News

Advice: Take a stand against fraud and protect yourself

23 November, 2017

Fraud is a big concern in the retirement fund industry, costing millions and leaving victims frustrated and in other cases even destitute having been swindled off lots of money.

 

 Having left a trail of deceit, these fraudsters immediately move on to their next scam, prying on often unsuspecting and desperate people.

Fraud varies in degree of severity. In some instances, millions are stolen from victims and companies or as little as possible but from many people. Nevertheless, the impact it has on victims and their loved-ones is terrifying while companies also have to battle with this scourge.

Some examples of fraud that can be perpetrated against individuals include small unauthorised debit order amounts deducted from individual's bank accounts, bank card "cloning" and subsequent unauthorised use, cellular phone "sim swap" and then unauthorised accessing of bank accounts, fraudulent "investment opportunities" where individuals are promised super large returns, promises to assist in accessing "surplus monies" or unclaimed benefits for a fee and many others.

It is possible, however, to fight fraud and protect your personal information and hard-earned money from criminals posing as legitimate representatives of an organisation. The EPPF takes strict measures to protect your savings and limit fraud. We work hard to identify suspicious activities and keeping up with the ongoing demand of reviewing and strengthening our control environment. It is, however, important that you remain on the lookout for fraud that may be targeting you personally as an EPPF Member or Pensioner.

Here are a few tips you can use to protect yourself against fraud:
 

  • Protect your personal information and never share passwords or disclose details about your financial affairs or records to third parties,
  • You should dispose of personal information in a responsible manner. Fraudsters are known for dumpster diving, i.e. stealing personal records by sifting through dumpsters or trash bins,
  • You should guard against responding to electronic messages (text; sms or email) asking for personal information and appear to be from your bank or EPPF. Where you are unsure, contact your bank or call our contact centre to verify authenticity of information requests,
  • Be careful when clicking on links to websites provided on emails, these may direct you to fraudulent websites that would appear legitimate,
  • Be wary of individuals/organisations who claim to be working for the Fund or a bank or any financial institution. You are advised to request some form of identification and contact the relevant institution to confirm that you are talking to a legitimate person. Do not disclose personal details unless you are sure of who you are talking to.

Remote rural areas may be easy targets

Scammers may work alone, but in some instances, they form part of syndicates, are well-organised sometimes with company documentation that looks legitimate. They like to target unsuspecting people especially in remote rural areas but may try their luck anywhere in the country.

Pensioners and Members in rural areas are often approached by third party service providers claiming to want to help them. They are charged exorbitant fees in exchange to

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Update: Former Eskom GCEO pension pay-out
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Impact of Steinhoff International on the EPPF
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Board announcement to stakeholders
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Announcement: COVID-19 relief special bonus for EPPF pensioners
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MEMBER UPDATE: NOVEMBER 2020
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2020 Integrated Report
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Member Update - October 2021
2021 Integrated Report
Member regulatory update: Release of the Two Retirement Reform Discussion
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Member Update - January 2022
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EPPF appoints new Chief Financial Officer
Member Regulatory Update: Regulation 28 Amendments
Pensioner Tax Update
Message from the Chief Executive and Principal Officer
Member Update March 2022
How EPPF members are helping job sustainability
Member Update June 2022
Member Update July 2022
Member Update July 2022
Pensioner Talk - September 2016
EPPF Member Guide
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Power Talk March 2018
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Power Talk 3rd Issue 2019
August Pensioner Talk 2019
September Power Talk 2019
December Pensioner Talk 2019 (Festive Edition)
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Power Talk May 2020
Pensioner Talk May 2020
Pensioner Talk July/August 2020
Power Talk July/August 2020
Pensioner Talk - November/December 2020
Power Talk - November/December 2020
Pensioner Talk June 2021
Power Talk - June/July 2021
Pensioner Talk November 2021
Power Talk October - November 2021
Pensioner Talk Newsletter April 2022
Power Talk Newsletter April 2022
What is the difference between a defined benefit and a defined contribution fund?
Can I borrow money against my pension benefit for a loan or my bond?
What happens if my queries are not getting resolved?
How is the Board of Trustees appointed?
How is a section 37C death benefit distribution determined?
In-service members FAQs
Deferred pensioners FAQs
Pensioners and beneficiaries FAQs
Retirement reform FAQs
uygyugugu kjhiu iji
Can I choose an investment portfolio that my funds can be invested in?
Does the EPPF have both Pension and Provident Fund?
Can you pay my withdrawal benefit to the Eskom Finance Company?