INVESTMENT SCAMS
Immediate actions to take if you ’ ve been scammed if you suspect that you ’ ve been a victim of fraud , which can significantly improve your chances of recovery .
Follow these steps :
1 . Contact Your Bank : The first step is to notify your bank ’ s fraud department . Time is critical ; banks often have a limited window to halt transactions or initiate chargebacks . Be prepared to provide them with details of the fraudulent activity .
2 . Reach Out to the South African Fraud Prevention Service ( SAFPS ): Call 0860 101 248 or email SAFPS @ safps . org . za . They specialize in helping victims of fraud and can guide you through the reporting process .
3 . Report to the South African Police Services ( SAPS ): File a report and obtain a case number . This is crucial for any legal recourse you may pursue later .
4 . Notify Regulatory Bodies : If applicable , inform regulatory bodies like the FSCA or the National Credit Regulator ( NCR ). These organizations have the authority to investigate fraudulent operations and take action .
Exploring Legal Recourse
While pursuing legal action can be complex and expensive , it is often necessary for recovering lost funds .
Here are your options :
1 . Delictual Claims : If fraud is proven , you can file a civil claim for compensation . To succeed , you must demonstrate that the fraudster acted wrongfully , caused you harm , and that you suffered quantifiable losses .
2 . Breach of Contract Claims : If you entered into an agreement where the scammer failed to deliver , you can sue for breach of contract . This may involve seeking specific performance ( forcing the scammer to fulfill their obligations ) or damages for your losses .
3 . Criminal Prosecution : Reporting the fraudster to authorities can lead to criminal charges . However , recovering your losses through this route is uncertain . Even if the fraudster is convicted , you may not see any restitution unless their assets are seized and
62 REI MAGAZINE NOVEMBER 2024 liquidated .