Coinvest Money

Coinvest Money

Financial Intelligence



  • Watch out for the 419/advance-fee scam

    An advance-fee or 419 scam is a form of fraud where you are promised a lot of money, goods or a job, but you first have to pay a fee upfront. Advanced-fee or 419 scams are very creative. You are promised a large sum of money but are requested to make an upfront payment. Once you have made the payment, fraudsters either disappear with your money or try to get you to make more payments.

    Some of the most common advanced-fee scams include the following:

    • If it sounds too good to be true, it probably is.
    • Never pay fees upfront unless you’re sure it’s a reputable supplier. If buying goods online from a private individual, opt for payment on delivery or collection of goods.
    • Don’t be tricked by a fake email or SMS. Always contact the company to check whether it is running a promotion or offering prizes. Don’t use the number on the communication you have received, as you will probably be talking to the fraudster
    • Look out for spelling and grammar errors in the communication.
    • Forward the email to the South African Police Service at
    • Report any suspicious activity to Coinvest Money on 011 507 5555 or email

    Tips on how to be safe:

    • Buying goods on the internet, you are asked to pay for the goods upfront or pay a deposit.
    • You are requested to help with facilitating a business or financial transaction and in return you are promised large sums of money for your help. You are then asked to cover some of the initial costs to facilitate the transaction.
    • You receive an email or text message stating that you have won a lottery or prize, or that you’ve inherited a large sum of money and need to contact someone to collect your money. You are then requested to make a payment for taxes or administration fees to have the money released.
    • You apply for an advertised job and are called for an interview. Once you ‘get the job’ you are asked to pay for background checks and placement fees. When you arrive at the company on the first day, they have no idea who you are.
    • In all these scams above, once the payment is made, fraudsters either disappear with your money or try to get you to make more payments.
  • When you use an ATM, it is important to always be alert and aware of your surroundings so that you don’t compromise your card or PIN. Fraudsters often tamper with ATMs so that they don’t work properly and then pose as friendly passers-by who offer to help you. They then steal your card information. Some of their strategies include the following:

    • Card skimming happens when a fraudster distracts you while you’re using the ATM. They remove your card and swipe it through a skimming device, returning it to the ATM without you knowing.
    • Card swapping happens when a fraudster distracts you and then swaps your card with one that looks like yours
    • Shoulder surfing happens when someone stands close enough to watch you enter your PIN
    • Try to use ATM’s at locations that have visible armed security or are within enclosed secure building environments.
    • Avoid ATM transactions during late hours or known high crime areas.
    • Never ask for or accept help from strangers when performing ATM transactions. Rather request help from Branch officials and even then protect your PIN at all times. Never share it!
  • Fraudsters call you posing as Coinvest Money employees and try to convince you to give them your card PIN and CVV (three-or four-digit security number found on the front or back of your card). Fraudsters try to trick you into giving them your details by saying that they need to reverse a fraudulent debit order. Once they have your card details, they can process transactions and download the Coinvest Money app as if they were you.

    Tips on how to be safe

    • Coinvest Money will never ask you for your card PIN or CVV (three-or four-digit security number found on the front or back of your card) number.
    • Read messages carefully before you accept them and never share your one-time password (OTP) with anyone.
    • Never share your card PIN with anyone.
    • If you receive a message or OTP for a transaction you did not initiate, decline the message and report it immediately to Coinvest Money on +27 11 507 5555
    • If you have compromised your card details, notify us immediately on +27 11 507 5555.
    • If your card has been retained by an ATM, block it on the Coinvest Money Money App. ( Please visit FAQ’s for instructions on how to deactivate your card account)
    • Make sure that you receive your original card back after each transaction.
  • Carrying large sums of cash increases your risks of becoming a victim of a robbery. So, whether you’re an individual, a business, a savings club or a stokvel, we have tips to help you carry cash safely.

    How do cash robberies normally happen?

    • Syndicates place spotters in the vicinity of branches that look out for clients making large cash withdrawals. The spotter then informs other syndicate members who then rob you shortly after you leave the branch.

    Tips on how to be safe - individuals

    • Avoid carrying large sums of money
    • Pay your accounts on the Coinvest Money App electronically - it’s convenient and safer.
    • Use Mobile Devices, Desktop Computers, WhatsApp, USSD or ATMs to do your transactions
    • Swipe your card when you pay for something instead of using cash.
  • With a deposit scam a fraudster will send you a fake payment confirmation to trick you into believing that a payment has been made into your account so that you release goods to them. With a refund scam, fraudsters ask you to return an ‘incorrect payment’ or ‘overpayment’. They also produce a fake proof of payment to trick you into believing that the payment was made.

    Tips on how to be safe

    • Never rely on a proof of payment alone. Always confirm a payment before you release goods or provide services. Fraudsters will often place a link to a fake payment verification site and ask you to click on the link to confirm the payment. Don’t access these sites through a link in an email. Rather use Online Banking.
    • Use youre Coinvest Money defined beneficiaries, also check the Unique Reference Code if you are sending money to another Coinvest Money Beneficiary.
    • You can also use alternative payment methods like QR Codes to make payments to beneficiaries you are certain are legitimate.
    • Another tip is to always verfiy the validity of payment requests or deposits into your account. If you dont recall the nature of the transaction or the individual requesting it, chances are its a scam.
  • Fraudsters come up with creative scams to try to get their hands on your personal information. Once they have enough information about you, they can impersonate you.

    Social engineering involves fraudsters manipulating you to share confidential information such as your Online Banking passwords, ID number, card number and PIN, or they even get you to allow them access to your computer. They often manipulate you through tactics like saying that your account will be blocked, fraud has been committed on your account or that you need to update security software. They may also try to entice you with promises of large rewards or prizes.

    How fraudsters get your personal information

    • They convince you to click on a link in an SMS (smishing) or email (phishing) and disclose confidential information.
    • They try to trick you into downloading malware on your mobile device by clicking on a link or attachment in an email.
    • They call you (vishing) and pretend to be an employee form a reputable company like C-Mobile or SARS and convince you to give them PINs and passwords.
    • They trawl through your social media profiles, collecting as much personal information as they can find.
    • They intercept or steal your bank statements, municipal bills and other account statements
  • Don’t be tricked into downloading malicious software. Here are some tips on how to stay safe and protect your sensitive information from malware. Malware is any malicious software designed to hack or damage your computer to gain sensitive information without your knowledge.


    • Do not open attachments or click on links from unknown sources.
    • Beware of any attachments that end in .exe, .cab, .htm or .jar. These attachments often contain malicious software.

    How does malware work?

    • Fraudsters send emails that look as if they were sent from Coinvest Money, when in fact they were not. These emails have attachments that contain malicious software, which is downloaded onto your device when you click on the attachment.
    • Fraudsters try to trick you into clicking on the attachment by sending you a fake proof of payment or bank statement. They sometimes even call you, offering to help you download ‘security’ software, which is off course not true.
    • When you click on the attachment, malicious software is downloaded onto your device without you even knowing it. There is also software that prompts you to authorise some action to execute, install or upgrade software.
    • Once your device has been infected with malware, fraudsters can gain access to everything stored on your device and can monitor your keyboard and record whatever you type. This includes your Online Banking login credentials.
  • Fraudsters try to trick you into allowing them to use your bank account to receive money gained through illegal activities, such as drugs sales, human trafficking, smuggling, fraud and corruption. Fraudsters do this so that they are not linked to the transaction and to make illegal transactions look legitimate. This is money laundering.

    Fraudsters use several tactics to gain access to legitimate bank accounts. Some of these include:

    • Dating scams where you are requested to receive money and send it on to a third party
    • False offers of employment. You are lent money and asked to open a bank account and hand over your bank card and PIN so that they can withdraw the money owed from your first salary
    • You are offered money in return for allowing someone to ‘borrow’ your account for a large deposit and withdrawal.
    • If you hand your account over to someone to use and the transactions are linked to a crime, you could find yourself facing criminal charges and severe prison sentences for your involvement in money-laundering activities. You could also be banned from having a bank account or credit facilities, even if you were unaware that a crime was being committed.
  • Phishing (email) and smishing (SMS) involve fraudsters asking you to click on a link that directs you to a fake website prompting you to enter your personal information. Fraudsters try to trick you into clicking on the link by saying that ‘your account has been accessed’ or that ‘your account will be blocked’. They may even entice people to click on links by saying that ‘you have had a large deposit made into your account’ or that ‘you need to install new software to protect yourself’.

    What is vishing?

    Vishing is social engineering over the telephone and involves fraudsters calling you and posing as bank employees who then try to con you into giving them your personal information. Their most-used tactic is to pose as a representative from the fraud department, trying to scare you into giving them your card PIN or Online Banking password to stop a fraudulent transaction.

    Fraudsters also use a technique called ‘caller identity spoofing’, where calls appear to be made from a legitimate or known number, allowing the fraudster to obtain your personal details.

    Protect your personal details

    • Don’t click on links in messages from unknown sources - Coinvest Money will never ask you to log on to your Coinvest Money Profile through an attachment or link.
    • Coinvest Money will never call you and ask you for your card PIN or Money Profile password.
  • Fraudsters use SIM card swapping and number porting to commit fraud. They approach your service provider pretending to be you and ask for a transfer of your existing cellphone number to a new SIM card, or they ask that your number is ported to another service provider. They often present a stolen or fraudulent identity document and can answer the security questions posed by the service provider as if they were you.

    How do fraudsters get your personal information?

    They may obtain your personal information by contacting you and posing as a consultant and then ask you to confirm your personal information. They may send you a phishing email, or they may even steal documents that contain your personal information.

    Once a SIM swap or number porting has been done, you will no longer receive any calls or SMS notifications, and your phone will have no signal. Once fraudsters have gained access to your cellphone number, they can pose as you and intercept calls and receive all your banking notifications and approvals.

  • What is whaling?

    Whaling is a type of phishing scam where fraudsters send emails to employees of financial institutions impersonating a senior executive requesting that they transfer funds into an external account urgently. The employee processes the payment, as he/she believes that the request came from a senior executive (CEO or CFO), and the fraudsters get away with the money. Financial institutions and private businesses are the primary targets for these scams, which generally require a lot of planning to be successful.

    How does whaling work?

    Getting to know the targeted executive Fraudsters often make use of social engineering to gather information. They trawl through social media sites and may even contact employees in the organisation to gather the required information. The fraudsters may even go as far as getting a copy of the email template and electronic signature used by the targeted executive to make the email seem more legitimate.

    Getting to know who holds the purse strings

    Fraudsters determine who in the organisation is able to make large payments and source the relevant contact details and any other information that they could use to make the request seem more legitimate.

    Setting the trap

    Having gathered the required information, fraudsters draft an email from the executive requesting that a payment be made into an external account and forward it to the targeted employee(s), hoping that payment will be made.


    Fraudsters rely on the fact that employees will never question an instruction from an executive and will blindly follow instructions without verification. We are all very busy and often don’t take the time properly to look at the format, layout, grammar and punctuation in emails we receive; we quickly scan through them before we act.

  • Online dating sites offer a convenient match-making service. Unfortunately, fraudsters use these platforms to scam people at their most vulnerable. Many people seek for love on the internet. While there have been success stories, there are many horror stories of fraudsters who steal unsuspecting victims’ life savings

    How this scam works:

    The scammer will share a lot of personal information with you in the hope of getting you to trust them. The information and profile pictures provided are all false and are often used repeatedly with various other victims.

    One of the following things will then happen:

    • They will buy you an expensive gift, and you will then be contacted to pay import duties or taxes on the gift.
    • They will have a business or family crisis and will ask you to help them with money, promising to pay you back.
    • They will ask you to assist them with money to come visit you. They may even send you copies of fake travel documents to persuade you.

    If you don’t give them money, their messages will often become more desperate and persistent to convince you to give them money. In recent scams we have seen, con artists go as far as proposing to victims on the internet, and then asking them to send money to help with setting up a home that they will live in once they have been married. When you give them the money, they may either disappear or ask that you send them more money.

  • Fraudsters use several schemes and scams to trick you into disclosing your card PIN or Coinvest Money Profile login details. They may coax you into clicking on a link in an SMS or email, trick you into downloading malware on your computer, or may even call you and pose as a Coinvest Money employee asking you for your card PIN and Coinvest Money Profile password to reverse a ‘fraudulent’ transaction.

    Never share your card PIN or Coinvest Money Profile login details with anyone. If your mobile device has been lost or stolen, call 011 507 5555 immediately and have your Coinvest Money Profile deactivated.

    Tips on how to be safe:

    • Read every sms notification message carefully and don’t share your one-time password (OTP) with anyone.
    • Be cautious about clicking on links in an email or text message. Coinvest Money will never ask you to log on to Coinvest Profile through a link in an SMS or email.
    • If you lose cellphone connectivity for some time for no apparent reason, or receive an SMS for a SIM swap or number porting you did not request, contact your service provider urgently and let us know by calling us on 011 507 5555.
    • For your security, always ensure that you have the updated version of the Coinvest Money app loaded on your mobile device
    • If you suspect that your information has been compromised, report it immediately by calling us on 011 507 5555.
  • Fraudsters collect email usernames and passwords for email accounts. Once they access your account, they read all your correspondence, have access to all your contacts and send emails from your account as if they were you. They may even send you emails from people you have a financial relationship with, telling you that their banking details have changed so that you pay money into accounts they have access to.


    • Never enter your email credentials into a website you accessed through a hyperlink in an email or SMS.
    • Use two-factor authentication, such as an SMS notification sent to your mobile phone to protect your email account.
    • How do fraudsters get your email details?
    • You may be tricked into clicking on a link in an SMS or email saying that you are running out of storage space, and that you need to validate your credentials or else your emails will be deleted.
    • Your computer may be infected with malware that monitors your keyboard or searches your computer for saved passwords.
    • You may have registered on a website with the same credentials as your email account, and this website got hacked.
    • What to do if your email account has been compromised
    • Have the device you accessed the email address from checked for malicious software and disinfected by a specialist.
    • Change your email password immediately on a different, trusted computer.
    • Send an email to all your email contacts to inform them of your email compromise and ask them to contact you immediately if they have received any recent emails from you.
    • Phone the Coinvest Call Centre on 011 507 5555 as well as your financial planner, suppliers and any other persons with whom you conduct financial affairs. Check if they have received any recent email requests or instructions from you.
  • Watch out for fraudsters posing as IT representatives to get access to your software. Here are tips on how to stay safe.

    What is a security software scam?

    Someone posing as a representative from an IT company or as your network service provider calls you and asks you to allow them to access your computer to help solve a computer problem (eg: increase your network speed, upgrade security software, remove viruses) or try to sell you a software licence.

    Once they have accessed your computer, they can do the following:

    • Trick you into installing malware that captures sensitive data, such as online banking usernames and passwords. (They may even charge you to remove this software afterwards).
    • Take control of your computer remotely and adjust your security settings to leave your computer vulnerable
    • Ask for your Coinvest Card Account information so they can bill you for repairs or software you have ordered.
    • Direct you to fraudulent websites to enter your Coinvest Money Profile details and other personal information.
  • Cellphone banking is a convenient on-the-go solution, but it also opens you to possible fraud. Here’s how to protect yourself. While cellphone banking allows you to manage your finances at anytime from anywhere, it is important that you secure your cellphone to prevent fraudsters from accessing your cellphone banking platforms.

    Tips on how to be safe

    • Never share your Coinvest Money Profile and PIN with anyone
    • If you lose cellphone connectivity for some time for no apparent reason or receive an SMS for a SIM swap or number port you did not request, contact your service provider urgently and let us know immediately by calling 011 507 5555
    • Ensure that no one can see you entering your PIN, especially people standing behind or next to you.
    • Always read your notification messages and never share a one-time password (OTP) with anyone.
    • Ensure that your mobile devices are all secured with passwords to prevent third parties from accessing your phone.
    • If you think your PIN has been compromised, report it to us immediately on 011 507 5555
    • Make sure that you have up-to-date antivirus software installed on all your devices.
    • Ensure that you install the latest updates or patches to your operating system as soon as they are available to prevent criminals from exploiting security vulnerabilities on your device
  • Scam awareness: What to look out for when asked to change supplier banking details When a supplier asks you to change their banking details, take care - it could be a scam. Always confirm changed banking details by email with a person you know at the organisation (supplier) before making any payments. Call them on the number you normally use. Watch out: the number on the email sent to you might in fact be the fraudster’s number.

    How this scam works

    Victim: I’ve just been scammed and lost everything!

    Victim: I got an email from my largest supplier saying that their banking details have changed. The invoice also contained their new banking details.

    Victim: I then changed their banking details on my internet banking and made the payment, on time, as I always do. But after paying the invoice, I got a call from my supplier saying that my account has not been paid and has been blocked

    Friend: Why, what happened?

    Victim: Turns out it wasn’t my supplier who sent the email and invoice with new banking details, it was a fraudster. I had paid the money into a fraudster’s account and now the money is gone

    Don’t get caught out by fraudsters asking you to change their banking details. Always verify the change directly with the supplier with a person you know using their existing telephone number and/or email address.

  • Pyramid and Ponzi schemes share many characteristics used to defraud investors. But it’s not always illegal or a scam. Here are tips to know the difference.

    A Pyramid scheme isn’t always illegal. There are businesses that make use of pyramid structures to promote and sell their products. Some of these include cosmetic and health product suppliers (eg Avon, Herbal Life, Honey etc). These schemes are NOT illegal, as a product is exchanged for money.

    A pyramid scheme is illegal when it requires you to deposit money only. This is in contravention to the Banks Act, which has specific rules linked to deposits.

    How to identify a pyramid scheme

    • You are offered high returns and your returns increase with the number of people that you recruit to the scheme
    • You are requested to make an initial ‘startup’ deposit as an investment into the scheme
    • You are required to recruit others and will be offered bonuses for recruiting others.
    • The scheme has multiple levels of members, all collecting commission on a single transaction.
    • The scheme isn’t authorised by or registered as a financial services provider.
    • If it sounds too good to be true, then it probably is.

    A Ponzi scheme is always illegal. This is a scheme that is operated by fraudsters who con people into investing their hard-earned money in a business venture or investment that promises high returns in a short period of time. This scheme uses the money of new investors to pay returns to older investors. Once recruitment slows down, the scheme collapses.

  • Mobile banking is a convenient way to do your banking on the go, but it poses new threats to your personal information. Here’s how you can stay safe. While the Coinvest Money app is a secure and convenient way to manage your money, fraudsters use a variety of tricks to con you into disclosing your confidential credentials (eg:Coinvest Money Username/WhatsApp Number, Password and Coinvest Money Card PIN) to them, which they then use to access your accounts.

    Tips on how to be safe:

    • Ensure that your mobile devices are all secured with passwords to prevent third parties from accessing your phone and the Coinvest Money app
    • If you have the Coinvest Money app on your mobile device and it is lost or stolen, report the incident to Coinvest to deactivate the app.
    • Never disclose your Coinvest Money Username/WhatsApp Number, Password and Coinvest Money Card PIN details to anyone, as these are used for downloading the Coinvest Money app on your mobile device. Should you compromise your details to a third party, they will be able to download the app as if they were you.
    • If you lose mobile phone connectivity for some time for no apparent reason or receive an SMS for a SIM swap you did not request, contact your service provider urgently and let us know by calling 011 507 555. For your security, always ensure that you have the updated version of the Coinvest Money app loaded on your mobile device.
    • We recommend that you grant Coinvest Money access to your GPS location, as this is not only required to provide a better service but is also used for fraud-prevention purposes.
    • Should you choose to make use of biometric ID verification, please remember that anyone else you allow to access your device with their fingerprint, will also have access to your Coinvest Money app. Ensure that Coinvest always has your correct mobile number, as we make use of this to send account notification messages to you. If you do not receive your messages, please call 011 507 5555
  • SMS Scam

    Fraudsters are sending SMS messages saying that there has been a purchase on your account or that a new debit order has started on your account, and then include a number for you to contact. When you call, a fraudster posing as someone from Coinvest says that they will reverse the transaction or debit order but ask that you either:

    • Share your card number and PIN;
    • Share your Coinvest Money Profile username and password; or
    • Request that you download software like TeamViewer or AnyDesk on your computer or mobile device. When downloaded, the fraudsters will ask you for the unique identifier linked to the installation. Once you give them the unique identifier, they can access your device. They then download a code that allows them to view all confidential information like passwords.
  • Section 2

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  • Section 3

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Report Fraud, any suspicious account activity or Lost or Stolen Cards on any of our communication channels