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Fraud

  • Follow these two simple rules to prevent online scammers from stealing your money
  • With the growth of the Internet over the past decade or so, we conduct so much of our lives online. Many of our online activities involve money. Think about banking. You don't need to receive a statement via post, you can view it online. You don't need to visit the bank to transfer money, you can do it online. But with this revolution comes the risk of losing your money to scammers. While th... ››› more
  • [26 January 2016]
  • One of the downsides of investing in penny stocks
  • Investing in penny stocks can be a great way to make a killing on the stock market. But investing in the smallest companies on the stock market doesn't come without risks. So what sort of risks do you face investing in penny stocks? Read on to find out…   The risks of investing in penny stocks   There are a few different risks that you need to be aware of before you embark... ››› more
  • [13 November 2015]
  • Keep yourself safe this holiday season by avoiding credit card scams
  • Everyone can fall victim to credit card scams. Knowing how to protect yourself and watching out for potential threats can make it much more difficult for scammers to take control of your credit card account. Don't think that it can't happen to you. Because it can. And Christmas is that time of year when credit card fraud is at its peak. Here are a few ways you can protect your credit cards fr... ››› more
  • [28 November 2014]
  • With credit card fraud rampant, here's how you can keep your credit card safe
  • Yesterday, the South African Banking Risk Information Centre (SABRIC) released its latest statistics about credit card fraud. Credit card fraud losses leapt higher. The main culprit being credit cards obtained fraudulently. So what can you do to protect yourself against credit card fraud? Read on to find out… Credit card fraud is on the rise in South Africa Over the past year, ... ››› more
  • [26 November 2014]
  • Bullion uncovered: Why the way gold pricing works is open to manipulation
  • At the end of May, Barclays received a fine for $43.8 million by a British financial regulator. This was down to its part in a gold price fix incident in 2012. This incident brought to light the issues with the way gold pricing works. Let's take a closer look at what went on and what it means for the gold price… The way the gold price fix works was itself fixed The incident at Barclays was d... ››› more
  • [27 June 2014]
  • How not to fall prey to a boiler room scam
  • In February, authorities in the UK and Spain busted a network of criminals who were trying to fleece investors by convincing them to buy worthless or non-existent shares. The bust led police to arrest 110 people on fraud and money-laundering charges. You might have heard of this type of fraud before, it's called a boiler room scam. So what exactly is a boiler room scam? And how can you prevent you... ››› more
  • [31 March 2014]
  • Warning: New fraud scheme sets its sights on YOUR retirement benefits
  • As an investor, you're no stranger to investment scams and similar fraud. Now, there's a new type of fraud in town. And it's after your retirement benefits… Fraudsters target your retirement benefits! Retirement fund trustees beware, writes persona finance guru, Bruce Cameron. If you’re not careful, you and your dependents could lose all your benefits to a new fraud scheme. Here’s... ››› more
  • [24 March 2014]
  • The two simplest ways to avoid financial frauds and scams
  • Wednesday 11 December saw the five-year anniversary of the arrest by US federal authorities of Bernie Madoff. Madoff was a financial advisor who ran the biggest Ponzi scheme in history, defrauding investors out of tens of billions of dollars. So how can you avoid investing in Ponzi schemes and other investment frauds and scams? Read on to find out… There are certain red flags investors should ... ››› more
  • [23 December 2013]
  • Millions of rands is 'hacked' off the banks in fast food card scam
  • Earlier today, it emerged that millions of rands was fraudulently taken through bank cards at fast food outlets. The Payments Association of South Africa (PASA) revealed the news. Let's take a closer look at what happened... According to PASA, banks in South Africa “have lost tens of million of rand,” reports IOL. The “card details of fast food restaurant customers” was “hacked” by a... ››› more
  • [15 October 2013]
  • SARS warn taxpayers not to fall prey to fraudsters
  • With just over a month left until the deadline for individuals to file their tax returns, SARS issues a warning. The Revenue Service says that people should avoid using tax advisers who claim they will definitely get the individual a tax refund. Let's take a closer look at what's going on... Earlier today, SARS told “taxpayers to exercise caution against tax advisers” guaranteeing a tax reba... ››› more
  • [15 October 2013]
  • 8 arrested over £1.3 million cyber theft at Barclays
  • On Friday, it emerged that Barclays fell victim to cyber theft. British police arrested eight men for allegedly stealing £1.3 million (R20.6 million) from the bank. Let's take a closer look at what went on… Police in the UK announced on Friday that they had eight men in custody relating to theft from Barclays, reports Fin24. It’s alleged that the gang took “control of a branch computer sy... ››› more
  • [22 September 2013]
  • Mango sacks cabin crew with their hands in the till
  • It's emerged that Mango had to take steps against cabin crew members. The budget airline discovered some staff were pocketing money from drink sales. Let's take a closer look at what's going on… Mango, South African Airways budget airline, “has sacked 24 cabin crew members,” reports Fin24. The fired crew were guilty of food fraud. It’s reported that cabin crew members “defrauded the... ››› more
  • [12 August 2013]
  • Six ways to protect yourself from investment ‘cowboys'
  • It's a sad fact that investment scams are rapidly on the increase. They dupe investors into parting with their hard earned cash with the promise of amazing returns, only never to see their money again. Look out for these six warning signs to ensure you stay ‘safe' in the investment world… In the US and Europe, gullible investors pump millions of dollars every year into dubious financial sche... ››› more
  • [10 July 2013]
  • POPI: The solution to keeping your personal details safe from fraud
  • With Internet and mobile banking fraud on the rise, South Africans are getting increasingly nervous about how well companies are protecting their personal details. Luckily, Government's taking steps to help - and they should come into effect later this year… Sick and tired of receiving phishing scams by email or SMSs from ruthless fraudsters looking to steal your money? What about those annoy... ››› more
  • [04 June 2013]
  • Six warning signs of investment fraud
  • Investment scams are rapidly on the increase and you need to guard yourself against these all the time. In fact “gullible investors pump a lot of money every year into dubious financial schemes, often based offshore, only to discover later they've been had,” says The South African Investor. Read on to discover six warning signs you should look out for to avoid falling into the trap of investme... ››› more
  • [30 May 2013]
  • MTN's task team will set your banking fraud worries at ease…
  • These days, hardly a conversation takes place without mention of banking fraud. It's such a hot topic because so many cases of bank fraud have come to light recently, but the one that scares people the most is the SIM swap method. While most banks refuse to take ownership in this regard, others like Capitec have stepped up their security measures to keep customers' funds safe if they do Internet b... ››› more
  • [10 May 2013]
  • Beware the latest banking fraud method: SIM swaps
  • On Tuesday, Media24's CEO Esmaré Weideman reported that she had lost R360,000 over the weekend in a hit from a SIM-swap syndicate. These are on the rise locally, leaving banking customers across the country frustrated and, in some cases, penniless as banks refuse to repay the money. Here's the best way to protect your savings from this new type of fraud!   Imagine checking your bank accou... ››› more
  • [02 May 2013]
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