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Here Are Some Tips To Help You Protect Yourself From Fraud and Scams:
Online financial transactions are the mainstay of our world today. As a result, scams and fraudulent schemes are evolving in sophistication. Fraud involves stealing your personal information to gain unauthorised access to your personal information without your knowledge or consent. Scams employ psychological manipulation designed to exploit your trust.
How Do You Identify a Fraudster or A Scam?
What to Look Out For:
Has a suspicious social media account followed you and sent you a direct message?
Scrutinise the account by reading the bio, reviewing their followers, and checking some posts. Also, consider how old the account is. If it was recently created then that’s a red flag. These may be signs of a scammer planning to make you unrealistic promises, or phish for your personal details, or ask you to deposit a lump sum in cash for them to invest on your behalf.
How Do You Identify a Fraudster or A Scam?
What to Look Out For:
Have you received a vague unbranded email that feels very unspecific to you? Or have you received an email that looks legitimate, but the request seems strange or unsolicited? Think about a “your package cannot be delivered” when you’re not expecting one!
Scrutinise the sender details to ensure the address is 100% correct. Also, check for obvious spelling mistakes and consider comparing it to a previous legitimate email you’ve received to compare the email address and branding details.
How Do You Identify a Fraudster or A Scam?
What to Look Out For:
Have you received a text (SMS), WhatsApp, or Telegram message from a number you don’t know? That’s an orange flag.
Are they requesting you action something or give them your personal details? That’s a red flag.
Whether the sender represents an organisation you’re familiar with or not, remain vigilant. If you’re unsure, block the contact and do not click on any links as this is a form of phishing for your personal information.
How Do You Identify a Fraudster or A Scam?
What to Look Out For:
Scammers tend to dress well, be flashy, and use confusing language to add credibility to their ‘business dealings’. This is the oldest trick in the book but remarkably effective.
Be aware of unrealistic promises and the rule of thumb: If it’s too good to be true, it probably is!
How to Verify Investment Products and Services
Always verify the legitimacy of any financial adviser or organisation you are dealing with.
The Financial Services Conduct Authority (FSCA) is an independent regulatory body that ensures the integrity of the financial sector and aims to protect consumers. All licensed FSPs provide reference to their license (i.e., FSP number), which they typically share on their sales and marketing material, including their websites and on social media platforms. Checking a registered financial service provider (FSP) authorised status is straightforward and highly recommended.
Follow the steps below to verify an FSP:
Safe Investing with Satrix
Satrix holds FSP licences under Satrix Managers and Satrix Investments. Satrix Managers (RF) (Pty) Ltd (Satrix) is an authorised Financial Services Provider and a registered and approved Manager of Collective Investment Schemes (CIS) in Securities in terms of the Collective Investment Schemes Control Act, 45 of 2002. Satrix Investments (Pty) Ltd is an approved financial service provider in terms of the Financial Advisory and Intermediary Services Act, No 37 of 2002 (“FAIS”).
Satrix is committed to safe investing. Find out more about how we do this:
Your Personal Information & Soliciting Investments
- Satrix will never request your username or password.
- We highly recommend you enable 2FA (2 Factor Authentication) on your Satrix account.
- We do not have representatives or salespeople that solicit “investments”.
- Satrix does not use WhatsApp or Telegram groups as a communications channel.
Investing on Your Behalf & Bank Accounts
- Satrix does not invest on your behalf, our platform is designed for investors to DIY (do it yourself).
- We do not instruct you on what to invest in, you will need to choose your investments yourself.
- Once you’ve registered an account and been verified, we will share our banking details so you can make your investment deposits.
- If at any point someone provides you with different banking details, that account doesn’t belong to us.
- We would never ask you to deposit money just so that you can withdraw or access your funds.
Promises of Guaranteed Returns
- Satrix does not promise or guarantee you rates of return.
- Guarantees are not how investments work, as a principle.
- Past performance on an investment does not indicate future returns, although we may highlight performance as a guide.
- In any investment, there’s a measure of risk in that we cannot see into the future and say, for certain, how an investment will perform.
- Make sure to do your research on an investment before choosing it.
Official Satrix Social Media
These are the official and only Satrix social media accounts:
- Facebook (Satrix)
- LinkedIn (Satrix)
- Instagram (@satrix_sa)
- Twitter (@SATRIX_SA)
- YouTube (@Satrix_SA)
- SoundCloud (Satrix)
What to Do if You Have Fallen Victim to Fraud or a Scam
If, in the unfortunate event, you have fallen victim to fraud or a scam, you need to report the incident to SAPS (South African Police Service).
If you’ve experienced a fraudulent attempt on your account or have received a suspicious message or email please submit a ticket.
Satrix works closely with the FSCA (Financial Services Conduct Authority) to aid in combating fraud and scams. If you have become aware of a scam you can share the details with us to facilitate our work with the FSCA. In addition, if you’re uncertain about the legitimacy of a request, you can contact us to check.