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Crypto, forex scammers thrive on financial illiteracy

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

Editor's Comment
Child protection needs more than prevailing laws

The rise in defilement and missing persons cases, particularly over the recent festive period, points not merely to a failure of policing, but to a profound and widespread societal crisis. Whilst the Police chief’s plea is rightly directed at parents, the root of this emergency runs deeper, demanding a collective response from every corner of our community. Marathe’s observations paint a picture of neglect with children left alone for...

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