The 6 most common investment scams in South Africa: FNB
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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.
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Bank Dividend Talk Still a Non-Starter for South Africa Watchdog
Roxanne Henderson, Bloomberg News Skyscraper office buildings in the Sandton area stand on the skyline beyond residential housing in the Alexandra township in Johannesburg, South Africa, on Thursday, June 11, 2020. The near-decade of mismanagement and corruption under former President Jacob Zuma combined with the coronavirus outbreak and loss of South Africaâs investment-grade rating have left the economy in its worst state in the democratic era. Photographer: Waldo Swiegers/Bloomberg , Bloomberg
(Bloomberg) South Africaâs banking regulator isnât even ready to consider withdrawing its advice that no dividend payouts be made, unlike counterparts in Europe, as a second coronavirus wave stirs uncertainty over the economyâs outlook.
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