Keep Your Account Safe from Scammers

Highlighting the focus on cybercrime for Money Smart Week this year, Satrix, the leading provider of index-tracking products in South Africa, is helping investors keep safe from scammers. As an investor, keeping your account safe should be your top priority. Cyber-crime is on the rise globally and fraudsters, scammers and phishers are constantly evolving and becoming more sophisticated. It’s important to remain vigilant and be aware of red flags in order to stay safe online and protect your personal information.

Here Are Some Warning Signs That You Are Not Dealing With Satrix

• Satrix will never request your username or password from you. 
• Satrix does not have representatives or salespeople that reach out to solicit ‘investments’. SatrixNOW has a help centre with agents that will assist investors with any queries they may have. They do not reach out to people to ask them to invest. They also do not make use of WhatsApp groups to solicit investments from you.
• Satrix will not instruct you on what to invest in, nor make investments on your behalf. The SatrixNOW platform is designed for investors to DIY (do it yourself). Investors have full sight of the investments they make. They will need to register an account and make a deposit into the account themselves, and then choose the investments for themselves. As an investor, you will have sight of the entire process from start to finish.
• We will 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.
• 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 everything related to an investment should be transparent.

Social Media and Your Finances

When interacting with financial institutions on social media, always be very careful with your personal information. Criminals posing as financial institutions go to great lengths to make their fraudulent social media accounts look authentic. In some cases, they copy material, photos and contact names from official websites. 

It is important to be careful about who you connect with, and who or what you 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 about your income, your account numbers, and never transfer money into an account unless you are sure you have the correct banking details for the institution or person you want to pay.
• Be aware of account hacks: How many times have you received a random Facebook Messenger request 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: 

• https://www.facebook.com/Satrix.co.za/
• https://www.instagram.com/satrix_sa/
• https://twitter.com/SATRIX_SA
• https://www.linkedin.com/company/satrix/mycompany/

If you’ve experienced a fraudulent attempt on your account or have received a suspicious message or email please submit a ticket, or contact us via email info@satrix.co.za.

Disclosure

The information does not constitute advice as contemplated in FAIS. Use or rely on this information at your own risk. Consult your Financial Adviser before making an investment decision. While every effort has been made to ensure the reasonableness and accuracy of the information contained in this document (“the information”), the FSP’s, its shareholders, subsidiaries, clients, agents, officers and employees do not make any representations or warranties regarding the accuracy or suitability of the information and shall not be held responsible and disclaims all liability for any loss, liability and damage whatsoever suffered as a result of or which may be attributable, directly or indirectly, to any use of or reliance upon the information.

Disclaimer