Reserve Bank warns against scammers

The Reserve Bank says a lot of money is lost to scammers through pyramid schemes.

South African currency. Picture: Taurai Maduna/Eyewitness News

JOHANNESBURG - The South African Reserve Bank on Thursday warned citizens not to fall prey to scammers that promise them unrealistically large returns on investment.

The bank said thousands of people are losing millions of Rands in pyramid schemes every year.

It launched an awareness campaign to warn the public about the growing trend.

Reserve Bank spokesperson Hlengani Mathebula said 15 ponzi schemes were investigated last year following complaints from the public about losing their money to scammers.

Pyramid schemes target pensioners and people who get large sums of money through pay outs.

He urged anyone who suspects that they are being tricked into parting with their money should report the matter to authorities.

Tips can also be sent to Crime Line on 32211.