Latest news with #PSGWealth
IOL News
21-07-2025
- Business
- IOL News
FSCA warns public about fraudulent Telegram group impersonating PSG Wealth
The FSCA has issued a warning about a fraudulent Telegram group falsely claiming to be affiliated with PSG Wealth, urging the public to remain vigilant against financial scams. Image: File photo. The Financial Sector Conduct Authority (FSCA) has issued a warning to the public regarding a Telegram group falsely operating under the name 'PSG Wealth (Pty) Ltd'. The group misleadingly claims to be affiliated with PSG Wealth Financial Planning (Pty) Ltd (FSP number 728) and its representative, Elke Brink. According to the FSCA, multiple reports have been received about the group soliciting money from unsuspecting individuals. Notably, the administrators are impersonating Brink and offering guaranteed returns of up to 100%, a clear red flag. In a statement, PSG Wealth confirmed it has no association with the Telegram group or the individuals behind it. The firm also clarified that it does not conduct any business via the Telegram platform. 'The public must understand that PSG Wealth and Ms Brink are not in any way connected to this group. Any claims suggesting otherwise are unequivocally false,' says PSG. Although the FSCA refrained from commenting on the group's exact operations, it confirmed that the administrators are not authorised under any financial sector law to offer financial services in South Africa. Attempts by the FSCA to engage with the individuals behind the group were ignored. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ 'The operators of this group failed to respond to our inquiries. Their conduct raises serious concerns, and we urge the public to remain vigilant,' says the FSCA. The FSCA highlighted the growing number of fraudulent schemes circulating on social media platforms. Each year, South Africans lose millions to scams disguised as legitimate ventures. 'Social media is not a regulated financial environment. Fraudsters exploit these platforms to lure victims with unrealistic promises and urgency,' the FSCA cautioned. Members of the public are encouraged to look out for the following warning signs when approached with investment opportunities: Promises of unrealistic or exaggerated returns Investment offers via social media platforms Requests for upfront payments Demands for additional payments to release returns Fees charged for 'training' or insider access High-pressure tactics urging quick payment Vague or unclear information about the investment product To check if a person or company is authorised by the FSCA to provide financial services, the public can use the Authority's website or call the FSCA directly. 'The safest way to protect your money is to verify before you invest. When in doubt, contact the FSCA,' it says. PERSONAL FINANCE
The Citizen
17-07-2025
- Business
- The Citizen
FSCA warns consumers against these impersonation scams
As technology increases, impersonation scams also increase as it gets easier for scammers to pretend they are someone else, the FSCA says. The Financial Sector Conduct Authority (FSCA) is warning consumers against various impersonation scams where scammers impersonate a well-known financial service provider or its employee and use the fake identity to solicit funds from the public on platforms such as Telegram. The FSCA warns consumers to be careful when engaging with administrators of a Telegram group operating under the name PSG Wealth (Pty) Ltd that falsely claims to be affiliated with PSG Wealth Financial Planning (Pty) Ltd (FSP number 728) and its representative, Elke Brink. After receiving reports about a Telegram group purporting to be associated with PSG Wealth to solicit funds from members of the public, the FSCA found that the administrators of the group also use the persona of Brink as part of the scheme. Members of the Telegram group are promised guaranteed returns of 100%. ALSO READ: FSCA warning: These well-known people cannot help you to invest Neither real PSG Wealth nor Brink are associated with Telegram group, FSCA says The FSCA says PSG Wealth confirmed that neither it nor Brink have any association with the Telegram group and its administrators. PSG Wealth also confirmed that it does not conduct business through the Telegram platform. 'While the FSCA does not comment on the specific business model or services offered on the Telegram group, it is important to note that the administrators of the group are not authorised under any financial sector law to provide financial services to the public, the FSCA says. The individuals behind the Telegram group failed to respond to FSCA queries. Consumers are strongly urged to exercise caution when considering any unsolicited offers, investments, or trading offers on social media platforms. There are many fraudsters operating scams, and the number is growing. South Africans lose millions of rands every year to fraudsters in illegal operations, sometimes well-disguised as legitimate operations.' ALSO READ: Warning: impersonation investment scams are increasing Also watch out for Portem Industries impersonating Portdem (Pty) Ltd, FSCA says The FSCA says it also received information that Portem Industries is impersonating Portdem (Pty) Ltd (Portdem). 'It has come to the FSCA's attention that Portem Industries used the Financial service provider number (FSP 8267) of Portdem to solicit funds from the public for investment purposes. Portdem was authorised to provide financial services in South Africa until 14 June 2022, when its license lapsed. Portdem is therefore no longer authorised to provide financial services.' The FSCA says Portdem confirmed that it is not associated with Portem Industries, while Portem Industries failed to respond to FSCA queries. In this case, the FSCA also warned consumers to be cautious when considering investment or trading offers on social media platforms. ALSO READ: FSCA warns that scammers are impersonating financial services providers FSCA warns consumers about Altron TMT impersonators The FSCA also warned consumers against persons impersonating Altron TMT (Pty) Ltd and urges them to be cautious when conducting financial services business with someone on Telegram purporting to be associated with financial service provider Altron TMT (Pty) Ltd (FSP Number 50256) and its representative, Werner Gerhard Kapp. 'We were made aware that the individuals behind this Telegram group are using the names of Altron TMT and Kapp via this Telegram link: The impersonators promote Forex trading and solicit funds from members in the group by promising high and unrealistic returns within a short period,' the FSCA says. The FSCA points out that consumers must view any offer of unrealistic returns with great suspicion, especially if it is coupled with an unrealistic turnaround time for you to receive the profits. Altron TMT confirmed that it and Kapp are not affiliated with the Telegram group or its administrators. It also does not use social media and specifically Telegram to market its services or solicit investments, the FSCA says. Notwithstanding the FSCA's attempts to contact the administrators of the Telegram group using the details in its possession, the administrators of the Telegram group could not be reached. The FSCA also warns the public, in this case, to be careful when investing their funds, as the number of scams is growing. ALSO READ: FSCA says watch out for these scammers What to watch out for to spot an impersonation scam FSCA says The FSCA says consumers must be on the lookout for certain tell-tale danger signs when approached by people offering attractive investment opportunities. These red flags include: Unrealistic or exaggerated returns Offers made on social media platforms Requirements to pay for services upfront Requirements to pay more money to have your investments returned Requirements to pay for training Claims that you must act and pay urgently Vague information about the investment product. ALSO READ: FSCA issued fines to the value of almost R200 million last year How to check if a financial service provider is legitimate Consumers can use one of these methods to confirm whether a service provider or person is authorised to act as a financial service provider n FSP by the FSCA, including to verify its financial service provider number:
The Citizen
06-07-2025
- Business
- The Citizen
Savings month: Here's how to build your financial future brick by brick
It takes time to build wealth, but you have to start somewhere and seeing it as a process of building it brick by brick might help. July is Savings month and the perfect time to design strategies to save and build your financial future. Although saving money might seem like a daunting task, especially if you want to achieve long-term goals such as buying a home, funding your children's education, or retiring comfortably. However, Thomas Berry, head of sales at PSG Wealth, warns, much like building a house, financial success is not built overnight and similar to the discipline you apply in your everyday life, it is a steady process of laying down one brick at a time. 'Each contribution you make towards your retirement annuity, tax-free savings account or voluntary investment, to name a few, becomes a foundational brick, helping you build a secure and resilient financial future.' Berry says the best way is to start with a solid plan. 'Just as you would not build a house without a detailed plan, you should not begin saving without clear goals. Start by defining what you want to save for, such as retirement, education, a home or holiday. 'This clarity gives your savings purpose, making it easier to stay motivated and disciplined. Set short, medium and long-term goals, each with realistic timelines and targeted amounts which you can track over time.' ALSO READ: Saving for retirement? Try these tax-smart retirement planning tips Start by laying the foundation Berry says the next step is to lay the foundation and pay yourself first. 'The most effective strategy to begin saving is to pay yourself first. Before you spend money on anything else, allocate a portion of your income directly to your savings plan. This strategy prioritises your future financial well-being and turns saving into a habit that compounds over time. 'To successfully lay the foundation, automating your monthly contributions through debit orders ensures you pay yourself first, much like laying bricks one after another. As you build on your contributions, you lay the foundation for your financial freedom.' He points out that it is also important to build with the right materials in the form of available investment products, such as: Retirement annuity: Contributions are tax deductible up to 27.5% of the highest of taxable income or remuneration, limited to R350 000 per tax year. You can retire from the fund after reaching the age of 55 or due to ill health if approved by the trustees. Funds are also accessible if you emigrate. Contributions are tax deductible up to 27.5% of the highest of taxable income or remuneration, limited to R350 000 per tax year. You can retire from the fund after reaching the age of 55 or due to ill health if approved by the trustees. Funds are also accessible if you emigrate. Tax-free savings account: You can make flexible contributions in the form of a lump sum, debit order or ad-hoc contributions up to a maximum of R36 000 per year and R500 000 over your entire lifetime. All growth, dividends and interest you earn is tax-free but if you contribute more than the limits, it is taxed at 40%. You can make flexible contributions in the form of a lump sum, debit order or ad-hoc contributions up to a maximum of R36 000 per year and R500 000 over your entire lifetime. All growth, dividends and interest you earn is tax-free but if you contribute more than the limits, it is taxed at 40%. Voluntary investment: This is a flexible, personal investment portfolio where you can access your investment at any time. Tax may be payable on your income and dividend distributions as well as tax on capital gains when you sell or switch units within the investment. Also note that tax reporting is done yearly and you will receive tax certificates to assist you in completing your tax return. Berry says although you are not limited to these options, these investment products are some of the building blocks you can use as part of a well-constructed financial plan. ALSO READ: Creative ways to save money in challenging economic times Brick by brick – choose the right materials 'Much like choosing the right materials when building a house, selecting the appropriate investment vehicles is key to ensure your financial success. He emphasises that it is also important to use the right tools to build your financial future in the form of selecting the right portfolio. 'When building a house, you would not try to make your own bricks, pour your own concrete, or handle the witing and plumbing unless you are an experienced and professional builder. 'In the same way there are experienced portfolio managers and investment teams who manage what are known as collective investment schemes. These are investment instruments that give investors access to professionally managed and diversified portfolios of assets including equities, bonds, property and cash. 'Given their years of experience, the managers of these portfolios or collective investment schemes give you access to investment opportunities and expertise that might be difficult to access on your own.' ALSO READ: 50 and still haven't saved? Here's how to kickstart your retirement plan today Brick by brick – choose the right builders Berry says just as you trust engineers and builders to get the structure of your house right, collective investments schemes let you rely on expert fund managers to navigate the markets effectively on your behalf. 'As with building a house, the design, materials and construction of your investments will depend on your budget, plans and appetite for risk. Portfolios will vary based on your investment goals, time horizon and risk tolerance. Working with a financial adviser will help you ensure that you are using the right tools to build a portfolio that reflects your unique plan.' He also points out the value of consistency, building you financial future brick by brick. 'The key to successful saving is consistency. Even when progress feels slow, every lump sum and debit order counts. The concept of compound growth in investments is a powerful force that allows investments to grow exponentially over time. 'Ultimately, saving is not about one grand gesture but rather a series of small, intentional actions. With planning, discipline and the right strategies, you can construct a solid financial foundation that supports your goals and financial freedom to withstand the test of time.'
IOL News
31-05-2025
- Business
- IOL News
Your investment, retirement, and insurance questions answered
PSG answers the investment, retirement, and insurance questions. Image: Freepik With industries and trends changing rapidly, I often feel tempted to change my investment strategy (specifically the portion of shares that I've invested in). Can you advise me on how to navigate these "hypes" and remain committed to my financial plan? Alexi Coutsoudis, Wealth Adviser, PSG Wealth, Umhlanga Ridge In today's fast-paced, always-connected world, the sheer volume of investment news and social media commentary can be overwhelming. This constant stream of information and success stories often fuels the urge to adjust investment strategies in response to the latest winners. However, staying focused is essential to preserving your long-term financial plan, as yesterday's winners can become tomorrow's losers. Warren Buffett put it best: 'To invest successfully over a lifetime does not require a stratospheric IQ, unusual business insights, or inside information. What's needed is a sound intellectual framework for making decisions and the ability to keep emotions from corroding that framework.' One of the most effective ways to manage the pressure of 'investment FOMO' is to recognise a key truth: individual stock selection has far less impact on long-term portfolio performance than your overall asset allocation does. In other words, how much you invest in equities matters far more to long-term performance than which specific shares you pick. Even with a few standout stocks, consistently outperforming the market is rare. What's more damaging to long-term returns is being underexposed to equities altogether. That's why your focus should be on aligning your portfolio with your risk tolerance and long-term goals, rather than being tempted to chase the next big thing. Finally, one of the most powerful defences against emotional decision-making is getting caught up in the hype is working with a Certified Financial Planner®. A trusted adviser offers objective guidance, helping you filter out noise and stay committed to your strategy — even when headlines suggest otherwise. Market trends come and go, but a disciplined, well-structured plan is what builds lasting wealth. I am currently working full-time and would like to use a portion of my salary to invest in starting my own business, but I also need to keep paying rent and other living expenses. Do you have advice for how I can achieve this and remain financially stable? Dulcie Weyks, Financial Adviser, PSG Wealth, Waterkloof Starting your own business while working full-time is a smart way to lower financial risk, but it takes planning to stay on track. Begin by understanding your monthly budget. Make sure your essential expenses — rent, groceries, transport, and debt repayments are covered. Then calculate how much of your remaining income you can safely set aside for your business without affecting your day-to-day living. Open a separate account for your business savings and contribute to it regularly. Even a small monthly amount can grow over time and give you a solid starting base. A study by the Kauffman Foundation found that nearly 65% of successful entrepreneurs launched their businesses while still employed, proving that steady progress can pay off. Start small. Choose a business idea with low upfront costs — like a service or online offering — that you can manage in your spare time. This approach keeps your risk low and allows you to test your idea before investing more. It's also wise to build an emergency fund with at least three months' worth of living expenses. This safety net gives you breathing room if the unexpected happens or income is tight for a while. Use your evenings and weekends to build your business gradually. As it grows, you can reinvest profits rather than taking on debt. With a steady income, a clear plan, and the discipline to build step by step, it's entirely possible to start a business without putting your financial stability at risk. I've just started a new job and I'm finally able to start putting additional money away towards my retirement. What do I need to be aware of to maximise my strategy? Kim Wheeler, Wealth Manager, PSG Wealth, Northcliff Only around 6% of South Africans can afford to retire when they hit retirement age. Think of it this way: for every R4,500 to R5,000 per month of income (after tax) you will need for your retirement, you are going to have to have invested R1 million, and then still hope you do not outlive your funds. This is why it is always good to start working on making your retirement secure early in your career. The earlier you start, the better. After all, the 8th wonder of the world is the power of compound interest! But it is never too late. In South Africa, there are several advantages to contributing to a retirement fund: A deduction of up to 27.5% of your taxable income (capped to a maximum of R350,000 per annum) in respect of your contributions is allowed, which reduces your taxable income – so this earns you tax relief. The growth in the investment is not taxed. On retirement, the first R550,000 of all cash lump sums you take is tax-free. Retirement funds fall outside of your estate, so when you die, your heirs can benefit without the burdens of estate duty and executors' fees. Remember that if your retirement fund is your only source of retirement income, you will need to take into consideration that you will pay tax on your income at your marginal tax rate. So, it is always advisable to have some 'discretionary' money set aside to top up your income or to meet unforeseen expenses. A qualified financial adviser can help you draw up a retirement plan tailored to your needs. I haven't started saving for my long-term goals. What's the best strategy for a 10-year investment? Kobie Kritzinger, Wealth Adviser, PSG Wealth, Menlyn Congratulations on taking the first step to start saving towards your long-term goals. Given that you have not started saving yet, you might have to play catch-up and allocate a bigger portion of your budget towards your investment. This means you may have to make some lifestyle sacrifices. The other commitment you have to make is an emotional commitment. Investors underestimate the risk posed by inflation on investments over the long term. There is a perceived sense of safety in having your money in a bank account earning interest. Interest is a wolf in sheep's clothing, because it is taxed and cannot beat inflation over the long term. Growth assets such as local and international equities are the only assets that can beat inflation over the long term. I like to refer to equities as the 'hard-working' money. Your behaviour during the different market cycles will determine the success of your investment, meaning that if you make emotional decisions, it could affect your investment. A qualified and experienced financial adviser can craft an investment plan tailor-made to your unique circumstances and help you stay the course and achieve success. I recently heard about the concept of 'duty of care' regarding car insurance. In the context of car keys, which we often hand over to multiple people in our normal daily interactions, how does this work? Ryno de Kock, Head: Distribution, PSG Insure Duty of care is a legal obligation that all insured parties must take reasonable care to protect their insured assets. There are many situations where you may unknowingly neglect your 'duty of care' requirement when it comes to safeguarding car keys as many of us may find ourselves in situations where we hand over our keys to third parties. While in most cases, it might be handed over to trusted parties, we need to exercise caution in certain situations. Some examples include: The car wash A quick trip to the car wash includes handing keys over without knowing where they are being stored, leaving your vehicle vulnerable to theft. Keep in mind that criminals may attempt to claim your keys without your knowledge by pretending to work for the carwash you are leaving your vehicle at. It is your responsibility to prioritise the safety of your vehicle. It's always best to choose a reputable car wash with clear security measures and protocols in place. Airport parking Leaving your car at the airport for a long period is convenient, but if your arrangement involves handing over the keys for valet or repositioning services, there's a risk of damage or even theft. Before you travel, speak to your adviser to make sure you're covered for any unexpected incidents. Ultimately, ensure you have comprehensive cover in place. Reach out to one of our qualified advisers for more information. PERSONAL FINANCE
IOL News
26-04-2025
- Business
- IOL News
Your investment, debt and financial questions answered
How can understanding the difference between risk appetite and risk tolerance help me develop my financial strategy? Shreekanth Sing, Wealth Adviser, PSG Wealth, Northcliff, Johannesburg When developing a financial strategy, a key element is understanding the required level of risk you need to take to achieve your objectives. Risk appetite refers to the level and type of risk an investor is willing to take in pursuit of their financial goals. It is a strategic, forward-looking concept that reflects the investor's desired level of risk exposure based on their objectives and preferences. Risk appetite helps determine the types of investments a person chooses, such as an equity-focused long-term growth portfolio or lower-risk conservative portfolios that focus on cash and bonds. For example, someone with a high-risk appetite may allocate more funds with more equity exposure matched with a long-term investment horizon. Risk tolerance is the investor's emotional and psychological comfort with uncertainty and potential losses. It reflects how much risk they can handle without becoming overly stressed or making impulsive decisions. For instance, a person with low risk tolerance may prefer low-risk assets like cash bonds over stocks. This preference doesn't mean that it is the right solution to achieve your objective. The main distinction is that risk appetite focuses on what risks an investor wants to take. Risk tolerance focuses on what risks an investor can emotionally endure. Both concepts are crucial for building a portfolio that aligns with an investor's goals while minimising emotional stress during market fluctuations. People typically make poor decisions when faced with market turmoil, like what's been experienced over the last month. It's important to work with a qualified financial adviser who can assist you with managing your investments and help ensure you achieve your financial goals and not destroy your wealth by making knee-jerk decisions. I recently started a new job and I am now earning R5,000 more. I would like to maintain my existing lifestyle so that I can use this money effectively. What investment vehicles would you suggest I look at? Chrisley Botha, Wealth Adviser at PSG Wealth Congratulations on your new job and the salary increase — using the additional R5,000 wisely can make a real difference over time. Before investing, make sure you have a solid financial foundation. This includes: Emergency savings – ideally three to six months' worth of expenses in a money market or high-interest savings account. No high-interest debt – if you have credit card or personal loan debt, consider settling this first. Once that's in place, here are a few investment vehicles to consider: Tax-Free Savings Account (TFSA): You can invest up to R36,000 per year (R500,000 over your lifetime) without paying tax on the growth or withdrawals. It's flexible and ideal for medium- to long-term goals. Retirement Annuity (RA): A great way to boost your long-term retirement savings. Contributions are tax-deductible, which can reduce your taxable income — a smart move for future you. Unit trusts or Exchange-Traded Funds (ETFs): These are suitable for long-term growth and offer access to local and offshore markets. ETFs, in particular, are low-cost and well-diversified. Fixed products or goal-based investment: If you have specific goals (like a deposit on a home or future travel), consider a separate investment account aligned to your timeline and risk profile. The key is consistency. Investing even R5,000 a month can grow significantly due to compound interest. A financial adviser can help you align your choices with your personal goals and risk tolerance. I just started working and would like advice on how to effectively budget. How do I cover my monthly expenses, save, and pay off my student loan? Bianca van Niekerk, Wealth Adviser, Vanderbijlpark Financial Planning Congratulations on your first job! Budgeting is a crucial skill, especially when starting your career. While financial institutions may tempt you with credit cards or overdrafts, avoid them — high-interest debt can spiral quickly. A budget is simply an estimate of your income and expenses over a set period. To start, create a spreadsheet with monthly tabs. First, list your net income - the amount deposited into your account after deductions. Next, track fixed expenses like car payments, insurance, and medical contributions. Subtract these from your income to find your remaining balance. Then, outline variable expenses, including transport, groceries, and personal care. These fluctuate monthly, but tracking them will help you stay in control. After deducting these, you'll see what's left —this is where luxuries come in. Items like gifts, beauty treatment, and shopping should be added cautiously since they aren't necessities. If your budget doesn't balance, this is where you should cut back. Consider allocating extra funds to your student loan or any high-interest debt, but don't overcommit. If you find yourself short on money, you might feel pressured to take on more debt, creating a dangerous cycle. While some debt, like a car or home loan, can be beneficial, reckless borrowing leads to financial instability. Start planning for the future early. Opening a Tax-Free Savings Account allows you to invest without tax levies (provided you contribute within the prescribed maximums). This ensures financial security while keeping funds accessible for emergencies. This is just the beginning — your financial journey will evolve with time. Taking charge of your finances now sets you up for long-term success. Stay disciplined, make informed choices, and enjoy the rewards of financial independence. Given the economic climate locally and internationally, how can I protect my assets from unexpected events or market volatility? Richus Nel, Financial Adviser at PSG Wealth, Old Oak Financial markets may not favour short-term investors. It does, however, mostly reward the long-term investor despite short-term valuation disparities. Since we cannot know the short-term outcome with certainty, being a disciplined investor is the best strategy. Short-term There is a clear distinction between saving and investing. Saving is normally restricted to cash and cash-like instruments, earning a pedestrian interest rate return (considering inflation and tax). With no value fluctuation, ideally, a 'parking' facility. Investing is utilising asset classes that can appreciate (and drop) in value, depending on the economic environment. Investors focus on achieving marginal capital appreciation 'over and above' the interest or income earned from that instrument. Well-run money market, bond or diversified income unit trust solutions (at the most extreme) are useful investment tools for short-term savings and investing. Investors should stick to a low equity exposure of 20-30% and be content with the inflation +1%, -2% return. The main aim here is short-focused 'inflation-like returns' for stability and certainty. During times of volatility, short-term investors can re-evaluate their investment strategy with a financial adviser, as such times could offer the opportunity to realign with risk assets. The above options are only appropriate if your investment focus is shorter than 3 years. Long-term Short-term savings and conservative investments are not suitable over the long term due to inflation. A long-term investment requires appropriate exposure to equity and should be well-diversified. During market turmoil, like we are currently experiencing, greater buying opportunities present themselves. These opportunities only exist due to short-term market fear. Volatility can work for you in the long run when partnering with the right investment managers who know when to take advantage of investment opportunities. Successful investing is a science, but it's easy to achieve if you stick to your investment plan with a financial adviser. Kidnappings for ransom have been steadily increasing globally and in South Africa over the past few years. What cover is available for this type of event? Ryno de Kock, Head: Distribution at PSG Insure There are different types of kidnappings to be aware of. Recently, we have seen a surge in express kidnappings in South Africa in which kidnappers will demand you log on to your banking app and process transactions into their accounts or take you to an ATM to withdraw cash. These values are normally much lower than larger organised syndicates, but happen frequently. Wealthy individuals, tourists and owners of cash-based businesses are generally targeted by more sophisticated criminals. Beyond financial protection, kidnap for ransom cover also includes access to a range of support, such as hostage negotiators, specialist investigators, and security experts to help secure the release of the kidnapped individual in a safe and effective manner. To learn more about this policy and what else it covers, please reach out to one of our qualified advisers for more information. PERSONAL FINANCE
