Ramesh Ramdeen, head of Fraud at FNB Wealth and Investments and Ashburton Investments, says that South African investors need to be vigilant of an uptick in potential investment scams.
“There are dozens of ways scammers use to gain access to people’s accounts, often masquerading as being from financial institutions,” said Ramdeen.
“If something feels or looks strange, stop what you are doing and get in touch with your financial service provider directly or your financial advisor. Never feel pressured to do something right away.”
Below he unpacks some of the most prevalent investment scams in South Africa right now.
This type of fraud typically includes an unlicensed individual convincing an investor that an unregistered investment can produce a high yield with little to no risk, said Ramdeen.
“If you are approached online to invest in one of these, you should exercise extreme caution – it is likely a fraud. If it…