KAMPALA – As an online Investor, there is a possibility that you might have come across tempting and pressurizing statements like “limited time only”, “special discount for first 50 investors”, or “your opportunity is now, get your capital and interest in two weeks”, “bring five other investors and double your profits” etc.
You are advised that whenever you come across such statements, you should be extremely careful so that you would not fall victim to fraudsters. Their sole aim of making such promises is to lure you to invest your money in their dubious scheme without thinking.
They would use several fictitious track records to attract and gain your trust. They would tell you that they have many years of experience, and could even say they have won several awards, all in their bid to prove their credibility.
They make use of social media platforms like WhatsApp, Instagram and Facebook, to send unsolicited messages with the purpose of defrauding their target audience. The system of digital payments is also helping them operate smoothly and efficiently.
If you are a new investor, a widow or pensioner, you should be careful so as not to fall to their gimmicks because you are usually their soft targets.
We will be discussing the common investment scams and how to detect and report them.
Types of Scams
Scammers always take advantage of poor financial literacy In Africa, and the investor’s greed, to carry out their activities. There are seven…
