Episode Transcript
[00:00:00] Speaker A: Conversation on 702 is brought to you by Capitec Slam the scam with Capitec Romance scams are among the most psychologically sophisticated frauds targeting South Africans like me and you today. They begin not with a demand for money, at least initially, but with weeks, sometimes months, or of relationship building, often initiated online or through WhatsApp victims, typically older adults, almost never tell anyone about these issues, with feminine families only finding out once the money is all gone. To discuss how these scams unfold and find out what the warning signs are, let's chat to Nick Harris, head of financial crime at Capitech, and Jean Rousseau, head of CSI and financial education at Capitec. Nick and Jean. Morning. Good morning and welcome to 702. Hope you guys are okay.
[00:00:58] Speaker B: Thank you. Very good. Thanks.
[00:01:00] Speaker C: Thank you.
[00:01:01] Speaker A: Well, let me start off first with you, Nick, and just ask who do romance scammers target?
This is quite interesting because they must have their own targets. And how do they find their victims, Nick?
[00:01:15] Speaker B: Yeah, absolutely. And you know, really, these, these criminals really seek out society's most vulnerable. And often what we've seen, it's often your. Your older parents or family members who are lonely or looking for companionships. So we generally see the profile being people 50s, 60s and 70s who may have accessible savings and a bit of a pension fund, they built up and, and they come from a generation where trust is built up through conversation and consistent presence. Right. And what we've seen, as you said, is that these scammers invest weeks and often months in building what feels like a genuine relationship without even mentioning the money. And this is probably the most dangerous component, that by the time, the time the, the trap is sprung, that emotional bond is now real. And that person that's the victim really feels they are in a leg relationship. And really what's. What you need to understand is that it's not one person sending out random messages. These are really organized syndicates with scripts, teams of operators, and they know the psychological weapons to deploy. And the most important thing for people to understand is that if you've never met a person face to face, this is probably the clearest warning sign that you've potentially been scared.
[00:02:22] Speaker A: Yeah, this is. This is very, very worrying.
Please forgive me. I said Jean Rousseau. I saw the Rousseau. So my tongue went French for a second. But is it Jean?
[00:02:32] Speaker C: It's Je.
[00:02:34] Speaker A: Forgive me, Jean.
Yeah, let's come to Eugene. I wanted to find out how is trust built over time and at what point really does the financial trap get introduced?
[00:02:47] Speaker C: So it almost always Starts on a Facebook or a dating app. On Facebook, it might be a friend request from an attractive stranger, someone who appears really successful, well traveled and warm. And on a dating app, it is a match from someone whose profile seems too good to be true. And for someone who has recently gone through a traumatic life event like a divorce or recently widowed with someone who's just genuinely looking for companionship and connection, that contact feels like an answer to pray or hope. And the scammer is patient, as Nick explained. So for weeks, sometimes months, they ask for nothing.
And then one morning, they message you. They ask about your day, remember details you mentioned in passing, and grad create that sense that someone truly cares about you. And the conversation often then moves to WhatsApp, which feels more personal, more intimate, and is much harder for family to notice.
So once that emotional investment is deep enough, the financial traps begin. And they take more than one form. The most common that we see is an investment scheme, typically a cryptocurrency platform that has made the scammer, or the love interest, in this case, that's obviously not a love interest, a fortune. They show fabricated screenshots of big returns and suggest you start with a small amount. And very often that small amount, you even get an upfront small payout to also further build that trust for you.
But that's deliberate, to build your confidence. And then they ask you to invest more and more. And obviously that's where things go south. The other very clear signal or thing that we see is asking for a medical emergency or legal trouble, or the person is on their way to come and visit you and they're stranded at an edge airport and they need urgent funds to be, to be transferred right away. And that urgency is manufactured. The story is designed to make you feel that helping them is an act of love, not a financial transfer.
[00:04:50] Speaker A: Sure, sure.
Nick, let's quickly come to you before we say goodbye.
What are the most common financial traps? And why is it that victims almost never tell anyone what is happening?
[00:05:03] Speaker B: Absolutely. I think Gene covered it in terms of the investment scams and schemes, the medical emergencies.
I just need a quick cash scene. They love that one.
And there's always, you know, an amazing opportunity that they've, they've created wealth from.
And it's a complete illusion. I think the problem is that, you know, the victims often don't tell anybody. Not because, you know, they don't want to, but they deeply, they particularly those generations, find it uncomfortable to talk about their feelings and that they are in this discussion or this, this group or this, this WhatsApp with this potential love interest.
And then often, you know, as soon as there's money involved, there's pride, right?
And you know, they. They feel like they may be losing the opportunities to still be financially independent and feel the family will soon, you know, just shut it down. It's difficult to admit to your. Your kids listening, I made sure.
But scammers also hear this deliberately and they'll, they'll tell their victims, like, just keep this between us. Don't tell anybody.
[00:06:08] Speaker A: Yeah. So forth maintaining secrecy before we say goodbye in 20 seconds, if you will, Jean. How do I know that my family member is trapped in this. How do I recognize that some few signs that one of my loved ones may be trapped in this huge scam?
[00:06:26] Speaker C: It's. It's obviously a difficult one if they don't share it with you. And I think maybe as a. As a point of reference for families to rather have that discussion now. Do not wait for a crisis. Have a conversation with your parents or older relatives about romance scams, how they start, how trust is built. A simple question. Have you met someone interesting lately? Anyone online opens the door without accusation or a genuine curiosity question. You seem different lately. Is there someone new in your life? That single question asked with care could open a door that saves everything.
[00:07:01] Speaker A: Yeah, but I mean, this is such an important discussion. Sadly, we had limited time, thanks to both you, Nick Harris and Gene Rousseau. We should revisit it at some point a minute to 10 o'. Clock.
