Syndicates commit murder, stage hit-and-run accidents to defraud life insurers
Life insurers’ fraud investigations have turned up more evidence of deathly get-rich schemes in which syndicates take out funeral insurance on victims they subsequently kill in order to submit a claim. Syndicates, particularly […]
Section 37D of Pension Funds Act ‘is also designed to protect employers’
An employer does not have to prove fraud, dishonesty or theft to a retirement fund, and a fund is not expected to make a judgment about whether the employer has, in fact, proved […]
Which puts you most at risk of fraud: online, mobile or app?
You’re most at risk of becoming a victim of digital banking fraud if you use a mobile device – but the risks are much lower if you use a banking app. And online […]
Two scams on the rise in South Africa
An article in Businesstech warns vehicle owners against two new schemes devised by fraudsters to steal your vehicle. The Insurance Crime Bureau (ICB) has recently issued a vehicle recall scam alert following a […]
