The banking industry has seen a spike in clients being “duped” by fraudsters posing as bank or tax officials.
has warned that the banking industry in South Africa has seen a spike in clients being “duped” by fraudsters posing as bank or tax officials, or pretending they work for investment firms.
Scammers, it explained, are targeting older people who are approaching retirement or have recently received their cash payouts. They propose “high-return” investment opportunities and persuade victims to transfer funds into fictitious investment accounts with false promises. “The bank will never call to ask you to move your money to an account that you do not know about,” said Standard Bank head of digital and e-commercein the statement. “If you are going to invest your hard-earned money, verify the details of the investment company that you are dealing with. Check that they are registered with the Financial Services Conduct Authority.
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