Investment scams have caused staggering losses, with victims losing billions over the years. In 2023, scammers in South Africa made almost R3,3 billion through financial crimes, such as digital fraud, card fraud, and contact crimes. The emotional toll of watching your hard-earned savings disappear can be devastating, leading to anxiety and a sense of betrayal.
Vulnerable populations, such as senior citizens and first-time investors, are often the primary targets of these scams. Scammers exploit their lack of financial education, lack of experience, and trust, leaving them at risk of significant financial losses.
This article explores key indicators of investment scams, common types to watch out for, and essential steps to protect your finances.
Identifying and avoiding investment scams involves vigilance and thorough research. Stay alert for unrealistic promises, verify credentials, and seek professional advice.
We highly recommend Eyam app as an alternative savings and investment vehicle. Eyam has a well-defined business model, is registered with the National Credit Regulator as a credit provider, is completely transparent, and most importantly, Eyam is safe and secure.
Protect your financial well-being by being proactive and informing yourself about potential risks. Your savings deserve the best protection.
