Twitter followers hopped on the bandwagon yesterday when the ‘Oracle of Omaha' Warren Buffett joined Twitter. There was so much excitement about him joining, he gained 1,000 followers a minute! While everyone's eagerly waiting to see what investment advice Buffet dispenses on the social media platform, remember to be wary of investment advice offered in the social media space...
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“Admittedly, I was stupid to do so, but there are thousands of customers out there who are not internet savvy.” These are the words of a Fin24 user who recently fell for banking scam email. That's why it's important to be extra vigilant when clicking on links in emails that seem to ‘come' from your bank. Here are four easy-to-spot signs that the banking website you're about to click through ... ››› more
While UK banks are getting online banking fraud under control, South African banks are struggling to safeguard your savings. The problem is so rife in fact, that up to 80 ‘copycat' banking sites are discovered each month - and each is looking to trick you into sharing your banking details, says Moneyweb. And here's the scary part, if you unwittingly share your personal information, you could be... ››› more
The SA Banking Risk information Centre (Sabric) has warned of a new scam doing the rounds. With this software identity theft scam, unsuspecting consumers are being tricked into giving out banking details to scammers who claim they're from computer companies. Luckily, if you keep your head and make a smart investment today, you can protect your banking details - and hard-earned cash - from this typ... ››› more
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 the warning signs you should look out for to avoid falling into the trap of investment scams.
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The prevalence of investment scams like Ponzi schemes or pyramid schemes shows just how easy it is to part a fool from his money. The Defencex scheme is the latest to hit headlines. It's been so widespread, over a thousand Defencex supporters attended the scheme's mastermind, Chris Walker's talk at the Linder auditorium on Saturday to hear what he had to say for himself. Don't land your money in a... ››› more
Hardly a month goes by without a new Ponzi scheme or investment scam making the headlines. And while you may think ‘they should have known better', it's easy to fall for promises of massive interest or profit - that's the point of investing! Luckily, if you keep your head, there's an easy way to avoid falling for these investment schemes.
Despite all their bad press, South African investors c... ››› more
With consumers under so much pressure these days, it's hardly surprising that there's been a rise in tenants using identity theft in an effort to avoid paying their landlords, Michelle Dickens, managing director of registered credit bureau TPN told Fin24 earlier this week. “This particular type of fraud is quite common - and what is most concerning is how easy it is to become a victim.” But h... ››› more
Former Fidentia boss J Arthur Brown has pleaded not guilty to four counts of fraud, two of corruption, one of money-laundering and two of theft. Brown is currently on trial at the Western Cape High Court fraud and corruption case after being accused of “running a pyramid scheme and of using investors' money to fund a lavish lifestyle,” reports Fin24. Sadly, investment scams like Brown's are be... ››› more
When we hear of a new investment scam, our immediate external response is: ‘they should have known better'. But internally you think ‘that could have been me, so easily!' This week, Bruce Cameron wrote in the Business Report newsletter that The Association for Savings & Investment SA (Asisa) wants all investment products sold in South Africa to be brought under an insurance act to minimise the... ››› more
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