Is Whatsapp Stokvel Illegal In South Africa
A stokvel is defined as a savings or investment society in which a group of people agree to save money together for a defined purpose by way of contributing a fixed amount of money over a specific period of time. Nearly 40 per cent of South Africas adult population are members of a stokvel.
The scam operates as a purported savings club or.
Is whatsapp stokvel illegal in south africa. The National Consumer Commission NCC has confirmed that WhatsApp gifting is illegal in South Africa under Section 43 2 of the Consumer Protection Act CPA and as has been operated by Up Money. They are often disguised as stokvels and may even use virtual currencies like. Scammers are separating helpful South Africans from their money in what appears to be a wave of fraud that relies on hijacking WhatsApp accounts and then simply asking for money.
This after people cried foul about an on-going WhatsApp Stokvel. One of very few cases dealing with a stokvel in the South African Law Reports arose more than two decades ago. They claim that theyve been robbed by people who lured them into the scheme.
Nasasa warns against scammers The National Stokvel Association of SA Nasasa has previously warned South Africans that WhatsApp stokvels are most. These schemes defraud many unsuspecting South Africans of their hard-earned money with the promise of fast financial returns every year. In the stokvel one is required to join a Whatsapp group and transfer an amount of at least R200 and recruit more people to make more money.
A stokvel is defined as a savings or investment society in which a group of people agrees to save money together for a defined purpose by way of contributing a fixed amount of. By Lazarus Amukeshe The Bank of Namibia has said members of the public should stop participating in the R200 WhatsApp Stokvel with immediate effect or risk being fined N1 million or sent to jail. Unsuspecting victims of the scheme are duped into believing that its a genuine saving vehicle.
Recently there has been an increase in illegal pyramid schemes or Ponzi schemes which continue to pop up around South Africa. WhatsApp stokvel scams are catching South Africans out. WhatsApp Stokvel 2019 Ethekwini.
WhatsApp stokvels expose how Ponzi participants more likely to defraud employers Melitta Ngalonulu Moneyweb The workplace is a fertile hunting ground for dodgy get-rich-quick schemes. The National Stokvel Association of SA Nasasa has warned people not to fall for the quick buck WhatsApp stokvels scam. Since cases which reach at least high court level and lead to.
THE WhatsApp Stokvel group that has been doing the rounds in the community is a pyramid scheme this according to the National Stokvel Association of South Africa Nasasa. It is critical that South Africans are able to tell the difference between a stokvel and an illegal pyramid andor Ponzi scheme. South Africans must be able to tell the difference between a stokvel and an illegal pyramid and a Ponzi scheme.
This resulted in thousands of people losing money. Staff Writer 9 October 2019 A new scam is doing the rounds on WhatsApp in South Africa promising R1000 in returns for a R200 investment. This after several WhatsApp groups have been targeting vulnerable people.
In South Africa these schemes generally meet the criteria of either a traditional Ponzi or Pyramid scheme. Unemployed and lured by the promise of quick growth on a small cash outlay Bathabile Zondi is one of many South Africans who have fallen victim to mushrooming WhatsApp stokvels. The scammers first take control of a victims phone number usually by porting the number to a new service provider and so associating it with a SIM card under their control.
The National Stokvel Association of South Africa says scammers appear to be from trusted saving organisations. Really stokvel no scam come and join than thank me later.
