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The majority of people who rent residential accommodation do so for financial reasons with nearly half admitting they can’t afford to buy a property, according to credit bureau TPN’s latest Tenant Survey. The annual Tenant Survey Report provides the property sector, including property owners and managers, with insights into tenants’ needs, wants, aspirations, and challenges, …
Cushman & Wakefield | BROLL says operators seek sites to the north and east of Johannesburg, in well-located nodes with power supply, while in the smaller Cape Town market data centres are expanding, and there’s growing interest in Nigeria and Kenya. The surge in AI technology deployment and demand for more efficient cloud storage drives …
April is Freedom Month in South Africa, and what better way to celebrate than by focusing on achieving financial freedom? Financial freedom doesn’t mean being rich; it means having control over your finances and being able to make life decisions without being overly stressed about the financial consequences. ‘Financial freedom is about being prepared for …
Chris Green, Managing Partner, Hogan Lovells SA M&A activity in South Africa declined sharply in 2023 relative to the two preceding years, in line with global trends. The factors driving this included, amongst others, global economic headwinds particularly high inflation and high interest rates, the well-documented geopolitical uncertainty in Europe and the Middle East, ongoing …
A rallying cry from the South African real estate sector In the eye of a storm, the South African commercial real estate sector has proven to be a linchpin of our nation’s economic and societal fabric. Its pulse is the pulse of South Africa. Our sector has been pummelled by various local pressures, many resulting …
As South African households continue to grapple with high inflation, rising interest rates, increasing petrol and food prices, as well as unrelenting electricity hikes, getting as much value as possible from finances and banking has become a priority for most people. Nedbank has responded to this need for value-adding banking with a premium banking experience, …
In recent years, contactless payment apps have emerged as a game-changer in the world of financial transactions. With the advent of mobile technology, these apps utilize NFC (Near Field Communication) to allow for seamless and secure payments. Convenience at Your Fingertips: These apps turn smartphones into payment terminals. Customers simply tap their card or device …
Investing in an offshore retirement fund is one way of growing your wealth in a stable economy over the longer term, or even gaining residency in a foreign country. However, for South Africans, this scenario presents as many challenges as it does opportunities, and should only be considered after consulting with a financial adviser and …
In today’s economic climate, South Africans are increasingly seeking flexible and accessible financial solutions to meet unexpected expenses or to capitalize on immediate opportunities. One such solution that has gained popularity is securing a loan against one’s car. This financial maneuver can be a strategic move for those in need of quick liquidity without the …
In South Africa, where financial flexibility can sometimes mean the difference between seizing an opportunity and missing out, the option to “pawn my car” presents a viable route for securing short-term financing without selling your vehicle. This approach is particularly attractive for those who need immediate cash but wish to retain ownership of their assets. …
In the evolving landscape of financial solutions within South Africa, the option to “pawn my car and still drive it” emerges as an innovative and highly sought-after avenue for those in need of immediate cash without the inconvenience of losing their mobility. This unique form of loan allows individuals to leverage the value of their …
In an ever-fluctuating economy, many seek reliable ways to secure quick cash for unforeseen expenses or investment opportunities. One timeless method is leveraging the inherent value of gold—a precious metal that consistently holds significant worth. If you’re considering the phrase “pawn my gold,” it’s crucial to understand the current gold market, ensure you’re getting a …
Amid high interest rates and inflationary pressures, many South Africans are struggling to manage their finances effectively and balance their limited income with rising expenses. In this environment, resilience requires more than just being able to weather this storm – it’s about finding ways to get the most out of the money you have. That’s …
In the wake of the annual Budget address delivered by South Africa’s Minister of Finance, Enoch Godongwana, on 21 February, Regent Business School took the helm in fostering an illuminating webinar. This hybrid gathering, spearheaded by the school’s respected Dean, Dr Shahiem Patel (who is also a Non-Executive Director of the Institute of Bankers) alongside …
Pensioners often carry households at the expense of their own needs
Watch out! In 2024, scammers have some new tricks up their sleeve, such as deepfake impersonation. That is why fostering a zero-trust mindset can help to keep yourself safe from these scams.
Imagine receiving a voice note from your CEO instructing you to transfer money to a bank account. You follow the instructions without realising that the voice note is a deepfake. And just like that, you have fallen for a scam. Deepfakes make use of AI technologies to create new – but fake – images, videos, and/or audio material from existing material, “Artificial intelligence (AI) technology makes it easier for fraudsters to create these convincing fake messages from people you know and trust,” explains Anna Collard, SVP Content Strategy and Evangelist at KnowBe4 AFRICA. “It enables scammers to generate video and audio that is so convincing, many believe it is real.”
Fraudsters also use AI-generated voice notes or videos to impersonate a family member, such as a grandchild, who claims to be in distress and in need of money. This is called a grandparent scam. “People get scammed that way because their emotions are triggered by hearing an authentic sounding voice clip of their loved one and want to help,” comments Collard.
Another fraudulent application of deepfakes is to impersonate politicians to spread confusion or disinformation. “This is definitely something to watch out for in 2024 as it's an election year,” says Collard.
Investment scams can appear as trustworthy financial organisations promising incredible returns. “However, if something seems too good to be true, it probably is,” says Collard. She advises being cautious in such situations. Scammers often combine cryptocurrency scams with romance scams as well.
Another scam to be wary of in 2024 involves fake loans that offer low-interest rates but never actually materialise. Instead, victims are required to pay upfront fees or provide their personal information. “With the ongoing cost-of-living crisis, scammers may tempt many individuals to apply for these loans to make ends meet, be very careful of any offers that sound too good to be true.”
By using fake profiles on dating sites or social media, scammers build trust with their victims and then exploit this emotional connection to trick them into sending them money. “Even though family members might repeatedly warn the victim, they often continue with the romantic deception because once on the hook, psychologically it is very difficult for the victim's brains to admit that they have been conned,” explains Collard.
Identity theft involves stealing personal information to commit fraud. Scammers do this via phishing emails or phone calls, as with banking scams. “Social media profile theft involves hackers hijacking your social media accounts to reach out to your contacts, pretending to be you, spreading malicious software, scams or asking for money,” says Collard.
After a humanitarian crisis, like a flood, charity scams frequently emerge. “These scams play on your emotions and ask you to give money to a worthy cause, but in reality, they are fake charities,” explains Collard. Red flags to watch out for are unusual payment methods, such as EFT, instead of secure payment platforms. “Always make sure that charities are registered before you donate and that you interact with the legitimate NGO or charity before transferring any money,” she advises.
Posing as IT technicians, these scammers try to convince you that there's something wrong with your computer and offer to fix it. They then seize control of your computer and steal your personal information or hack into your bank account. “These scams prey on people's fears,” says Collard. “They throw people into a state of panic in which they're not thinking logically.” She recommends hanging up right away and directly contacting your IT support centre.
Are you in the market for a pure-bred puppy? Beware! International crime syndicates operating in South Africa offer purportedly discounted pooches. According to Collard, many individuals have suffered significant financial losses not only for the non-existent dog but also for the transportation expenses. She advises buyers to be wary if they encounter a wide variety of dogs for sale on a website or if they are immediately offered a puppy. “Breeders do not operate like Takealot. There are usually waiting lists; it takes time for a puppy to become available,” she says. “If you're offered a second dog at a 30% discount, it's highly likely you're being scammed.”
The general advice for any of the scams listed above is to slow down and take a breath before reacting to anything, particularly if it's emotionally triggering content.
As the boundaries between our physical and virtual worlds continue to blur, a zero trust mindset encourages us to pause, think, and evaluate the content we are interacting with, thereby empowering us to make conscious and more rational decisions.
Distributed by APO Group on behalf of KnowBe4.
A business valuation transcends mere figures, diving deep into a number of often unquantifiable factors, that ultimately determine business potential. However, whether you’re looking to sell your company, attract investors, or simply understand its current position in the market, a comprehensive business valuation is your compass, while an expert consultant from Outsourced CFO is your …
Now is the time to reflect on your financial state and set meaningful goals for the year to come. Whether you are aiming to build an emergency fund, pay off debt, or invest for the future, establishing clear financial objectives is crucial to achieving long-term stability and success. Stian De Witt, executive head of financial …
The Steel and Engineering Industries Federation of Southern Africa (SEIFSA) wishes all its member a productive and prosperous 2024, which is likely to be another busy and challenging year, with wage negotiations, general elections, load-shedding, high inflation, geo-political uncertainty and a volatile exchange rate just some of what we can expect. As the country prepares …
The South African property market is entering a critical year in 2024, poised to be shaped by economic recovery, election uncertainty and evolving buyer trends. While the economic outlook remains cautious, there are promising signs for both buyers and investors. Paul Stevens, CEO of Just Property Group, takes a comprehensive look at South Africa’s property …
Introduction The search for an apartment is an exciting journey, offering the promise of a new home and lifestyle. This blog provides an overview of the key factors to consider when exploring the market for apartments for sale, aiming to guide potential buyers through this significant decision. Understanding Your Needs Before diving into the apartment …
Introduction Cape Town, South Africa’s picturesque coastal city, is renowned for its stunning landscapes, rich history, and vibrant culture. This allure extends to its real estate market, particularly in the realm of apartments. This blog delves into the varied aspects of Cape Town’s apartment scene, offering insights for potential buyers. Diverse Neighborhoods Cape Town boasts …
South Africa’s property development sector is a dynamic field that plays a crucial role in the country’s economy. This guide aims to provide a clear overview of property development in South Africa, highlighting its key aspects, challenges, and opportunities. The Essence of Property Development in South Africa What is Property Development? Property development in …
Repo rate remains unchanged at 8.25%
The Reserve Bank’s Monetary Policy Committee (MPC) has decided to keep the repurchase rate at its current level of 8.25%.
Addressing a media briefing at the last MPC media briefing of the year, the bank’s Governor Lesetja Kganyago said the decision was unanimous.
“Electricity prices continue to present clear inflation risks, and with logistics constraints, are likely to have broader effects on the cost of doing business and the cost of living. Given uncertain fuel and food price inflation, considerable risk still attaches to the forecast for average salaries.
“Serious upside risks to the inflation outlook remain. In light of these risks, the Committee remains vigilant and stands ready to act should risks begin to materialise,” the Governor said on Thursday.
Market-based expectations for inflation in 2023 are currently 5.8%, while near-term break-even rates have dipped to 4.3%.
He said medium and longer-term market expectations for inflation remain elevated.
“The September survey of the Bureau for Economic Research shows average inflation expectations lower at 6.1% for 2023. The Committee, however, would prefer to see expectations anchored at the mid-point of the inflation target band,” the Governor said.
He said that at the current repurchase rate level, policy is restrictive, consistent with the inflation outlook and elevated inflation expectations.
SARB’s forecast for global growth in 2023 is broadly unchanged at 2.7% (from 2.6%), and 2.6% in 2024.
“Decisions will continue to be data dependent and sensitive to the balance of risks to the outlook. The inflation and repo rate projections from the updated Quarterly Projection Model (QPM) remain a broad policy guide, changing from meeting to meeting in response to new data and risks.”
Kganyago said the policy stance aims to anchor inflation expectations more firmly around the midpoint of the target band [of between 3 and 6%] and to increase confidence of attaining the inflation target sustainably over time.
With South Africa’s inflation rate remaining sensitive to shocks, the MPC will seek to look through temporary price shocks and focus on potential second round effects and the risks of de-anchoring inflation expectations.
“Guiding inflation back towards the mid-point of the target band reduces the economic costs of high inflation and will achieve lower interest rates in the future. Since early 2020, the Committee has recommended additional means of lowering inflation that are within the reach of the public sector, including achieving a prudent public debt level, increasing the supply of energy, keeping administered price inflation low and real wage growth in line with productivity gains.
“Such steps would strengthen monetary policy effectiveness and its transmission to the broader economy,” he said.
While volatile in recent weeks, oil prices have increased over the year and commodity export prices have moderated further.
“South Africa’s external financing needs will increase as the current account deficit expands from a forecasted 1.3% of GDP this year (from 2.0%), to 2.6% of GDP in 2024 and to 3.5% of GDP in 2025. The smaller deficit this year is the result of significantly better than expected trade outcomes in the third quarter.
“The rand weakened over the past year, depreciating by about 9.5% against the US dollar. The lack of sustained economic growth and dependence on commodities is reflected in the high volatility of the currency in response to global risk-on and risk-off episodes,” Kganyago said. –SAnews.gov.za
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Thu, 11/23/2023 - 15:49