Increase in cybercrime last year

FORENSIC investigation company IRS said last year had a marked increase in fraud, especially involving cybercrime.

IRS forensic investigators have investigated many cases and have shared some fraud indicators to look out for:

Many fraudsters are using the current cryptocurrency craze to dupe people into investing in non-existent schemes.

Another type of fraud doing the rounds is fraudsters convincing victims to invest in non-existent forex trading platforms.

Always ask someone giving financial advice if they are Financial Advisory and Intermediary Services Act compliant. Ask for their financial service provider registration number and check with the Financial Sector Conduct Authority.

Check that any stokvel you plan to invest with is registered with The National Stokvel Association of SA.

Fraudsters targeting individuals for their hard-earned money are more prolific now than ever. Be wary of get-rich-quick schemes.

Fraudsters are sociopaths with no conscience. They will not hesitate to smooth-talk you into investing life savings or pension money.

“Remember that we call fraudsters con artists because they are confident and convincing.

“If you suspect you or a friend or family member is a victim of a scam report it,” said director at IRS Forensic Investigations, Chad Thomas.

Details at www.irsa.co.za/contact