If it’s too good to be true, it’s probably safer not to put your money there, says personal finance journalist Maya Fisher-French.
John Maytham interviews Maya Fisher-French, a Personal Finance Journalist.
Almost 100 000 people have fallen victim to a scam run by the Facebook-based United African Stokvel.
According to reports, the Financial Sector Conduct Authority (FSCA) is conducting an investigation into the stokvel after obtaining evidence from a raid and interviewing parties involved.
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French says that the ‘scam’ promised investors tripling or even quadrupling their investments over 24 months.
In most cases, money is in fact made within the beginning stages, however, when investors see that they’re losing money quicker than they’re making it, it’s too late.
Should reports and complaints have been logged earlier, perhaps something could have been done to bring the scam to an end, says Fisher-French
If you are found to have invested in one of the scams, authorities are within their right to retrieve any proceeds made from the investment.
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People always want to believe that there is a way to make money faster.
Maya Fisher French, Personal Finance Journalist
If it’s too good to be true, it’s probably safer not to put your money there.
Maya Fisher French, Personal Finance Journalist
People only complain when they lose money.
Maya Fisher French, Personal Finance Journalist
Scroll up to listen to the full interview.
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