Too Smart To Be Scammed? I thought So Too

Many people believe they can never be scammed. Everyone thinks they are smart and would easily recognize a scam from a mile away . A few days ago, some Malawian Bitcoin investors lost money to CDC, an allegedly fake online Bitcoin company. When this information became public, everyone questioned the victims, wondering how they could have fallen for something that obvious.

I've been scammed before, which may explain why I can easily empathize with victims of fraud or scam. Its shocking just how comfortable scammers prey on Malawians. A January 2023 report by Kelvin Tempo for the "Rest of World" organization, claimed that in Malawi, scammers steal almost $117,000 USD from mobile customers in just one month! I remember when I worked for a mobile company, a day hardly went by without receiving a complaint about a customer being scammed of their hard earned money. So, I am not at all surprised with the figure.

Despite the anti-scam efforts by the media and different organizations_ warning Malawians to refrain from giving out personal information such as passwords to strangers, people still continue to fall victim to scams because these con artists are getting more creative by the day and quickly alter their tactics before authorities and everyone else catches on.

Scammers have advanced to the point where, they have moved from approaching potential victims as mere individuals, to now approaching them as well-established and genuine enterprises, giving appealing business propositions and prospects that are difficult to pass up.

Poverty, desperation and hard work without apparent success sums up some of the major factors which makes it easy for anyone to be scammed. We have a long way to go which includes intense sensitization campaigns, civic education and holistic approaches engaging communities on how to recognize, avoid , report and deal with issues of scam and fraud. On top of that, the authorities need to be vigilant in updating and alerting the masses on new tactics used by scammers.

Before I conclude, here are a few tips on how one can easily spot a scam, feel free to add to the list in the comment section.

Too good to be true? It probably is. Be wary of opportunities that promise ridiculously high returns with no risks. High returns often come with high risks, and if an individual or company does not clearly elaborate on any risks, there is a high chance of fraudulent activity.

Complex or ambiguous business model/strategies, beware of companies or individuals who cannot clearly explain what they do or how they do it, especially if they are asking for your money; you should conduct extensive research and carefully scrutinize businesses deals. Ambiguous business models, and operations frequently cover up fraudulent acts. On the other hand, overly simplified business model/strategies, should equally raise flags. You have noticed how simple fraudsters explain their Ponzi scheme business model/strategy, “you give us money and we will double it, without explaining how”

Being pressured to make a decision quickly, when it comes to your money, never allow anyone to rush you into making decisions . Such tactics are often used to distract a potential victim from thinking clearly, the goal is to make you feel like you are missing out on a great opportunity.

Overall, trust your instincts, question everything, and never think you are too smart to be scammed.