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day people put their cash into get-rich-quick schemes that convince them that
they can’t lose. The bad news is, they end up losing their life savings due to
Ponzi and Pyramid Schemes. If the investment opportunity sounds too good to be
true, don’t invest!
disguised as good sales people will ask you to give them money that they say
will be put in a scheme or a business. The scheme operator promises to give you
back much more than you have given them originally, in a very short space of
time. This scheme works on the premise of robbing Peter to pay Paul.
scheme crooks will offer you the chance to make quick money. How? All you have
to do is bring or recommend other people into the scheme. The catch is that
only a few people make money and you risk losing your hard-earned money.
extra careful when choosing moneymaking opportunities and the people who you
give your money to. Do your homework.
of ‘’opportunities’’ that claim to make you rich overnight.
criminals behind these crimes don’t have a “criminal look” on their faces or
look scary. In fact they are friendly kind, and can befriend you very easily.
an independent licensed financial provider. Verify that your financial services
provider is authorized by visiting www.fsb.co.za/Fais/Search_FSP.htm or
call the Financial Services Boards’ toll-free call centre on 0800 110 443 or
0800 202 087
offer of 50-100 percent in a few months – remember, banks offer a return of
about 4-5 percent over a year, so if you’re being offered more, beware.
Registered banks and authorized investment companies
are regulated and supervised. If a
person or a company is not authorized and they take your money or sell you a
financial product they are acting illegally and you are putting your money at
The South African Reserve Bank investigated 15 illegal
deposit-taking schemes like this in 2011 alone. Every day crooks think of
clever new ways to get innocent victims to hand over their hard-earned money.
Only you can protect your money effectively. Make
sure you never give your money to any company or person that is not registered as
a deposit-taking institution in terms of the Banks Act – take responsibility and
if in doubt, walk away.
promise of becoming rich within a year or even months. Maybe even overnight.
'’secret formula'’ for success that no one else knows about.
The South Africa Reserve bank is here to help protect
you from being victimized.
For more information:
FSB Fraud and Ethics Hotline: 0800 313 626
firstname.lastname@example.org or visit www.resbank.co.za