In today’s digital-first world, making money online seems easier than ever — and for many young South Africans navigating high unemployment, side hustles and investment apps offer hope.
But where there’s opportunity, scammers follow. A growing number of sophisticated online traps are targeting youth across platforms like TikTok, Instagram, WhatsApp, and Telegram.
Here are 7 online money traps young South Africans are falling into — and how to avoid them.
1. Deepfake investment scams
Scammers now use AI-generated videos of local celebrities and fake “news reports” to promote bogus crypto or forex schemes. These deepfakes look real — often showing known figures “endorsing” fast-profit programs. Once victims deposit their money, the site vanishes.
Don’t trust investment promos from social media. Always verify via official channels or registered FSCA institutions.
2. Crypto romance scams (“Pig butchering”)
This growing scam involves building trust through online “relationships,” then encouraging victims to invest in crypto platforms. The platforms initially show fake profits — until you try to withdraw, and everything collapses.
If someone you’ve never met in person is giving you financial advice or asking for money, it’s likely a scam.
3. Telegram/WhatsApp investment groups
Scammers are setting up fake groups impersonating real brands or institutions like Sanlam or Capitec. They offer huge daily returns and “limited-time deals” — but require an upfront payment or crypto deposit.
If it sounds too good to be true, it is. No legitimate investment pays R500 from a R50 deposit overnight.
4. Fake bursaries and job offers
Desperate students are being tricked by fake scholarships, internships, and “application processing fees.” These scams promise bursaries or jobs — but only after a small payment, often R300–R1000.
Genuine bursaries and internships do not require payment. Always check opportunities on verified platforms like SAYouth.mobi or company websites.
5. Online shopping scams on social media
Scammers create fake Instagram shops or Facebook Marketplace ads selling phones, sneakers, or laptops at unbeatable prices. Buyers send payment via eWallet or EFT — and never receive the item.
Avoid shopping from profiles with no reviews, no location info, or only DM-based payment systems.
6. Money-Muling and “task” groups
Scammers advertise easy jobs that pay for completing tasks — watching videos or promoting content. Eventually, they ask you to use your bank or crypto account to “help process payments.” This can turn you into a money mule for laundering criminal funds.
If you’re asked to “receive money for someone” or use your account to help “move funds,” it’s illegal.
7. SIM-swap & impersonation fraud
SIM-swap fraud is rising fast. Criminals impersonate you to your network provider, hijack your number, and intercept banking OTPs. Suddenly, your account is drained — and you didn’t even click a scam link.
Defend yourself: Set a SIM lock/PIN with your mobile provider and never share one-time passwords.
Final thoughts: Stay sharp, stay safe
With rising unemployment and cost-of-living pressures, many young South Africans are more vulnerable than ever to these digital traps. Scammers know this — and tailor their tricks to be emotional, urgent, and lucrative.
But with awareness, caution, and strong digital habits, you can protect yourself. Always verify before you pay, question “too-good-to-be-true” offers, and report suspicious activity.
If in doubt:
- Visit www.yima.org.za — South Africa’s fraud prevention platform
- Report scams to your bank and the South African Fraud Prevention Service (SAFPS)
- Share this with friends — awareness is protection
