The ‘month of love’ is celebrated globally and many of us plan to spoil our loved ones to make them feel more appreciated. This doesn’t mean that you should stop being vigilant with your finances, as fraudsters look for opportunities like these to scam and defraud you.
Ramesh Ramdeen, Head of Fraud at FNB Wealth and Investments, says that “People plan ahead for Valentine’s Day, but sometimes, we make last-minute decisions, which can result in us letting our guard down when surfing the internet looking for alternative options to show our gratitude to loved ones.
“It’s important to remember that fraudsters are always looking for different ways to scam you of your money during such periods. As an investor, you may be enticed with fictional offers of unbeatable investment offers with a promise of high return rates.”
“Rushing to take up an investment offer that seems too good to be true, even as a gift to your loved one, can sometimes cause people to click or access internet pop-up links, promotional emails or social media posts with the assumption that these are trusted communication channels, sent by recognised service providers ,” adds Ramdeen.
“Before clicking on any of these links, ask yourself this question: have I double-checked the authenticity of the link received, whether via SMS, email, or social media post before viewing it?
“This step is crucial and will help you detect whether it’s fraudulent or legit; and will also stop you from accepting fake investment offerings for quick profits. Take a few minutes to think before being lured into deals that are window dressed as lucrative investment offers.”
Ramdeen shares a few tips to help you navigate the month of love, so you don’t become a victim of any fraud scams:
- Don’t share your personal information or investment details with anyone.
- Avoid any interactions with third-party investment sellers or joining investment groups on social media platforms.
- Don’t be fooled by emails that may appear to be from a recognised financial services provider. Double check the authenticity of the investment offer with the financial services provider before investing any funds
- Always report any suspicious investment communication on email or social media with your provider’s fraud department
- Remember the trusted service providers such as FNB will never call you and ask you to divulge your PIN, password, and other confidential credentials to process any investment transactions. Don’t be pressured, stay calm. Ask for details of the transactions you are being asked about and confirm with your service provider.
“When making your loved ones feel loved and appreciated should, ensure that you don’t expose yourself to fraud. Double check the investments you would like to take up, so it’s confirmed to be the real deal.
“And if you are nervous about making any impulsive investment decisions, contact a credited financial advisor to help you make the right choice. You can also get creative and make your loved one a DIY Valentine’s gift or cook a delicious candlelight dinner.
“This will go a long way into making the day extra special for your loved one without being swindled of your hard-earned money,” concludes Ramdeen