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5 Tips to Avoid Common Scams

The price of keeping your money safe is constant vigilance

Criminals only need to be lucky once to cheat you out of your hard-earned money. You have to be on your guard all the time. Here are DirectAxis’ five tips for avoiding common scams.

  1. Never click on a link in an e-mail or SMS

    One of the ways scammers try to obtain your personal information is to send an e-mail or an SMS which seems to come from a bank or financial services company or even SARS alerting you to a payment, refund or asking you to confirm your details.

    When you click on the link it takes you to a site that looks genuine, but is actually a fraudulent site. As soon as you enter your account details and pin number, the fraudsters can access your account. No responsible financial institution should ever send you a link to a bank account log-on page in an e-mail or SMS.

  2. Never pay an upfront fee to secure a loan

    Another way criminals try to get their hands on your money is by pretending to be a legitimate financial services company. The way this scam typically works is you receive an e-mail informing you that you’ve qualified for a low-interest loan. It says that to secure the loan you need to pay an upfront fee for administrative, legal or other costs. The offer is often for a limited time, to try and pressurise you into making the payment. Of course, if you pay, the thieves take your money and you never receive the loan.

    Just because an e-mail has a company logo, registration number and address on it, doesn’t mean it’s genuine. If you’re made an offer with an unbelievably low interest rate, don’t believe it.

  3. Guard your personal details

    Not all scammers are out to get your money. Some just want to get enough of your personal information, such as ID number, address and date of birth to open a fraudulent store or loan account. These scams work because the request for information usually seems reasonable, such as a financial institution, retailer or online shop asking you to confirm some information.

    Criminals are also increasingly targeting loyalty programmes, such as those that airlines, banks and many retailers offer. It is thought they’re doing this because people don’t see rewards points as real money and are consequently less security conscious.

  4. If it sounds too good to be true, it’s a con

    The best-known scams are used over-and-over again, because they still catch plenty of people, no matter how often they are warned.

    The most common of these is the lottery scam where you’re told you’ve won a lottery and have to provide information such as your banking details to claim the prize. You might also be asked to pay a fee for administration costs.

    Variations include the inheritance scam, which works along the same lines or the hard-luck story, where a wealthy businessman or politician claims to need your help to transfer a large sum of money.

    The scammers assume that greed will overcome reason and that the anticipation of being rich will make people push aside any doubts about whether the request is authentic.

  5. Don’t be tempted by unfamiliar websites

    Criminals try to cash in at times when people are looking for bargains and gifts. Examples are Black Friday and Christmas. They know that people will be looking for bargains or presents at great prices, so can set up fraudulent websites to try and con online shoppers out of their money. Although this scam is more common overseas than in South Africa, you can be sure it will increasingly start happening here too.

    If you are shopping online, applying for a loan or doing any other transaction which involves providing your personal or banking details, stick with known brands. Always type the brand name into your browser rather than follow a link in an e-mail.

    If you do think someone’s tried to scam you, report it, even if you have no intention of responding.

    Most reputable financial institutions and retailers have fraud departments and will act to shut down websites and bank accounts used to try and defraud their customers. 

Finally bear in mind that although these are the most typical scams, criminals are constantly trying to find new ways to separate you from your hard-earned cash. You need to be constantly vigilant and if you’re not confident an offer or request is genuine, always check first. 


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DirectAxis is a business unit of FirstRand Bank Limited, an Authorised Financial Services and Registered Credit Provider, NCRCP20. Direct Axis SA (Pty) Ltd, Reg no. 1995/006077/07, an authorised Financial Services Provider, FSP7249 & FSP5. 108 De Waal Road, Diep River 7800.

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Loan repayment terms range from 24 to 72 months. The maximum interest rate with regards to a DirectAxis Personal Loan is 27.5% per annum (compounded monthly). Your rate and initiation fee will be determined according to your personal risk profile.
An illustrative example of a loan at an interest rate of 27.5% per annum would be: Loan amount R50 000 plus a once-off initiation fee of R1 207.50 and a monthly admin fee of R69.00, over 72 months.
The total cost of the loan will be R 110 013.57 which is a maximum Annual Percentage Rate (APR) of 30.76%.