Fraud News

What is Vishing?

Vishing is a combination of "Voice" and "phishing" scams. Fraudsters make phone calls or leave voice messages pretending to be from reputable companies to get individuals to give them personal information, such as bank details and credit card numbers. They will pretend to call from Old Mutual Finance to solve a fake problem on your account.

NOTE: We will never ask you for your CVV, PIN or OTP Numbers over the telephone. Please do not share any of this information with anyone.

How is Vishing used to scam you?

Below is an example of how fraudsters try to get your personal information:

Customer - Hello

Fraudster - Good Day Joe Bloggs, this is Joe Soap calling from Old Mutual Finance. This is just a courtesy call to confirm your details and the payment of your loan to your bank account and to assist you with updating your Old Mutual Mobile Banking App.

Customer - Yes sure, go ahead.

Fraudster - Just to verify that I am speaking to the correct person, please confirm that your address is 123 Park Street, Cape Town and your mobile number is 083 123 4567?

Customer - Yes, that is correct.

This below part of the conversation is not normal protocol and is a scam

Fraudster - In order for us to attend to the mobile app update we will send an OTP to your phone, please provide me with the number?

Customer - The OTP is 4567.

Fraudster - And then the final step, what is the PIN you selected when you collected your Old Mutual Money Account card?

Customer - I don't feel comfortable sharing that information with you. I will call Old Mutual Finance myself to assist me.

ALWAYS REMEMBER:

• Old Mutual Finance will never ask you for your ATM PIN, Card PIN or OTP Numbers. DO NOT SHARE THIS WITH ANYONE.
• If you receive a call with a request for this security information, end the call and call us on 0860 222 252 for assistance.
• If you receive a message on your phone with a request for you to press 1 or to accept a transaction that you did not perform, call us on 0860 222 252 immediately.

If you ever lose network or signal on your mobile device, check with your service provider immediately because you might be a victim of a SIM Swap.

What is a SIM Swap?

In a SIM swap scam, fraudsters perform a SIM Swap without your knowledge allowing them access to your phone calls and SMS's.

How is a SIM Swap used to scam you?

The SIM Swap will generally happen after a fraudster was able to get your personal details through a call or suspicious link you might have clicked on.

How to identify that a SIM Swap may have happened to you?

• You suddenly have no signal and can no longer receive or make calls on your phone.
• You don't receive OTP's that you may have requested.

TIPS TO AVOID BEING A VICTIM OF SIM SWAP SCAMS:

• Verify Connectivity Errors - If your phone losses connectivity for an extended period, don't assume it's your network. Phone your service provider and confirm.
• Don't Switch off your phone - Fraudsters will often call you repeatedly hoping that you will switch off our phone out of frustration. Once you switch off your phone it activates the SIM Swap.
• Service provider numbers if you are suspicious:
  • MTN 123 stop (123 7867)
  • Vodacom 082 1946
  • Cell C 084 140
  • Virgin Mobile 0741 000 123

What is ATM Fraud?

When you visit an ATM, fraudsters often pass as friendly individuals claiming to offer you help at an ATM. It's all part of a plan to confuse and frustrate you and, steal your information.

How is ATM Fraud used to scam you?

Shoulder surfing occurs when fraudsters stand close to you and watch you enter your PIN at an ATM.

Card swapping occurs when fraudsters try to distract you and swap your card with a similar looking one.

Card trapping occurs when fraudsters use trapping devices at ATMs that prevents you from getting your card back once you perform your transactions. As you struggle to get your card back, another fraudster will pretend to be a random person walking by and will offer to help you. They will tell you to enter your PIN again and the fraudster will remember the PIN digits you entered. When you finally walk away in frustration, with your card still in the machine, the fraudster will remove your card from the machine and steal your money from your account.

TIPS TO AVOID ATM FRAUD

• Be alert when you use an ATM. Make sure your ATM is in a well-lit area and that no one is waiting around the machine.
• Have your ATM card ready, in your hand when you approach the machine.
• Do not let anyone or anything distract you when you use the ATM.
• Use an ATM that is in good condition. It will be easier for you to identify any foreign objects attached to it. Make sure the card slot has not been tampered with. Never force your card into the ATM slot. If you experience difficulties, rather make use of another ATM machine.

Suspicious loan offers/emails

If you suspect fraud please report to:
Old Mutual Tipoffs Anonymous on Toll Free Number: 0800 222 117
Email: toahotline@tip-offs.com
Visit www.tip-offs.com (This anonymous service is provided by Deloitte - a multinational auditing and accounting firm)

SCAM ALERT (JULY 2018)

Facebook Advance Fee Scam

Please be aware of the fraudulent schemes that claim to offer loans from Old Mutual Finance on groups via Facebook. All matters can be reported to forensics@omfinance.co.za or toahotline@tip-offs.com or by calling 0800 222 117

Old Mutual Finance loans can be applied for through the following channels:

a. OMF Branches across South Africa
b. Website - https://www.oldmutualfinance.co.za/personal-loans/apply
c. Call Centre - 0860 000 886

Fraudulent letter 1, click here.
Fraudulent letter 2, click here.

SCAM ALERT (DECEMBER 2017)

Please be aware of the fraudulent schemes that claim to be a promotional offer from Old Mutual Finance.

It uses Old Mutual Finance's logo and offers:

"5% interest rate"

To download and view the fraudulent letter, click here.

SCAM ALERT (DECEMBER 2016)

Please be aware of the fraudulent schemes that claim to be a promotional offer from Old Mutual Finance.

Email 1

It uses Old Mutual Finance's logo and offers:

"5% interest rate"

It asks you to send your personal details to a fraudulent e-mail address: contact@oldmutual-finance.com

PLEASE NOTE THAT OLD MUTUAL FINANCE WILL NEVER REQUEST UPFRONT FEES TO BE PAID WHEN YOU ARE APPLYING FOR A LOAN

To download and view the fraudulent letter, click here.

SCAM ALERT (MARCH 2015)

Please be aware of the fraudulent schemes that claim to be a promotional offer from Old Mutual Finance.

Email 1

It uses Old Mutual Finance's logo and offers:

"5% interest rate"

To download and view the fraudulent letter, click here.

Email 2

It uses Old Mutual Finance's logo and offers:

"5% interest rate"

To download and view the fraudulent letter, click here.

SCAM ALERT (JANUARY 2015)

Please be aware of the fraudulent schemes that claims to be a promotional offer from Old Mutual Finance.

It uses Old Mutual Finance's logo and offers:

"Debt Relief/Loans Offer at 3% personal loans/Business loans at 4% , to start up a business, from R20,000.00 to R5,000,000.00".

If you receive these emails, do NOT respond and do NOT get in contact with these people as requested in the letter.

To download and view the fraudulent letter, click here.

SCAM ALERT (OCTOBER 2014)

Please be aware of a fraudulent scheme that claims to be a promotional offer from Old Mutual Finance.

It uses Old Mutual's logo and offers:

'Old Mutual's My Money Plan and My Personal Loan as a promotional loan at 2% for a fixed duration, also available to people with a bad credit record'.

If you receive this offer, do NOT respond and do NOT provide any of the personal details requested in the letter.

Coronavirus scams alert

Click here to view possible covid-19 fraud and scams.