The National Consumer Tribunal (NCT) has fined Up Money (PTY) Ltd an administrative fine of R1 million for conducting a pyramid scheme and contravening Section 43 (2) of the Consumer Protection Act (CPA)...
"Too good to be true" is an adage that typically services you well when it comes to your money, especially in a world full of myths and conspiracy theories, Ponzi deals, pyramid schemes and promises of the Next Big Thing...
Andrew Friedman 9 Feb 2021
The Direct Selling Association of South Africa (DSA) is imploring the African Union (AU) to initiate a continent-wide effort to stamp out Ponzi schemes...
The current economic conditions are a perfect breeding ground for an increase in get-rich-quick Ponzi and pyramid schemes, warns Mthunzi Mbali, vice-chairman of the Direct Selling Association...
Innovations in the fintech space is showing no signs of slowing down. Here's what we can expect in 2019...
Dominique Collett 14 Jan 2019
For South Africans wishing to generate more income, they may consider joining a direct sales company or a multi-level marketing company. However, they must be sure that this isn't in fact an illegal pyramid scheme...
Sanlam and Avocado Vision have teamed up to empower communities countrywide with basic financial skills and insight to enable them to make better financial choices and encourage savings.
The South African Reserve Bank yesterday launched an awareness campaign aimed at educating members of the public about the risks of investing in pyramid schemes.
Any future pyramid scheme conmen beware - a new financial consumer advocate is on the prowl.
Evan Pickworth 15 Jun 2012
The National Stokvel Association of South Africa says there are about 800,000 active stokvels in the country. Stokvels help around 10-million South Africans save for a rainy day and to manage their finances, Sowetan Live reports.
South Africa's Regulation of Interception of Communications Act (RICA) is intended to help authorities track down subscribers with SIM cards linked to criminal activity, notes Leon Perlman, chairman of Wireless Application Service Providers' Association of South Africa (WASPA). "However, it provides little or no protection from scammers, who may work around its constraints or even use international numbers to launch their schemes," he says.
"There is no shortage of good newspaper journalists in South Africa," remarks Professor Guy Berger, convenor judge of the Mondi Paper Newspaper Awards, following the judging session of the competition's second annual collection of entries. "Judges got a satisfying sense of the stories of our times, the regional flavours and the individual storytellers," he adds.