Forex, crypto again top FIA fraud list

Friday, December 13, 2024 | 500 Views |

On the hunt: Cyber criminals are stalking Batswana on social media in increasing numbers PIC: THE CYBER EXPRESS

Fraud involving cryptocurrencies and forex continues to dominate the crimes being spotted by the Financial Intelligence Authority (FIA), whose latest data shows that Batswana continue to fall victim to get-rich-quick social media scammers.

A trend analysis report published recently indicates that between January and June 2023, banks and other authorities filed a total of 165 Suspicious Transaction Reports (STR) with the FIA, of which 116 involved fraudulent cryptocurrency dealings.

In a trends report issued by FIA covering the period from January to June 2023, the authority noted that scammers continue to lure larger numbers of Batswana into investing in dodgy digital trading platforms, purporting to be brokers who can invest on behalf of people.

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That sounds like good news. But the report also warns that this may simply be because our digital economy is still young, not because we are safe. As more people shop, bank and pay online, criminals will follow.We Batswana do not need a report to tell us that danger is real. Many of us have heard of or fallen victim to KYC scams. A caller impersonates your bank or mobile money provider. They say they need to “verify” your account. They ask...

The Monitor Editor | 16 June 2026

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