Old Mutual warns against ‘419’ scams

OLD Mutual has warned Namibians to be wary of scams that promise a handsome commission for moving large sums of money.

E-mails that have been circulating recently purport that certain individuals have received policy payouts from Old Mutual London worth millions of pounds, and that they are awaiting the transfer of funds to them.
According to Old Mutual, ‘The e-mails purport to come from a respected official, such as an Old Mutual fund manager or a government agency. The authors of these e-mails explain that they have discovered secret funds that must be moved out of their country and ask for your help to move them to the United Kingdom.
‘They will offer to deposit large sums in your bank account temporarily and in exchange you will get a share. They will have elaborate explanations about why they need to use your bank account. There are many variations but all have one objective of seeking to con victims out of their money.’
The scams usually originate from Nigeria and other West African countries, and have been nicknamed ‘419’ scams after the relevant section of the Nigerian Criminal Code.
The authors create elaborate scenarios to get the attention of their victims, who are ultimately asked to pay thousands of dollars in advance to cover various fees associated with the supposed transfer of funds.
Johannes !Gawaxab, Managing Director of Old Mutual’s African Operations, cautions: ‘If you are targeted, recognise the 419 for what it is – an attempt to defraud you. Do not reply and do not give your personal details out. These scams bear the hallmarks of professional criminals – use your common sense and don’t become their next victim.’
!Gawaxab further advises people to work with accredited financial advisers, who should disclose whether they are acting for an authorised financial services provider, and which products they are accredited to provide advice on; and to be aware of which questions to ask advisers in order to protect themselves from dodgy investments.
‘When something seems to be too good to be true it very often is just that: too good to be true. It is prudent to stick to the products of legitimate financial services providers that have a proven track record and investment expertise,’ says !Gawaxab.
Anyone who has already been caught in the scam is advised to contact the Police, and those who receive a letter from an agency purporting to be acting on behalf of Old Mutual are requested to immediately refer the matter to Old Mutual’s Marketing Manager, Lelanie Basson, at (061) 299 3924.