THE Bellair police station has warned residents to be cautious over investment scams where they are promised large returns in short turnaround times.

The warning comes as the festive season approaches.

According to station spokesperson Sergeant Simangele Mseleku cases were recorded at the station after victims found ‘investment opportunities’ online.

“We urge residents to be wary and do their homework when investing their funds, especially when things are advertised on WhatsApp groups and online. We cannot say don’t invest, but residents must be cautious.

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“Some people are getting their bonuses for the festive season and already thinking about expenses they face. These investment scams promise large returns which don’t materialise,” she said.

In August this year the Financial Sector Conduct Authority (FSCA) also issued a warning on investment scams and offered advice.

They say there are tell-tale danger signs which include unrealistic or exaggerated returns; requirements to pay for services up front; requirements to pay more money; and claims that you must act and pay urgently i.e. creating a sense of urgency.

Before engaging in any financial service offering, confirm that the entity or individual offering is authorised by the FSCA (www.fsca.co.za).

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