Current Seasonal Scammer Tricks to Watch Out For

Consumers are facing heightened vulnerability as scammers exploit the changes they want to make in their lives at the beginning of the year. Whether it’s individuals struggling with unemployment after prolonged job searches, parents trying to find the right schools for their children, or school leavers pursuing higher education and career opportunities – scammers are targeting these groups with increasingly sophisticated schemes.

“As you prepare for the exciting New Year, remember that your goals, ambitions, and resolutions present an opportunity for scammers. They capitalise on the uncertainty and pressure that often accompany new beginnings, and prey on your hopes and concerns,” says Athaly Khan, Head of Fraud Risk Management at Standard Bank.

Khan adds that, because most people seek out investment opportunities, employment, student loans, and assistance to achieve their new goals during this time of the year, scammers exploit this. There’s a rise in unsolicited offers, which sometimes come through phone calls, emails, or online advertisements.

Here are some of the most common scams right now and how to avoid them:

Investment Scams: The Promise of High Returns

Unsolicited investment offers promising high returns with little risk tend to rise as scammers prey on people’s renewed financial resolutions and the urgency for financial stability amid the January financial stretch.

“Be cautious of unsolicited investment opportunities, especially those offering high returns with little risk. Scammers often ask you to act swiftly so that you do not ‘miss out’ on the opportunity of a lifetime,” adds Khan.

Job Scams: Exploiting Career Ambitions

Fake job offers remain a persistent threat. Scammers lure victims with promises of good earning potential or easy passive income but first demand upfront fees for administration or taxation costs. “Scammers also use fake job offers to deceive individuals into sharing personal information, compromising your personal security,” says Khan.

Student Loan Scams: Preying on Financial Needs

With the academic year beginning, scammers pose as financial service providers offering reduced-rate student loans. Victims are asked to pay upfront fees or share sensitive personal information. These schemes often claim ties to legitimate educational institutions, making them even harder to detect.

Miracle Products: Too Good to Be True

Scammers often exploit New Year’s health and fitness resolutions by promoting “miracle” weight-loss products or supplements. These products are advertised with fake celebrity endorsements and fabricated testimonials, often requiring upfront payments with no results delivered.

Protect your banking profile and safeguard your financial well-being by:

• Avoiding the sharing of personal banking information on unsecured platforms.
• Keeping your account details private to prevent becoming a victim of money mule schemes.
• Steering clear of upfront payments. Legitimate organisations never request fees in advance.
• Being cautious of deals that sound too good to be true and never sharing your card information to subscribe to such offers.