SABRIC Urges People to Be Wary of Fraudulent Investment Schemes

Publication Date: 07/10/2024

The South African Banking Risk Information Centre (SABRIC) urges the public to exercise extreme caution as banks report a significant rise in the involvement of bank customers in fraudulent investment schemes. These scams, which promise high returns with little to no risk, have already affected thousands of customers.

SABRIC CEO Nischal Mewalall said, “These schemes are highly sophisticated, employing professional-looking websites, fake news articles, false endorsements, and even deepfake videos to create an air of legitimacy and deceive unsuspecting investors. Our banks are working closely together to identify affected customers and take the necessary steps to protect them.”

SABRIC strongly advises the public to stay vigilant, conduct thorough research on any investment opportunity, and verify its legitimacy through trusted sources such as financial regulators and official company websites. This will help individuals make informed decisions and avoid falling victim to these scams.

If you suspect that you have been targeted or unknowingly involved in a scam, it is crucial to contact your bank immediately and report the transactions. Swift action can help prevent further harm.

For more information, please visit the SABRIC website.