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The New Insurance Scam
The New Insurance Scam
01 Aug 2022

A recent notification may have landed in your inbox stating that you have an inheritance waiting to be claimed from a dead relative, but could this be a scam? Insurance scams are nothing new.

However, with scammers becoming smart with how they get access to your information and your funds, it is important to know the tell-tale signs. Here is what you need to know when it comes to the inheritance scam that is currently doing the rounds.



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Untraceable relatives

It's estimated that 32% of the claims that are submitted to insurers in South Africa are fraudulent. However, scammers have become clever when scamming unsuspecting family members who have been left an inheritance from a dead relative who has not been able to trace their living relatives.

 

They are concerned and looking to reach out, but for all the wrong reasons. The recent scam claiming that you have been left a payout from a dead relative and it needs to be claimed by you can seem legit, until you start reading what is requested of you.

 

Being asked to share your personal details and paying a small fee to get access to the funds may seem like a small price to pay, but this is where scammers are able to do much damage. A quick search online about the said inheritance and insurer could protect you from being scammed, but other things to look out for are:  

 

5 signs of it being a scam

It’s not registered. To know if the company is real, it is vital to check that they are a registered Financial Service Provider (FSP). This is usually stated at the bottom of their home page. Also, make sure that the website address is a secure one. You can find this by looking for a small, locked padlock next to the URL. For example, the padlock will be on the left side of our url: https://www.miwaylife.co.za/. This ensures that whatever information that you share with the website is secure and protected.

 

It comes from a Gmail account. A reputable company will never send you an email through a private account such as a Gmail or Yahoo account. This should be the first red flag. The same goes for messages of such importance being sent from a personal number.

 

Spelling errors. Misspelt words, especially when it comes to the company name, are another red flag to keep an eye out for. Most companies use their company name in their email address or contact information. If anything looks suspicious, it probably is.

 

It's too good to be true. If you are promised large amounts of money by just handing over your personal information, you could be taken for a ride - especially if you or no one you know has heard of the company or relative. Always remember that if it sounds too good to be true, it probably is. 

 

Having to make a payment first. You will never be asked to make a payment to access to the funds that have been left for you by a relative. Should you be requested to make a payment or split the payment with the person who has contacted you, it is a scam.

Need more information on MiWayLife? Read about our life insurance product, or get a life insurance quote in 30 seconds. Alternatively, call us on 0860 64 54 33 .
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Terms and conditions apply. Eligibility, cover and benefits are determined on individual risk profile. MiWayLife is an authorised FSP (No. 45741) and its product offering is underwritten by Sanlam Life Insurance Limited, a registered long-term insurer. MiWayLife is a division of Sanlam Life Insurance Limited - Reg No. 1998/021121/06