Yesterday, the Financial Services Board (FSB) revealed that a company was operating in the Vanderbijlpark area reportedly to help clients claim excess pension funds.
The FSB says that the company is not authorised to conduct such business.
Let's take a closer look at what happened and what you can do to avoid being involved in such a scam…
The FSB has concerns over the business deal... ››› more
Penny stocks have the potential to make you handsome gains. But penny stocks also have a dark side.
There are those who take advantage of investors and use penny stocks as an investor scam.
Luckily, in South Africa with our modest sized stock market, scams aren't very prevalent. But, jump over the pond to the US and it's a completely different story.
Just because you reside here, don't th... ››› more
There are a scourge of people trying to con investors out of their money by investing in penny stocks that are destined to fail.
Maybe you've received a phone call from someone claiming to have the next hot stock for you and it's only trading for a R1. And it's only a matter of time before the share is going to trade at R100 or more.
So how can you detect a scam call like this? And what shou... ››› more
A couple of weeks ago I received an SMS on my phone.
It congratulated me for taking out cover under a funeral policy - although I knew I had done no such thing.
I was perplexed to say the least. But I wrote it off as mere spam, or another scam to fish information out of me. So I ignored it…
But a couple of days later I received a piece in the mail containing my funeral policy informatio... ››› more
If it sounds too good to be true, it probably is! This is true for most things, especially those that have to do with money. Don't be swayed by big promises, especially if you're new to forex trading. Today, we reveal three tips you can use to spot forex trading scams…
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URGENT: Next trade imminent!
On 24th March 2014 Forex Trader subscribers banked a ... ››› more
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
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
With more and more people taking up the cause of a clean energy future, it's was inevitable that fraudsters would follow suit. If you're an investor focusing your portfolio on green investment opportunities, don't fall for the latest green energy scheme rocking the world: Carbon credits. Here's how to spot it and why you should avoid it at all costs…
If someone phones you to get you to invest... ››› more
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
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
Three weeks ago, three British men got a total of 43 years in prison in America. Their crime? A classic boiler room scam, which they used to con British investors out of £80 million (R1.27 billion). Read on to find out the tell-tale signs of a boiler room scam…
These conmen funnelled the money through US bank accounts and spent it on having a good time. Think boats, planes, luxury houses and ... ››› more
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
We're four days into the new tax season. You might be well organised and have already filed your return. And now you're eagerly waiting to find out if you're getting a rebate. But beware, make sure you don't fall for a scam email claiming it's from SARS. Here's what's going on and how you can protect yourself…
The new tax season kicked off on Monday. If you’re in the process of filing your t... ››› more
Once you're all set to get investing, don't let your excitement get the better of you. You could make some very expensive mistakes. Here's how you can avoid investment scams…
The world of investment and finance is an exciting place to be, but unfortunately some ‘undesirables’ lurk about. And they’re always on the look out to scam an unsuspecting investor.
Three warning sign of an inve... ››› more
37.3 million people were affected by phishing scams around the world in the past 12 months! That's according to a report by Russian-based security firm Kaspersky, which analysed this global trend between April 2012 and April this year, reports Fin24. Here's how it could affect you if you're not careful…
"Researchers at Kaspersky Lab have documented a drastic increase in the number of web user... ››› more
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
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
Whenever you invest, there's a risk you'll lose your money. But there's also a risk you're falling for an investment scam. With the Defencex and Fidentia investment scams taking much of the limelight these past few weeks, it's little wonder new investors are wary of investment promises. That's why they're now questioning whether Forex deals are a scam or an investment miracle as some promise retur... ››› more
J Arthur Brown of Fidentia finally received his sentence from the Western Cape High Court yesterday. He faces a fine of R150,000, which he's already paid. Failing that, he'd face 36 months in prison based on two counts of fraud. Now, proving their loyalty to Brown, about 500 ex-mineworkers are hoping to sue the curators of Fidentia after losing millions of rands in investments, because the court h... ››› more
With so many pyramid schemes and investment scams making headlines lately, you'd think investors would be more wary by now. “They're not,” says investment expert Francois Joubert. “People haven't learned their lesson and are still falling for these investment scams.” Here's how to make sure you're not one of them, especially on the back of news that Defencex's boss has just launched a new ... ››› more
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