5 Important Facts To Know Before Joining A WhatsApp Gifting Group. WhatsApp stokvels are back, under the name WhatsApp gifting. The National Stokvel Association of SA (Nasasa) has previously warned South Africans that WhatsApp stokvels are most likely to be pyramid schemes since a number of members have complained about being scammed.
WhatsApp gifting encourages people to invest in a stokvel for R1000 and hope to make huge profits R6000 in as soon as less than two weeks. Just like WhatsApp Stokvel, one still needs to be careful, more so since large sums of money are involved.
1. Sometimes It’s Too Good To Be True
The one thing about any scam is that it is always too good to be true. Unfortunately many people only see that they have been scammed after they cannot get the returns they were promised prior to joining the scheme.
2. You Are Dealing With Strangers
The Whatsapp scams often involves anonymous people, so it is impossible to track or trace the money when it disappears. It’s always recommended that you save or invest your money with a regulated, trusted financial institution.
3. The Pay Out Is Not From Any Profit Made
The new money coming into the scheme is not used to derive profits but is merely used in order to pay out the existing members of the scheme: repayments are paid from new capital and not from profits generated.
4. Less Chances of Getting Back Your Money
In some cases, some members are left with nothing after investing.The chances of getting one’s money back is however almost nil and proving fraud in court is also difficult and cumbersome.
5. Apply Wisdom
Am I paying money to then recruit others so I can be paid? If yes, then the scheme is probably a pyramid; also, is the person asking me to ‘invest’ registered? If not, then we are probably dealing with a scam; Are the returns high and quick, then it probably is a scam.