Protocols to safeguard against fraudulent activity
In today’s fast-changing financial world, fraud is an unfortunate reality we all face. As sophisticated criminals increasingly use advanced technologies like artificial intelligence and deep fakes, financial institutions are having to step up their defences to protect their clients. These developments can feel overwhelming, but your security is our top priority. ARLENE HERBERT explains Foord’s key processes and protocols to protect against fraud.
As fraudsters become more sophisticated, we need to change how we operate. You might notice some adjustments in how we handle your account instructions. While these changes may feel a bit unusual or even impersonal, they’re essential for keeping your investments safe. When you request a redemption, change your bank account or access your online investment portal, you can expect a few extra steps.
Redemption requests: When you instruct for a redemption from your unit trust investment, expect a call or a video meeting request from us. This is a crucial step to confirm your request. We’ll also ask you some security questions to verify your identity, even if we know you well. Please make sure to whitelist calls from our dedicated number — 021 532 6969 — so you don’t miss this important communication. To protect your investments, we’ll hold off on processing payments until we can confirm your instruction, which may take a bit longer if we cannot reach you immediately.
Bank account changes: If you want to change your bank account details, we’ll also reach out via phone or video call for confirmation. We’ll ask security questions and may even request that you hold up your ID during the call for further verification. We only process payments to bank accounts in your name. This means that we will not transfer redemption proceeds to third parties — even if they’re family members. To avoid any delays, please keep us updated on any changes to your bank account info, contact details, and home address.
Investor Online: To enhance your security, we have introduced a One-Time PIN (OTP) sent via SMS when you log into Foord’s Investor Online portal. This added layer of protection helps to keep your account and investments safe.
Deceased estates: Unfortunately, the Master’s Offices have become porous to fraud syndicates operating on deceased estates. The risks of fraudulent access to estate late accounts are sky high. We have accordingly dramatically tightened up controls around the appointment of executors and the payments of monies from deceased estates on the instruction of the executors. The natural consequence is that it now takes longer to finalise deceased estates with investments with Foord. This is for the protection of all parties acting in good faith for the benefit of the estates of our investors.
Your investments are our top priority. We ask for your patience and partnership as we work through the added controls. If you have any questions or concerns, please don’t hesitate to contact us directly.