It’s the holiday season and for a lot of us that means shopping, sun and sandy beaches, but there’s a more sinister side to the summer holidays – scammers become more active.
According to financial services provider, DirectAxis’ fraud guide, when it comes to economic crimes, South Africa is one of the most targeted countries in the world.
On average, according to the 2018 Global Economic Crime and Fraud Survey, the rate of reported economic crime is 77 per cent compared to the average global rate of 49 per cent, and it’s getting worse.
The latest figures available show that in 2017 there was a 56 per cent increase in new fraud listings on the South African Fraud Prevention Services and a 52 per cent increase in victim listings.
“The best way to avoid being scammed is not to think it can’t happen to you,” said Samantha Brass, head of legal, risk and compliance at DirectAxis.
“Fraudsters target anyone and everyone, so you need to be alert all the time.
“During the festive season there’s often an increase in scams.
“This may be because criminals try to target year-end bonuses, or they believe that people relaxing on holiday might not be as vigilant as normal.”
Scams are presented in many different ways, from simple appeals for money, to sophisticated schemes where they imitate recognisable brands’ websites or even friends’ social media.
What all have in common is that they are trying to trick you into paying them money or to part with your personal details so they can steal your identity.
ALSO READ:
CCBSA warns public of recruitment scam
The three most common scams are:
Upfront fees:
These scams ask you to pay an upfront fee.
The reasons given can vary from an administration fee for a loan, to release the funds for a lottery win or for a transfer fee for an inheritance.
Some of these are easier to spot than others.
If you’ve not bought a lottery ticket or don’t know the relative who’s left you an inheritance, it’s almost certainly a scam.
If it’s a loan that’s offered and the amount seems high and the interest rates very low, be suspicious.
Identity theft:
Instead of trying to steal your money, these scams try to get you to hand over personal information such as your ID, passport information, driver’s licence, e-mail account details or payslip.
Here’s an example of a personal loan offer scam.
The fraudsters often present these identity theft scams in a similar way to the upfront-fee scams, requesting the information so they can release a lottery payment, competition win, loan or inheritance.
Instead, they use the information to open a bank or retail accounts or take out loans in your name.
You can end up being accountable for these debts.
Remote access your personal and banking information:
This happens when criminals download software onto your computer so they can take control of it remotely or see the information you’re typing in.
