Introduction
Managing your Retirement Fund Administrator (Afore) account and keeping up with necessary updates, voluntary contributions, and accessing retirement benefits for marriage or unemployment can be a hassle. Often, people resort to managers who promise to handle any task for a fee.
The Deceptive Practices of Fake Managers
The Mexican National Commission for Savings for Retirement (Consar) warns about the harmful practices of these manager offices, which not only charge savers but also jeopardize access to pensions by reducing their cotization weeks and accumulated balance in the Afore account.
Fraudulent Recruitment Strategies
Consar alerts that fake manager offices often deceive workers through false advertisements on social media and the promise of quick services in exchange for payment.
- They advertise on Facebook, TikTok, and WhatsApp.
- Communication is maintained only through text messages.
- They use generic formats with logos of institutions like the IMSS, SAT, or Infonavit.
Tania Fosado, the Director of Previsional Education at Consar, explained these tactics.
Services Offered by Fake Managers
The so-called “coyotes” may offer services such as:
- Unemployment, marriage, or housing remodel/construction retirements
- Claims against Afores
- Anticipated or total retirements
Consequences of Using Fake Managers
Consar warns that falling for these manager offices’ advertisements can put your finances, retirement savings, and access to social security services at risk.
- They may request recurring payments for uncompleted tasks and fail to return the money to the worker.
- They can reduce cotization weeks and lose pension rights and access to health services upon retirement.
- By providing official documents like the security social number, CURP, or Afore account statements, there’s a risk of identity theft or privacy violations.
Official Channels for Conducting Transactions
Under the current regulations, all retirement savings system transactions are free. Moreover, Afores are obligated to provide free advice to those who request it.
Consar assures that there are no independent manager offices endorsed by this commission. Any advisor must be fully identified as part of an Afore and registered in the promoters’ registry.
Key Questions and Answers
- Q: What are fake Afore managers? A: These are individuals or offices that promise to handle retirement-related tasks for a fee, often through false advertisements on social media.
- Q: What services do they offer? A: They may offer unemployment, marriage, or housing retirements, claims against Afores, and anticipated or total retirements.
- Q: What are the risks of using their services? A: Using their services can lead to financial loss, reduced retirement savings, and loss of pension rights and social security access.
- Q: Are there any official channels for retirement-related tasks? A: Yes, all transactions are free under current regulations. Afores are obligated to provide free advice, and any advisor must be identified as part of an Afore and registered in the promoters’ registry.
