If you joined a ‘WhatsApp stokvel’ you’ve probably been scammed

2019-10-09 11:45

A stokvel association warned South Africans that 'WhatsApp stokvels' are likely pyramid schemes, not a way to save.

Beware the lure of easy money

2018-05-31 12:05

Pipcoin creater Ref Wayne resurfaced recently — again promising returns that are too good to be true. But don't be fooled, warns investment expert Simon Brown.

SARB took on 27 scams in 2016 - report

2017-05-26 11:53

The South African Reserve Bank investigated 27 money scams in 2016 and resolved 63 probes from previous years, according to the Bank Supervision Department's Annual Report.

ZANC - A pyramid scheme

2016-12-06 13:49

That Z stands for Zuma ANC. It's a gangster's paradise. Its a gold rush. But pyramid schemes normally collapse.

Sarb warns South Africans of scams

2016-09-06 20:13

The Sarb's new campaign "Easy come. Easy go.' seeks to fight illegal deposit-taking schemes and advance-fee schemes.

EXCLUSIVE: Capitec has closed 2 000 MMM bank accounts

2016-05-30 14:55

WATCH: Capitec CEO Gerrie Fourie says banks and regulators should work together to protect their clients from Ponzi and pyramid schemes.

MMM resets system causing panic among members

2016-05-03 13:37

MMM SA members stand to lose thousands of rands after their accounts were frozen and the mavros points system reset due to a lack of money entering the alleged pyramid scheme.

News24 demands MMM website remove fake apology

2016-04-22 07:18

News24 has ordered a website linked to alleged pyramid scheme MMM to remove a fake apology that seeks forgiveness for publishing stories about the Russian-created scheme.

MMM adviser: People can lose money from scheme - WATCH

2016-04-20 13:36

MMM members in it to make their fortune have joined with the “wrong motives” and could quite easily lose out, says a business consultant linked the scheme.

Hawks: Probe into MMM is a priority

2016-04-15 15:26

An investigation into whether MMM is breaching any laws in South Africa has become a priority, the Directorate for Priority Crime Investigation (Hawks) has said.


Guard your savings: Avoid scams promising to make you richer than Jeff Bezos

2018-07-04 09:48

The returns promised to investors by BTC Global were financially impossible. In fact, not enough money existed in the world for the weekly interest they were guaranteeing.

MMM scam victim warns of renewed hype, scare tactics

2017-07-10 13:04

A victim of the MMM scam has issued a warning that the online scheme is growing through its rebooted pyramid in SA, while previous "investors" are verbally abused for speaking out.

Keep watch of these five scams

2017-01-05 19:01

A number of scams have surfaced this past year. We point out the scams you should look out for.

How to spot dodgy money schemes

2016-09-16 06:00

The South African Banking Risk Information Centre highlights ways one can spot a money scheme.

MMM: Capitec will unlock accounts if clients prove legit activity

2016-05-31 13:02

Capitec Bank says the onus is on clients to prove their banking activity is not fraudulent, after which it will unlock closed accounts.

Mathematical proof Ponzi, pyramid schemes will fail

2016-05-30 13:29

Faced with empty wallets and rising costs, South Africans are placing their faith in “get rich quick” schemes that lure desperate consumers with promises of unrealistic returns.

MMM: Media and banks trying to help consumers - Asisa

2016-04-28 10:12

Many MMM investors believe banks are out to get them, but the truth is that the industry genuinely wants to protect them from products that will wipe out their savings, says Asisa.

MMM website issues fake News24 ‘apology’

2016-04-21 17:33

In an attempt to discredit the media and the SA government, a website appearing to be of MMM SA has published a fake apology from News24 for “blackmailing” the scheme.

MMM is luring stokvel members – CEO

2016-04-18 15:09

Stokvel members are being targeted to join the alleged pyramid scheme MMM, says Andile Mazwai, CEO of the National Stokvel Association of SA.

MMM SA seeks court clarity over Ponzi claims

2016-04-15 12:33

The MMM SA community has applied to the Pretoria High Court to get clarity on whether its donation-based network of users is a Ponzi or pyramid scheme, it has announced.

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