OLD Mutual has warned internet users against fraudsters using the company’s branding to offer bogus loans and investment opportunities.
Stuart Marshall, CEO of Old Mutual Finance, said criminals are using the trust and good name of the financial services provider to try to gain the confidence of consumers and to dupe them. Marshall advises people to be streetwise and not to fall for the scam.
“We must all be vigilant about these ploys, because they are becoming ever more sophisticated. Among these are unsolicited e-mails that may be presented as a communication from Old Mutual, using fake Old Mutual letterheads and logos, or falsely claiming to originate from an Old Mutual financial adviser.”
“People should not under any circumstances get involved in these scams, no matter how enticing they seem. In fact, our experience is that the more lucrative or unbelievable they seem, the likelier they are to be scams. If a person suspects that an offering using an Old Mutual letterhead (or mentioning Old Mutual) might be a scam, they should immediately call Tip-Offs Anonymous on 0800 222 117,” said Marshall.
He added that there are several tell-tale signs that the advice or offering is fake.
“The e-mail address, oldmutualloan@safrica.com, for example, is clearly bogus as ‘safrica’ is not Old Mutual’s domain. A registered, legitimate company will have its own domain reflected in its e-mail address.”
People should also look out for e-mails that ask you to reply to an e-mail address that differs from the sender’s. So a sender’s e-mail address, such as ‘Application form from oldmutualloan@safrica.com‘, asking you to reply to ‘loan approval from oldmutualfinancialloan@consultant.com‘, is clearly not legitimate.
People should also beware of e-mails that ask you to make payments to a bank account that is held in the name of a person, rather than a company.
Poor grammar or spelling is generally a give-away, or at least a warning to be wary. So are logos that look as if they have been copied and pasted from elsewhere.
Be suspicious if an offer or return on investment seems too good to be true. A loan with an interest rate of three per cent, when the prime lending rate is nine-and-a-half per cent, for example, should trigger alarm bells.
“Also beware of loans offered by e-mail. In particular, beware of a request for an upfront administration fee. As a customer, you should never be required to pay this,” he said.
Advice for victims:
• Do not keep quiet because you feel that others will criticise or mock you for falling for the scam. Your experience can help the police and other consumers.
• Change your banking passwords and PINs as soon as possible.
• Do not contact the fraudster. Again, if it sounds too good to be true, it almost certainly is. Never share your banking details or agree to make payments to them.
• Please remember the golden rule: When in doubt, find out. Contact Old Mutual’s Customer Service Centre if you want to double-check on legitimate promotions or special offers run by Old Mutual. Call 0860 506 070 or 0860 445 445.
