Golden years, growing risks

SAFETY TIPS: HOW TO PROTECT YOUR RETIREMENT SAVINGS FROM FESTIVE-SEASON FRAUDSTERS

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If you are one of the consumers who managed to save for your golden years to retire comfortably, it is important to remember that scammers and thieves are at their busiest during the festive season when they are on the lookout for vulnerable victims such as older people.

Many senior citizens spent decades working hard, saving diligently and investing wisely to build a secure financial future.

However, during the festive season, scammers are targeting people who can least avoid the loss, says Chris Boxall, FNB head of Card Transact.

"We know that excitement over this time of year often drives higher retail spend, but we urge our customers to remain cautious and extra vigilant."

Zibu Nqala, CEO of FNB Points of Presence, echoes the sentiment. "Many South Africans, including senior citizens, still prefer the convenience of using cash," she says.

"These customers also rely on easy access to our in-branch and offsite points of presence for cash withdrawals. However, a 'cash is king' mindset can leave people more vulnerable to fraud.

Boxall and Nqala share these easy safety tips to help senior citizens outsmart scammers ahead of Black Friday and the festive season:

Take note of red flags when using an ATM or parking stations