Beware the ‘doting grandparent scam’ in South Africa, top insurer warns

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Retirement is a time for you to be enjoying a more relaxed pace of life, spending time with loved ones and friends, and enjoying the fruits of your working career. However, retirees could be at risk of becoming victims of cybercrime fraudsters who are targeting your ‘nest egg’.

“The reality is that retirees are targets of brazen criminals who will exploit vulnerabilities to get access to retirement savings. As retirees are no longer economically active, any loss of funds due to a fraudulent scheme can have devastating consequences for their financial security as losses are not easily recoverable,” said Ann Cloete of Aon South Africa.

Fraudsters often come across as being genuine, sophisticated, and sincere in their approach, materialising out of thin air to be of assistance during a complex transitional phase.

“When reaching your retirement age, there are often large lump sums paid out or monthly retirement fund payments set up to be…

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