With the emphasis of the African Development Bank Group on sustainable economic development, the African region has quickly become a hot market for transaction finance with low currency transaction costs, and currency transaction has grown rapidly.

However, with the rapid growth in demand for retail transactions, it has also fostered an endless stream of fraudulent scams. When investors have thrown themselves into the money market, dreaming of getting rich overnight, they do not know that they have become fat in the eyes of scammers.

Recently, several high-profile cases of currency exchange fraud in South Africa have exploded the trading circle.

Fraudster Ngcobo was caught and sentenced

Ngcobo, a notorious trading fraudster, was arrested on fraud charges in 2017 but was acquitted due to lack of evidence. Ngcobo was recently charged by the police with multiple crimes and sentenced to four years in prison for fraud.

Huiyou strayed into the black platform lost blood

Another South African businessman lamented that he had seen an article on YouTube in December about making money from online investment trading. Curious, he clicked on the link to the KontoFX website, registered his trading account and added 120,000 rand (about 57,500 yuan) to the gold. Although the account is profitable, it can't be withdrawn at all. The account balance is finally a number!

The South African remittance friend is very remorse and remorse: "If I had been cautious and calm, and carried out an in-depth investigation of this platform, I would not have invested so much money impulsively, resulting in the loss of everything now!"

WhatsApp scam hits South Africa's Financial Supervisory Authority

In addition, South Africa's WhatsApp scam has also recently attracted attention in the circles, a so-called "savings club" that claims to be able to conduct currency transactions via WhatsApp for as little as R200. Now, South Africa's Financial Supervisory Authority has warned local investors to stay away from the scam company, Worldwide Investments, and revealed that the scheme operates like a pyramid scheme, except for the initial small number of people who can earn back their principal, the rest are reaped "leves".

From these several trading fraud cases, in fact, the deception used by foreign "foreign swindlers" is not much "foreign style". Whether it is a domestic or a South African trading scam, scammers around the world use the same formula, only the victims are different.

Fraudsters take advantage of investors' overnight wealth and greed, and falsely advertise high returns to lure investors. When the pie carefully packaged and designed fades the gorgeous packaging, the unknown truth of the trading novice found that from the moment they moved greedy, they have jumped into the trap of the scammers carefully designed.

Swordswoman reminder

Here, the woman reminds investors that any investment must first confirm the safety of funds, followed by returns. Be sure to check the compliance of the platform before investing, and do not be tempted by the rhetoric and high returns of scammers. So how to query the compliance of the platform?