“Beware Of Scammers,” EcoCash Warns Users

Farai Mudzingwa Avatar

EcoCash has warned users of fraudulent scammers exploiting investment schemes. We’ve all heard that if something is too good to be true, it probably is. Unfortunately, people still fall for schemes that promise quick and huge returns.

The warning from EcoCash reads:

Fraudulent Investment Schemes

Beware of FAKE investment schemes operating in the market. Some of them are offering unbelievable returns.

All deposit-taking institutions and investment schemes must be licensed by regulatory authorities and have an obligation to display their licences to the public. Make sure to verify and confirm that you are dealing with a licensed institution before parting with your HARD EARNED money.

Could it be related to Bitcoin schemes?

Whilst EcoCash did not directly name the scheme that may have triggered this, over the last year there have been a number of Bitcoin investment groups that sound pretty sketchy. We covered one of them last year.

We also stumbled upon AWS Club which we stumbled upon towards the latter end of the year and that sounded sketchy even though I could not get to the bottom of it and explicitly figure out whether they were taking people for a spin or not. They did make their main targets people in remote areas across the country as they would obviously have less knowledge of how a Ponzi scheme works and even less knowledge of how Bitcoin works.

Another possibility could be that off Ponzi schemes, which often promise amazing rewards for simply signing up and investing a few dollars and then getting a number of other people to sign up.

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