Fraud Alert

Fraudulent schemes in the form of emails are becoming more sophisticated. These unsolicited emails purport to be an investment opportunity from Old Mutual and use Old Mutual letterheads and logos.

Don't get involved in these scams no matter how enticing they seem.

How the schemes work

You receive an unsolicited email from a criminal syndicate posing as senior government or company officials. In most cases, a lucrative investment opportunity is presented.

The fraudsters typically ask your assistance with an investment or the transfer of funds across countries. In return you are promised a sizeable commission for your effort. The scam is usually initiated by a request for personal information and an instruction to deposit money into a bank account.

There is of course no real investment opportunity and your money never goes towards paying for services or fees.

Types of scams

  • Transfer of surplus funds from over invoiced contracts.
  • Transfer of funds from a benefactor of a will.
  • Transfer of lottery wins.
  • Currency conversion deals.
  • Lucrative purchases of land or property.
  • Below market-price sales of commodities like crude oil or gold.
  • Loans with interest rates below market norms.

Beware! These syndicates use fraudulent means (such as fake letterheads or the spoofing of official websites) to convince you that the offer is genuine and that it is worth making payments upfront.

Should you receive communication claiming to be from a reputable financial services company or government office, look out for:

  • Offers to transfer large amounts of foreign currency.
  • Offers to travel abroad to complete the transaction.
  • Requests for company letterheads, bank details, telephone and fax numbers.
  • Official looking stamps, seals and logos that over emphasise the authenticity of the proposal.
  • Poor grammar and spelling errors.
  • Requests for advance fees (especially for taxes, attorneys, transaction costs or even bribes).

What to do when targeted

Ignore all unsolicited emails and letters. Should you receive a phone call of this nature, tell the caller that you're not interested and don't divulge any personal details.

If the email or letter is on an Old Mutual letterhead or mentions Old Mutual, call Tip-offs Anonymous:
Tel: 0800 222 117.