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12. Make sure you are not the next victim of investment fraud.

By admin
12 December 2013

All investment product providers must be registered with the Financial Services Board (FSB), according to the FAIS Act. To make sure the company is registered with the FSB, ask for their registration number and call the FSB on 012 428 8130 and make your enquiry.

• Do not be pressured into making a decision. Ask for time to think about it. If the person tells you that this is a limited time offer they are probably trying to scam you out of money.

• Read the fine print.

• Never pretend that you know what is happening. Ask as many questions as you think possible:

• Who is underwriting this policy?

• Is it a well-known and trusted company?

• How long has the company been in business?

• What is the interest rate? A good interest rate is between 5% and 8% – anything more than 8% must be treated with caution.

• Do not give your credit card details or bank account number to anyone over the phone.

• Never give your bank ATM card PIN to anyone.