Types of scams
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Types of scams
There are a wide variety of online scans, and fraudsters are constantly inventing new schemes. It's important that you keep abreast of those that have been identified in order to protect yourself and your assets.
Advance Fee/ Deposit
You are advised that you need to provide a payment such as a deposit, tax, or service fee for a transaction or service to be provided. The scam may involve the receipt of a prize, inheritance or to have a gift delivered to you, that you may not be aware off. In another scenario you may also be requested to pay insurance fees or administration fees for a loan application, which is common in a loan scam. Only companies registered with National Credit Regulator may offer loans. Always check their details on the NCR's website and contact the institution directly using the number on the NCR's website to confirm the application process and any offers received for a loan.
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Change of Banking Details
A scammer contacts you pretending to work for your bank, or other organisation. You are falsely led to believe that you must update your contact details, usernames, and passwords.
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Investments / Trading
You are encouraged to take up a fake investment opportunity by a fraudster using technical financial lingo & numbers to impress you. Once you make the 'investment' payment, the fraudster either demands additional payments to smooth the process or disappears entirely.
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Malware & Phishing
A link is emailed or SMSed to you. You innocently click on the link which then loads the malware onto your device. Scammers can now load key loggers and viruses onto your device, allowing them to control your device, shut it down or phish (or 'fish for') your data.
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Money Mules
The misuse of a bank account by the account holder, in order to transfer or move illegal funds on someone else's behalf.
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Online Shopping scams
A scammer creates a fake online store, or imitate a popular online store you often shop at, advertising popular goods and services. The scammer may also advertise specials via internet browsers such as Google or Edge, or social media (Facebook, Instagram, WhatsApp) to fool you into visiting the fake online store. Once you make a purchase, your credit card and personal details are phished. The transaction may be successfully processed, so it appears to be an actual purchase. However, the goods are not delivered, your money is not refunded and in most cases the company cannot be contacted.
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Porting Cell Number/ Sim Swops
A fraudster, pretending to be you, calls your cell phone service provider and asks for a new SIM card or to transfer your number - also called “porting” - to a new service provider. The fraudster will then have access to any OTP (one-time password) or 2-factor authentication requests sent to your number. This will allow the scammer to update your passwords and take control of your accounts and social media profiles.
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Purchase Scams
You are offered fictitious goods and/or services at very attractive prices or big discounts. Once you make the payment, the goods/ services are never delivered, or the product advertised is not the product delivered. Your personal and payment details are also phished if the transaction was completed online.
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Push Payment Fraud
You are persuaded to make a real-time (immediate) payment to a fraudster either impersonating a company employee, or offering false investment or business services, generally via social media channels. Once the payment is made, your funds are immediately withdrawn - you've been scammed.
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Remote Access Scams
You are contacted by a scammer posing as a service provider known to you, who requests “remote access” to your device to make a security check or transaction. Once you accept the invite / access request, the scammer takes control of your device, with complete access to all accounts linked to your device.
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Romance/ Online Dating scams
A scammer uses social media or dating applications to gain your trust and may even enter your life intimately, then uses this trust to extort funds by emotionally abusing and/or blackmailing you.
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Vishing
A scammer contacts you by phone, pretending to be from government, a financial company or other trusted institution, and asks you to provide or confirm personal information. This information is then used to defraud you.
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Ancestry Scams
The scammer manipulates and abuses local African culture and beliefs to scam you out of your funds. You are profiled in advance and lead to believe that a deceased member of your family, concerned about your wellbeing, has made contact via a particular sangoma (traditional healer) and urgently needs to discuss the problem. You are then asked to meet with the sangoma, where the scammers drug you using hallucinogens, and then convince you into completing certain tasks or financial transactions scamming you of your money.
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Commodity Scams
Scammers pretending to be high profile businesspeople in the mining sector, invested in the precious metals, gems and other valuable commodities, arrange a ‘chance’ meet-up after profiling you in advance. The scammer entices you into purchasing a precious gem or stone containing valuable metals. The stones are polished to resemble the raw material and assessors in league with the scammers issue fake certificates to authenticate the commodity.
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Did you know?
Did you know that scams are one of the fastest-growing fraud types around the world?
Did you know that scams are one of the fastest-growing fraud types around the world? Based on incident volumes reported in the first 3 quarters of 2023 to SAFPS (Southern African Fraud Prevention Services), the most common scams in South Africa today are Advance Fee Scams, Cyber scams, and Investment scams respectively.
Download Report15%
Did you know that 15% of scam victims have met their assailants face-to-face at some point during the scam.
37%
SAFPS has recorded a 37% year-on-year growth in the volume of fraud incidents reported, and a 15% increase in the losses incurred in the first 3 quarters of 2023 compared to 2022.
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