'Tis the season for scams

APPLY SAFEGUARDS: INTERNATIONAL SCAMMING ECOSYSTEM IS NOW AT INDUSTRIAL LEVELS

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Not a day goes by without us hearing how careful we must be to stay out of the claws of scammers who have become incredibly sophisticated to steal your confidential details or your money.

However, before we can say it is getting too monotonous, remember that we also hear of somebody who was scammed every day.

The international scamming ecosystem has grown to industrial levels, leaving consumers vulnerable to sophisticated and hard-to-spot scams. As we head into the festive season, Sanlam is warning consumers to be extra cautious amid a sharp rise of impersonation and investment scams.

Helen du Toit, head of forensics at Sanlam, said: "Over the past year, financial institutions, regulators and law-enforcement partners have seen a noticeable escalation in fraud cases involving fake investment opportunities, advance-fee schemes and identity impersonation.

"These scams are becoming more sophisticated, more convincing and more aggressive and increasingly using the names and images of well-known brands and executives to lure victims in."

Du Toit says scammers are acutely aware of the festive "spirit of spending" and will look to capitalise on it. "They also know January can be financially difficult for many people, which makes consumers more vulnerable to offers of quick cash or seemingly 'guaranteed' returns."