ONLINE scams are a growing concern in Zambia and the world at large, and they can come in many different forms. They often aim to trick people into giving up personal information, money, or access to their accounts.
Some of the most common types include scammers sending emails, messages, or phone calls which appear to be from legitimate organisations like banks or popular retailers to get someone to reveal personal information like passwords, credit card numbers, or social security numbers.
Others are fake e-commerce websites or listings that offer amazing deals on products but end up either not delivering anything or sending counterfeit items.
One other common scam in Zambia is the investment scam in which people are promised high returns on investments in some cases in cryptocurrency or fake stocks and generally lucrative ‘money markets’ in which people are pressured to invest quickly but the scammers usually vanish once they have stolen enough money.
It is, therefore, gratifying that Securities and Exchange Commission (SEC) has cautioned members of the public to be wary of social media-related investment scams which expose them to high risks of losing money.
SEC is further this year in the process of rolling out a scam awareness campaign to promote trust and confidence in the market.
Speaking during a town hall meeting to educate the public on how to identify and avoid frauds and scams, SEC product development and market research officer Sitali Mugala says scammers are using social media to prey on people because the platform has wide reach.
We welcome this undertaking in the wake of investment scams, among others, as people should be careful with misleading or fake opportunities which entice them to invest in products without underlaying assets.
People should be extra-cautious of certain attempts when scammers ask them to recruit people as this should be treated as a red flag.
We are happy that SEC has in the recent past issued three alerts related to social media investment scams, and members of the public should thoroughly assess the genuineness of investment opportunities.
In some cases, the investments promise unreasonable returns in a short period of time, which could point to a likely scam.
Zambians should also watch out for investments with high pressure sales tactics, investments shrouded in secrecy and those lacking verifiable information for the prospective investor to rely on.
It should also be noted that investments which are not regulated or promoted by unlicensed professionals may also have a high risk of being scams.
Prospective investors should, therefore, protect themselves by probing as much as possible before parting away with money and conducting due diligence before committing funds to these purported money-spinning investments.
We commend SEC for launching a scam awareness campaign, which is scheduled to be rolled out this year, as this is envisaged to help create a market environment where trust and confidence are promoted while safeguarding people’s funds.
Members of the public should, therefore, take advantage of these awareness campaigns and learn as much as possible about types of investment scams in different industries which have robbed many people of their hard-earned money.
It is progressive that SEC will partner with village banking groups and schools, among others, to spread messages about scams. This is as should be, because knowledge is power, and the lack of it can be catastrophic…https://enews.daily-mail.co.zm/welcome/home
Be wary of ‘lucrative’ online investment scams
ONLINE scams are a growing concern in Zambia and the world at large, and they can come in many different forms. They often aim to trick people into giving up personal information, money, or access to their accounts.
Some of the most common types include scammers sending emails, messages, or phone calls which appear to be from legitimate organisations like banks or popular retailers to get someone to reveal personal information like passwords, credit card numbers, or social security numbers.
Others are fake e-commerce websites or listings that offer amazing deals on products but end up either not delivering anything or sending counterfeit items.
One other common scam in Zambia is the investment scam in which people are promised high returns on investments in some cases in cryptocurrency or fake stocks and generally lucrative ‘money markets’ in which people are pressured to invest quickly but the scammers usually vanish once they have stolen enough money.
It is, therefore, gratifying that Securities and Exchange Commission (SEC) has cautioned members of the public to be wary of social media-related investment scams which expose them to high risks of losing money.
SEC is further this year in the process of rolling out a scam awareness campaign to promote trust and confidence in the market.
Speaking during a town hall meeting to educate the public on how to identify and avoid frauds and scams, SEC product development and market research officer Sitali Mugala says scammers are using social media to prey on people because the platform has wide reach.
We welcome this undertaking in the wake of investment scams, among others, as people should be careful with misleading or fake opportunities which entice them to invest in products without underlaying assets.
People should be extra-cautious of certain attempts when scammers ask them to recruit people as this should be treated as a red flag.
We are happy that SEC has in the recent past issued three alerts related to social media investment scams, and members of the public should thoroughly assess the genuineness of investment opportunities.
In some cases, the investments promise unreasonable returns in a short period of time, which could point to a likely scam.
Zambians should also watch out for investments with high pressure sales tactics, investments shrouded in secrecy and those lacking verifiable information for the prospective investor to rely on.
It should also be noted that investments which are not regulated or promoted by unlicensed professionals may also have a high risk of being scams.
Prospective investors should, therefore, protect themselves by probing as much as possible before parting away with money and conducting due diligence before committing funds to these purported money-spinning investments.
We commend SEC for launching a scam awareness campaign, which is scheduled to be rolled out this year, as this is envisaged to help create a market environment where trust and confidence are promoted while safeguarding people’s funds.
Members of the public should, therefore, take advantage of these awareness campaigns and learn as much as possible about types of investment scams in different industries which have robbed many people of their hard-earned money.
It is progressive that SEC will partner with village banking groups and schools, among others, to spread messages about scams. This is as should be, because knowledge is power, and the lack of it can be catastrophic…https://enews.daily-mail.co.zm/welcome/home