Old Mutual issues warning about sophisticated online investment scam

Old Mutual has issued a public warning about a highly sophisticated investment scam currently circulating on social media platforms, including WhatsApp. The fraudulent scheme falsely uses the names and images of real employees, along with the company’s logo, to create a deceptive sense of legitimacy.

The scam promotes itself as a high-return, AI-powered investment opportunity and is believed to be orchestrated by a well-coordinated syndicate. This syndicate has targeted several major financial institutions with similar schemes, heightening the risk to the public.

Protect Yourself from Fraud

In response to the threat, Old Mutual has outlined several precautionary measures to help individuals safeguard themselves from fraudsters and identity thieves:

• Verify that apps downloaded from app stores are legitimate and officially verified.
• Carefully check and validate all requests for personal information before sharing it, ensuring there is a legitimate reason.
• Never disclose login details, such as passwords or banking pins, to anyone. Old Mutual emphasises that it will never ask for usernames or passwords.
• Use strong passwords containing letters, numbers, and symbols, and update them regularly.
• Enable multi-factor authentication on accounts wherever possible.
• Limit the amount of personal information shared on social media and utilise privacy settings.
• Report any suspicious messages or concerns to CyberFraudWatch@oldmutual.com.

Old Mutual says it reaffirmed its commitment to protecting customer information and continuously improving its security measures. The company stresses the importance of vigilance and awareness as key tools in combating this form of crime.

“We encourage you to remain alert,” the statement reads.

PERSONAL FINANCE