You need to know the difference between the different financial predators, so you know how to deal with them. Picture: Supplied
From Dirty John to the Tinder Swindler and The Most Hated Man on the Internet, it seems South African screens are blowing up with stories about people who mislead, exploit or are abusive to others for their own financial gain.
This according to Thabo Qoako, head of Group CSI Monitoring, Evaluation and Compliance at Momentum Metropolitan who says that financial predators will generally target people who are vulnerable.
Qoako said: “They identify weakness in another individual and then work to build their trust. Once trust is established, they act to isolate their targets before pouncing.”
The isolation component is important, because it is hard to exploit someone who has close ties with trusted friends and family members.
According to the Qoako, the tactics of a financial predator take various forms including manipulation, fraud, or pressure for money. They can operate through scams, schemes, theft or greedy lending practises.
“In the context of a relationship, a predator cares not for the other party’s wellbeing and stability. All they are after, is the financial benefit they receive from these interactions.”
Qoako shares the three most common types of financial predators:
Romantic predators: They will create fake online or offline personas to establish romantic relationships with victims, eventually exploiting their emotions for money or financial assistance.
Predatory lenders: The lenders will target vulnerable people with high-interest loans or predatory lending practises, trapping them in cycles of debt.
Identity predators: These predators will steal personal information, such as bank account details and use the information to commit fraud and theft.
People need to remember that it is not possible to be in a healthy relationship with someone who practises predatory behaviour.
Qoako said: “Once caught in their snare, you know that at some point you will experience financial loss and your mental wellbeing and close relationships will suffer.”
Here are five ways you can escape the financial clutches of a financial predator:
– Reach out to friends and family because the financial predator will try to isolate you. Your friends and family are the people who will help keep you level-headed, making it harder for the predator to exploit or continue exploiting you.
– Once you have realised that someone is a financial predator, stop communication and cut all ties as soon as possible. Unfriend, unfollow, delete and block on social media to stop them from contacting you. Most importantly, you don’t owe them any explanation.
– Make sure that you document everything, including keeping track of your message history. Also document all transactions if they have already taken place.
– Review your financial transactions to ensure that no further transactions are made using your name that you not aware of. Change your passwords and your cards to ensure that the predator has no access to your money.
– Get help: Report the predator and seek legal advice.
IOL Business
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