The scam business has become much more sophisticated through the years. With the advancement of technology, the industry has become even more widespread.
According to research, South Africa is typically used as a testing ground for attacks on the banking sector. The South African banking system is one of the most advanced in the world, so scammers know that if they succeed here, there is a high chance that they will succeed elsewhere. If their ploys fail here, then they know that they don’t stand a chance.
Scam types to look out for very quite significantly, but ultimately play out in the same way.
Fake Jobs Scam
This is one of the most popular scam types to look out for in South Africa. By preying on individuals who are desperate for employment, scammers find ways to make money by requesting that payment be made before a job is given. Personal information may also be requested, which is unwittingly provided by the victim. It’s then used to steal from their accounts or for identity fraud.
Victims are contacted and told that they are set to inherit money from a wealthy couple who are old and about to die. The scammers claim that they will start claims procedures on behalf of the victim and request personal information as well as fees to facilitate this process.
Even though one of the most famous fraud cases known globally is that of 1920s criminal Charles Ponzi, there have also been more cases which have shocked people the world over. These scams involve a collection of funds with the claim that individuals will make triple returns or more within a short period of time.
High Returns on share trades scam
This involves scammers making promises of high returns on share trades. Promises of up to 100% within an hour are made- which is highly unlikely and too good to be true.
Victims are sent a sealed package with information claiming that a large amount of money has been deposited into a Postbank account. The victim must pay a certain amount of cash into another account in order to claim winnings.