As Valentine's Day approaches, the Southern African Fraud Prevention Service (SAFPS) urges South Africans to remain vigilant against fraudsters and scammers who are increasingly targeting social media and dating apps to perpetrate romance scams and social engineering fraud.
What is social engineering?
Social engineering involves manipulating, influencing, or deceiving individuals to gain control over computer systems or steal personal and financial information. This psychological tactic tricks users into making security mistakes or revealing sensitive information.
"Technology is playing an increased role in the majority of the reported fraud instances," says Nazia Karrim, head of product development at the SAFPS. "Social engineering is becoming a reality of everyday life and has dire consequences. The public needs to be aware of this growing threat."
Karrim says that social engineering exploits a person’s trust to access confidential information or money by using behavior and shared information against the individual. A common tactic is creating a fake profile to befriend potential victims and show great interest in their social lives.
Global trends and local impact
International reports reveal that up to 3% of the general population in Europe has fallen victim to romance scams. In Finland, police data recorded 210 scams in 2020, resulting in losses of €6.1 million, which rose to €10.4 million in 2023.
"Similar statistics, in terms of percentage increases, are being replicated worldwide," Karrim says.
Scammer tactics
The SAFPS says despite regular warnings to use strong passwords, many people still use passwords containing loved ones' names and key dates. "Armed with this information, scammers have a perfect platform to commit impersonation fraud," says Karrim.
According to the SAFPS, scammers often establish a romantic relationship or friendship to gain victims' trust and then request money for various needs like airtime, school supplies, or medical procedures. "The victim is then led down a path that could have significant financial implications," says Karrim. Additionally, scammers may propose investment opportunities that promise high returns but never materialise. "This can be enticing for people struggling financially or those seeking more from life," adds Karrim.
Red flags to watch out for
Despite their increasing sophistication, Karrim highlights a few red flags that potential victims can look out for:
- Evasiveness in making personal contact: Scammers often avoid in-person meetings or video calls.
- Keen interest in personal information: Be cautious if a stranger suddenly shows interest in significant dates and personal details.
- Amazing investment opportunities: Be wary of opportunities offering significantly higher returns than regulated financial institutions. "If it looks too good to be true, it probably is," warns Karrim.
Advance fee requests: Be cautious of requests for advance fees to expedite processes or set up investments.
Tools to combat scams
Manie van Schalkwyk, SAFPS CEO, says the launch of Yima, a scam prevention toolbox designed to provide a proactive approach to fraud prevention. "The Yima website hosts a scam prevention toolbox for South Africans to report scams and scan websites for vulnerabilities related to scams. Additionally, consumers can expand their knowledge of how to identify a scam through useful articles and tips," says Van Schalkwyk.
The Yima website according to Van Schalkwyk enables users to report scams or suspicious activity. Intelligence gathered from these reports is shared with member partners and law enforcement for investigations. Users can also access a scam hotline (083 123 7226) to report fraud incidents directly to relevant authorities, such as banks and the South African Police Services, Van Schalkwyk says.
Visit the Yima website: www.yima.org.za.
Protective registration
"In addition to Yima, everyone in South Africa has access to the consumer products and services offered by the SAFPS at no cost. Protective Registration and Fraud Victim Registration are two important products that protect victims of impersonation scams (which often stem from social engineering scams) and other financial crimes," says Van Schalkwyk.
The SAFPS says the Protective Registration is a free service that helps protect individuals against future fraud attempts. Consumers apply for this service, and the SAFPS alerts its members to take additional care when handling that individual's details. It provides added protection and peace of mind, regardless of whether the applicant's identity has been compromised.
"If a member of the public wants to become proactive in the fight against fraud, the SAFPS is there to serve them. Visit our website at www.safps.org.za. Then, click on the fraud prevention tab and protect yourself against identity theft with Protective Registration. For best results, use your smartphone to go to our website. Once you have uploaded key pieces of information, you will add another layer of protection against potential ID fraud," says Van Schalkwyk.
Together with Yima, the SAFPS says it offers a suite of products designed to fight fraud and scams. "As the custodians of fraud prevention in Southern Africa, we are making a difference to the threat landscape," says Van Schalkwyk.
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