Investment Scams

Forex Trading Scams

Scammers fake your kidnapping and demand ransom money from your folks or friends, and they pay the money off, yet you were never kidnapped.

How does this scam work?

You receive a call from a number that is usually a landline or a number that is not a personal cell number. They inform you that they are from your service provider, be it Econet, Telecel or Netone or any other. They tell you that they are conducting a system upgrade and that will get you to enjoy faster networks such as 4G networks. In line with the upgrades that they say they are doing, they will tell you to switch off your phone so that you are able to enjoy the 4G network and so that it can install. From switching off your phone, you don’t see any harm in that. They tell you that the upgrade can take between 45 minutes to 1 hour. These are people who will be monitoring where you are and your movements. Once you agree to switching off your phone and they try it out to see that it is switched off, they call your parents or friends and claim that they have kidnapped you and they need money to let you go. Your parents or friends try calling your phone and it does not go through. With this, they give the money to the fake kidnappers or drop it off where they are instructed. When you switch on your phone, that is when you know that you have been duped.

Red flags or Warning signs

How to protect yourself

Have you ever been scammed?

  • Do you think that you have ever been scammed? If you have, you can help the next person and guide them from not being a victim by reporting this scam.
  • Reporting this scam can help your friends and family.
  • Also, seek help and guidance on how to avoid being scammed.
  • In case you have issued your banking details or any other personal information that can get your bank account defrauded, contact your bank immediately.

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