Retirement is a time for you to be enjoying a more relaxed pace of life, spending time with loved ones and friends, and enjoying the fruits of your working career. However, retirees could be at risk of becoming victims of cybercrime fraudsters who are targeting your ‘nest egg’.
“The reality is that retirees are targets of brazen criminals who will exploit vulnerabilities to get access to retirement savings. As retirees are no longer economically active, any loss of funds due to a fraudulent scheme can have devastating consequences for their financial security as losses are not easily recoverable,” said Ann Cloete of Aon South Africa.
The fraudster contacts you pretending to be from your retirement fund administrator or medical aid company, often wanting confirmation of account details to process a payment or to make changes to your policy. The scammer will swear the grandparent to secrecy as their parents are not supposed to know about the supposed financial conundrum they got themselves into.Phishing involves unsolicited messages to convince you to provide personal information, bank details and passwords by clicking on a link to provide same.
If you suspect you’ve been the victim of a scam, get in contact with your bank, medical aid, or retirement fund administrator, immediately. “You generally only have a small window of opportunity in which to attempt to get your money back from suspected fraudsters,” Cloete said.
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