The romantic lyrics of the Alicia Keys song ‘Tender Love’ may draw lonely hearts to the dating app Tinder or similar online sites this Valentine’s Month. Unfortunately Keys’ song ‘Try sleeping with a broken heart’ could be more appropriate for those who end up parting with money in the name of love.
Online financial scams are on the rise and tricksters are becoming more sophisticated and innovative, according to John Manyike, Head of Financial Education at Old Mutual.
“During this month of love remember to protect not only your heart, but your pocket as well. More and more innocent people are being scammed by clever con artists who prey on unsuspecting people. Be very aware of the potential risks of letting your guard down and sending your money to someone you have not yet met, despite feeling close to them online,” he says.
“Unfortunately criminals use these online dating sites too and we want to warn individuals to remain vigilant when the topic of money comes up with a potential companion or a seeming soulmate. The ugly truth is that some people are looking to make fast money off lonely and vulnerable people through a variety of scams.”
History and research has shown that such fraudsters usually troll social media sites and chat rooms in search of their victims. In March 2016, a sophisticated internet fraud syndicate was exposed which ran a romance scam that stole over R70 million from vulnerable women who are over 40, divorced, widowed or disabled. But Manyike warns that both men and women in every age category and demographic group are at risk.
He offers the following tips on how to avoid being an online victim of crooked love:
Manyike stresses that it is important to be cautious, aware and wide-awake online. “It reduces the risk of falling for scams and keeps your money safe from the hands of the fraudsters,” he says. “And always keep your goals top of mind.”
To contact a trusted financial adviser for – great advice see www.oldmutual.co.za and for more information on Old Mutual’s popular financial education programme, join the digital community on Facebook (On the money financial education) or follow us on Twitter: @OM_ONTHEMONEY.
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