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Detect, Prevent and Act Against Fraud

Published: February 9, 2015
Categories: Fraud
Beware of fraudsters pretending to be Bayport. Two scams in which fraudsters pretend to be from Bayport are currently doing the rounds. Here is how they work and how customers and members of the public can protect themselves and their money. Scam #1: The Advance Fee Scam involves the fraudster offering a person a large sum of money in exchange for a small upfront fee. The scam that uses Bayport’s name, works as follows:
  • People receive an e-mail or SMS that offers them a large Bayport loan at an interest rate of only 4%.
  • Those who are interested are asked to provide personal information such as identity numbers and earnings details.
The fraudster confirms the loan, on condition that the person pays legal and administration fees before the loan can be disbursed. How to protect yourself:
  • Confirm that the loan offer is from Bayport before you give out any personal details. You can do this by calling the Bayport call centre on 0861 550 555 or going into the nearest Bayport branch.
How to know that you are not dealing with Bayport:
  • Our loan application process involves the signing of a loan agreement.
  • We will never ask you to pay any fees upfront.
Scam #2: The SIM Swap Scam specifically targets customers who have received loans from Bayport. In almost all the cases that have been reported, the victims had bank accounts at Capitec Bank. A syndicate obtains loan information and contacts the customer as soon as the loan is paid into his or her bank account. Pretending to be from Bayport, Capitec Bank or a cellphone provider, the fraudster asks for confidential information such as ID numbers and pin codes. The syndicate uses the information to do a SIM swap. The fraudsters can then access the victim’s bank account via cellphone banking and transfers the disbursed loan into the syndicate’s bank accounts. They also often buy airtime purchases for their own use. How to protect yourself:
  • Confirm that the call is indeed from Bayport, the bank or the cellphone provider. You can do this by asking the caller specific questions.
  • Never give your bank account pin code to anybody, ever.
How to know that you are not dealing with Bayport:
  • Bayport will never ask you for your bank account pin code.
Where to report fraud: Alternatively, you can log a report with our independent ethics hotline, Navex Ethicspoint:

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