Lets talk about fraud

Before I continue I would like to state that I am not representing any bank or cellphone network company as I write this post.

Now that we have that out of the way, let’s get down to business.

There are people who like and enjoy working and earning money they spend, and then there are others who would rather steal from those who work to earn a living.

There are many types of fraud and all of them are done for one purpose, to get an unsuspecting victim to let money off their possession, into the hands of those who want it but have not worked for it. Some of the fraud stars even get their victims to participate in their demise. And that is what I want to talk about in the next section, where I will talk about the parties that usually get involved (whether knowingly or not)

The Fraud star

This guys would like to get his hands on your money, and he won’t sleep until he gets his undeserved pay day. His tools are as follows:-

  • The victim to fraud
  • The bank account of a victim
  • Access to a victim’s cellphone

This is a new kind of fraud star South Africa is faced with.

The victim

The guy fraud star gets the victim to participate to his demise by manipulating them to give out sensitive banking information and other ID related details. Once the the fraud star has all the details, they move one to get another participant.

The bank

This is not to say banks or any financial institutions in SA are corrupt. That being said, the guy fraud star uses many ways to get the bank involved because he Bank is where the victims money is held.

Cellphone network company

This is a fun part because 9 times out 10 they will use this mode to get permission from a victim to rob them. They will either send you an SMS or phone you and pretend to be phoning from a cellphone network company and as soon as you hear the name of a big company being thrown at you, you will obviously drop your guard and give out whatever information you are asked for.

This is to say to the public, guard your personal and banking information with all that you have. The rest will depend on whether the companies you entrust with your details when you get into deals with them have strong enough security measures in place or not.


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