Ecocash, a subsidiary of Cassava Smartech Zimbabwe Limited, has issued a statement to the public warning them to be aware of and avoid fraudulent investment schemes. There has been an increase in a number of scams on social media platforms such as WhatsApp where people are being asked to invest via Ecocash and promised unrealistic returns which never materialize.

WARNING!! 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 licenses to the public.

Make sure you verify and confirm that you are dealing with a licensed institution before parting with your hard earned money.

Quick tips to spot an investment scam

  1. My mom always says if it’s too good to be true then it probably is too good to be true. Investment schemes offering very high returns are usually too good to be true. So avoid them.
  2. As already said by Ecocash only deal with licensed investors. These are usually have already earned their reputation and are well known.
  3. Be wary of schemes that rely on third party testimonials. Most schemes are pyramid based i.e. other people are scammed into giving glowing reviews. These reviews are used to scam you.
  4. Be especially suspicious if all the reviews/ testimonials are positive five star reviews. No product is that good.