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Crypto, forex scammers thrive on financial illiteracy

Friday, December 17, 2021 | 4680 Views |

Pushing back: White and Motshubi say greater financial literacy could foil scammers

Would you believe someone who promises you an investment that will earn one percent per day over a year? Or who tells you about an exciting new trading platform where returns are guaranteed? If you would, you are prime target for a scam, writes Staffer, MBONGENI MGUNI

Rather than raw greed, local authorities believe the increase in victims of cryptocurrency and forex scams is being driven by poor financial literacy in the country.

Scammers coast past the country’s existing laws and safeguards by using the Internet and social media, to target the financially illiterate with offers that are simply too good to be true.

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Crypto, forex scammers thrive on financial illiteracy

Would you believe someone who promises you an investment that will earn one percent per day over a year? Or who tells you about an exciting new trading platform where returns are guaranteed? If you would, you are prime target for a scam, writes Staffer, MBONGENI MGUNI