Old Mutual is warning the public about a highly sophisticated investment scam currently circulating on social media and messaging platforms such as WhatsApp.

The scam falsely uses the names and images of real employees and the Old Mutual company logo to create a misleading sense of credibility.

The scam is positioned as a high-return, AI-powered investment opportunity and seems to be driven by a well-coordinated syndicate. The syndicate has already targeted several major financial institutions with this scam.

How to protect yourself

There are many things you can do to protect yourself from fraudsters and identity thieves.

• Check that the apps you download from the App store are verified and legitimate.
• Check and verify all requests for personal information and only share information when you are 100% sure there is a legitimate reason to do so.
• Never share login details such as passwords or banking pins with anyone. A legitimate financial institution will ask you to reveal your username or password.
• Always use a strong password that contains letters, numbers and symbols, and change it regularly.
• Apply multi-factor authentication whenever this is an option
• Don’t share too much information about your life on social media, and use privacy settings.

If you encounter any suspicious messages from Old Mutual, or have any security concerns, please contact CyberFraudWatch@oldmutual.com.

If you have fallen victim to a scam, it is critical that you immediately alert your bank via its fraud hotline.

As criminals become more sophisticated and more cunning, vigilance and awareness are key to ensure that you don’t become their next victim.

This post was based on a press release issued on behalf of Old Mutual.