Romance scamming has become a prevalent way to defraud lonely and vulnerable people, says LexisNexis Risk Solutions.
Romance scamming has become a prevalent way to defraud lonely and vulnerable people. LexisNexis Risk Solutions outlines how they do it, and how consumers can prevent it.Jason Lane-Sellers, Director: Fraud and Identity, EMEA, LexisNexis Risk Solutions.
Targeted scams are the ones that most often cause the most distress for the consumer, suggests Jason Lane-Sellers, director, fraud and identity, EMEA at LexisNexis Risk Solutions. He notes that regardless of whether the consumer feels an emotional connection, or believes they are interacting with a government or company representative, they should always be aware that the party may not be who they claim to be.
Lane-Sellers notes that the SA Banking Risk Information Centre has reported that, even in instances where financial institutions have detected that a victim is about to make a payment based on false pretences, the victim often insists on proceeding with the transaction, refusing to accept that they are being defrauded.
A typical profile, he continues, would be a middle-aged or elderly widow or divorcee, who appears to have access to large amounts of cash. Such information can be gleaned off a victim’s Facebook or Instagram profile quite easily if the security settings are not strictly applied. Another source of information comes from online dating sites, as the victims usually share data quite freely in the hope of finding a romantic partner.
“Under such circumstances, try to run such a request by a trusted friend, family member or financial advisor – usually, their fraud detecting radar will sense a scam more easily than someone who is emotionally involved.”
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Legacy AML risk assessment models not up to challenge of evolving risk managementArctic Intelligence's AML Accelerate and Risk Assessment Platform are both available in SA through a new partnership with Bateleur Software.
Read more »
Standard Bank warns: Beware 'fake' company claiming to work at its head officeStandard Bank warns: Beware 'fake' company claiming to work at its head office
Read more »
Beware of promises: No one can get you out of debt if court order is issuedPersonal Finance | Beware of promises: No one can get you out of debt if court order is issued
Read more »
Beware the dormant malware threat to your dataIT Industry News. Daily.
Read more »
NINE POLICE TIPS to avoid falling for romance scammersDesperate for love? Police call on people to be wary of potential online love interests. Here are some red flags to look out for.
Read more »
Cyber Casanova to appear in court for 'R24 million romance scam'A suspect was arrested on Tuesday, 5 March 2024 by the South African Police Service's (SAPS) Commercial Crime Investigation unit, on charges that the suspect had scammed a Canadian citizen out of R24 million.
Read more »