PERSONAL FINANCE

KEEP YOUR ACCOUNT SAFE FROM SCAMMERS

Article by Satrix Investments

As an investor, keeping your account safe should be your top priority. Fraudsters, scammers and phishers are constantly evolving and becoming more sophisticated. It’s therefore important that we remain vigilant.

We wanted to remind you how to remain safe online and how to protect your personal information.

Signs that you are not dealing with Satrix

  • We will never request your username or password from you. And we mean, NEVER. If you receive a request like this, please report an incident here.
  • We do not have reps or salespeople that reach out to solicit ‘investments’SatrixNOW has a help centre of agents that will assist you with any queries you may have. We do not reach out to people to ask them to invest. We also do not make use of WhatsApp groups to solicit investments from you.
  • We do not instruct you what to invest in, nor make investments on your behalf. The SatrixNOW platform is designed for you to DIY (do it yourself). You have full sight of the investments you make. You register an account yourself, make a deposit into the account yourself, and then choose the investments for yourself. You have sight of the whole process from start to finish.
  • We show you our bank accounts once you’ve registered an account and have been verified. Log into your SatrixNOW account and select “deposits” from the menu button. You will see all our banking details under “Select one of our bank accounts”. If at any point someone provides you with banking details that don’t appear on this list, that account doesn’t belong to us, which is a red flag.
  • We do 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.
  • We have other sources to verify that you’re dealing with us. Our social media profiles are a good frame of reference when looking at what we offer and how we offer our services. You can also reach out to us by submitting a ticket here to verify if the communication you’ve received is legitimate. It’s also a good idea to visit our website on www.satrix.co.za to familiarise yourself with our funds.

If it sounds too good to be true, it probably is

Scammers and fraudsters are often the source of deals that sound incredible. We’ve all seen them – they are endless. Scrutinise any offering first, and then consider the source of the deal on offer. This should help you gauge whether it is a scam. Satrix would never ask you to deposit money just so that you can withdraw or access your funds.

If it sounds too good to be true or it’s a ‘secret’ then there’s a red flag. Legitimate investing and stock markets have been around for centuries and are regulated, so nothing should be secretive!

Satrix Investments is an authorised Financial Service Provider (FSP)

Satrix Investments is an authorised Financial Services Provider (“FSP”) (FSP No. 43670) in terms of Section 8 of the FAIS Act.

Legitimate financial organisations, such as Satrix, are governed by the FSCA (Financial Sector Conduct Authority) in South Africa, with other international financial services companies being watched over by their own countries’ governing bodies.

The FCSA licenses organisations. Any financial service provider has to provide reference to their license (i.e. FSP number) and if the company cannot provide this, it’s a red flag. You can also check or reference an FSP number via the FSCA website. Similarly you can find out if an organisation is registered as a collective investment scheme in terms of “CISCA” (Collective Investment Schemes Control Act), which is also regulated by the FSCA.

Satrix Managers (RF) (Pty) Ltd is an authorised FSP a Manager in terms of CISCA.

Social media and your finances

We are digitally ‘social’ with apps and platforms like Facebook, Twitter, Instagram, LinkedIn, and WhatsApp. It is important to be careful about who we connect with, and who or what we trust when it comes to social media.

Here are some ways to be more aware and careful with your finances on social media:

  • Avoid oversharing: Social media allows for a sense of community and sharing with one another. Unfortunately, scammers target people who freely share their experiences or their keenness to learn. Be careful when deciding who to engage with, and especially be careful of how much you share with them. Avoid sharing details around your income, your account numbers, and be most careful about sharing your money with strangers.
  • Be aware of account hacks: How many times have you received a random Facebook messenger message from a friend who “suddenly needs some cash”. Critically review the tone, spelling and detail in the message. How long since you’ve spoken? Call your friend if you’re unsure about the validity of the message and avoid sharing any details of your finances or banking information.
  • Ensure you are dealing with only Satrix social media accounts: Here are our official accounts: 

If you’ve experienced a fraud attempt or have received a suspicious message or email please: info@satrix.co.za

POSTED : 10 APRIL 2022

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