A (con)fident nation?: a profile of financial scamming in South Africa: briefing report 9

Abstract

From a financial consumer education perspective, the topic of financial scams is critical. People prone to being possible victims of scams should be identified and targeted to receive financial education messaging about how to more effectively recognise risky, predatory and fraudulent financial activities. It should also aim to promote familiarity with the recourse mechanisms available to them, as well as sharing lessons from scam experiences with others in their communities. Some of the most common financial scams include high-yield investment scams, advance fee scams, pyramid schemes, Covid-19 funeral/burial society scams, and internet and social media fraud.