How to handle spam calls claiming to have your financial data

THE phone rings, and it's some sort of telemarketer on the other end. It's hard to tell because the line isn't the best.

- NICOLA MAWSON

After checking that they have their victim, they say: "I have your information in front of me, and you are paying too much interest."

Of course, when probed, they vacillate and claim to have misunderstood what they said. There seems to be very little someone can do about this, given that the company is essentially anonymous.

This is all illegal. Yet, the only thing I can think of doing is to report the number and then block it through TrueCaller. However, there are other avenues that, although time-consuming, should benefit everyone in the long run.

The Direct Marketing Association of South Africa, a voluntary body for companies that want to ensure they have a good reputation as telemarketers, received about 200 consumer complaints a month. "We have not observed any notable spike specifically related to financial sales," says CEO David Dickens.

Yet, Benita da Silva, executive of risk, compliance, and legal at ASI Group, said that, while there are no definitive stats, "Truecaller data shows a significant number of spam calls are still being received in South Africa".

If someone tries unsuccessfully to call the number back to determine the company name, Dickens said it indicates it's likely that this is an outgoing line. In these instances, he suggests complaining to the telecoms companies as well as the Independent Communications Authority of South Africa.

"Each phone number should be clearly registered to an identifiable owner, as required by the Regulation of Interception of Communications and Provision of Communication-related Information Act, which is intended to ensure accountability for the use of mobile numbers," Dickens said.