Whatsapp stokvels are back and you’re probably being scammed
- The Whatsapp stokvel is back under a new name - 'Whatsapp gifting'.
- While the name has changed, the 'stokvel's' modus operandi is still the same.
- Members are expected to pay R200 and hope to receive great returns on their 'investment'.
- And while previous versions of these have existed before, it is likely people are being scammed - again.
- For more stories, go to www.BusinessInsider.co.za.
The Whatsapp stokvel is back, but with a new name: 'Whatsapp gifting'.
And while some have spotted the lie...
So, they changed the name from Stokvel to Whatsapp Gifting and it still scammed people? ????????— Jay. (@JMOOD__) June 29, 2020
... others appear to have fallen for it.
Hi. My name is Sarah and I was once a victim of whatsapp stokvel ????????????????— _Sarah?? (@I_Am_Saratjie_) June 27, 2020
Despite the name change, the 'stokvel' still has the same modus operandi. Members deposit R200 - and hope to make huge profits.
The National Stokvel Association of SA (Nasasa) has previously warned South Africans that WhatsApp stokvels are most likely to be pyramid schemes rather than genuine savings vehicles – and those who have joined them have probably been scammed.
Like most pyramid schemes, the first few to join received a pay-out, but those who followed often lost all their money.
Many victims who have joined such stokvels in the past have seen group administrators disappear after making payments into the stokvels.
According to Nasasa founder and chairperson of Nasasa, Andrew Lukhele, scammers were using the popularity of stokvels to create pyramid schemes and take advantage of people.
Traditional stokvels are based on trust where everyone in the stokvel knows each other, and the terms of payout have already been set.
The Whatsapp scams often involves anonymous people, so it is impossible to track or trace the money when it disappears.
A stokvel, derived from “stock fair”, is a savings scheme where a group of people come together to save or increasing invest together.
Business Insider South Africa has written a previous version of this article.
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