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It seems South Africa is becoming a hotbed for online fraudsters and that scammers have taken advantage of the economic uncertainly created by the current Covid-19 pandemic.

Worrying figures given to ITWEB by cybersecurity firms have revealed that 35% of people who fell victim to investment fraud during lockdown have lost more than R83 000 individually.

The most common type of fraud is forex investments, offering potential investors too-good-to-be-true opportunities to make money by exchanging currencies against one another.

Checkpoint's Miguel Dias De Freitas

They're purely exploiting people's desperation during lockdown.

Miguel Dias De Freitas, SADC region, territory account manager - Check Point

Forex scammers are some of the most deceptive and crafty scammers out there.

Miguel Dias De Freitas, SADC region, territory account manager - Check Point

As far as Forex goes, we all know how volatile our currency is.

Miguel Dias De Freitas, SADC region, territory account manager - Check Point

De Freitas says it's easy to mistake the scams for the real thing:

It gets very sophisticated.

Miguel Dias De Freitas, SADC region, territory account manager - Check Point

They gain your trust, they use social engineering tactics and then they can bring you in and have you beleive your using a reputable site for trading.

Miguel Dias De Freitas, SADC region, territory account manager - Check Point

Listen to the full interview on forex trading scams by clicking below:

This article first appeared on CapeTalk : South African's losing millions unscrupulous Forex trading scams

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