Scam Alert in Malawi: “Make MK5,000,000 in a day, ask me HOW!”

Post was last updated: November 9, 2020
Money scams continue to rise in malawi

It starts with a random post in a Facebook group. Or a seemingly innocent Instagram message: “I’m helping the first 20 people that will inbox me on WhatsApp +0881234567. How to earn MK2,500,000 in a day without sending money to anyone but you promise to give me 10% of your profit.” Or “Earn $2,500.00 per week. No credit card required. Stay at home and relax. Earn weekly without stress. Inbox me or ask me how.”

Sound familiar? No? Well, congratulations if you’ve never come across this type of solicitation but there are almost everywhere in all the countries. They look like they’re being spawned from the same kitchen. And in case you’re wondering, yes, all of these are scams. Pure thievery.
These people prey on the desperate and (I mean this most respectfully) gullible. They lure them in with the promise of making easy money while doing nothing. And this is where the biggest red flag is. Making money is not easy – don’t let anybody tell you otherwise. You can’t just ‘invest’ $300.00 and wait for a $10,000.00 profit after a month. This can only happen in la-la land.

Even if you’re a loan shark with ridiculous interest rates you still need to put in the work. There’s nothing like easy or miracle money. It’s a facade and the sooner you come to terms with this the better you will become at managing your expectations in life.

Of course, it’s kind of hard to know the difference between a scam and a real opportunity. These conmen are so convincing and they sometimes resemble legit companies. A little research can help you identify authentic trading brokers and dealers that are legitimate and those that are only after your hard-earned money.

Disclaimer: I’m not a broker or a financial expert so this shouldn’t be taken as financial advice. I’m merely sharing what I’ve learned interacting with people on the internet during my life. If you need expert financial advice/ opinion then please engage a professional.

Why are these scams so common in Africa?

Simple: this type of fraud is common because they’re an easy way for conmen to make money. There will always be someone wanting to take your money as long as you’re willing to part with it. This is especially true with online trading because the potential online trading gains are huge so you’re inclined to take higher risks.

This type of business is an easy target because all transactions take place online. These ‘brokers’ are all operating using fake social media accounts (this needs another blog post if it’s own) which makes it harder to trace them and the internet greatly increases their span of reach. Someone in country A can simultaneously target thousands of potential victims in 50 countries in a single day.

Another thing is that all online trading is not always regulated.

How do you spot a fake broker?


Firstly, look up the company they claim to represent and check out their credentials. Google it and go through the popular review platforms. In this digital age, you’re bound to find footprints of a legit institution especially one that claims to do an online business. If you don’t then chances are you’re dealing with a fictitious firm.

Sophisticated fraudsters go as far as setting up fake websites that look like real brokerage companies so merely finding an online presence doesn’t prove authenticity. There are 10 fake trading sites for every genuine site you find. They come complete with client reviews and social media sites (all fake as well).

A lot of binary trading option frauds have been unmasked like the “Google Trader Scams”. These will stick out like a sore thumb in search engine results pages with lots of hits from angry investors on many forums. A simple Google search is going to let you know if this self-proclaimed trader has been making the headlines due to fraudulent dealings.

Stay away from firms that don’t give you the option for trial with an active demo account and always make sure you verify if they’re licensed.

What the thieves do is coax you to sign up to their online platforms so that you can start trading. However, the whole business transaction ends the moment you deposit the initial amount even if it’s as low as $100.00. They then say something like “but promise to share me 10% of your profit.”

The crazier ones take it up a notch and call pretending to be a senior manager *insert eye roll here* and persuade you to deposit a higher amount. It might sound simple and easy to dodge in theory but most of these fraudsters are career criminals and know the right words and phrases to use to hook you in.

So just like we are meant to do with any other type of investment opportunity always ask yourself this “does this sound too good to be true?” If your answer to this is yes, then you’re probably walking into a scam. Someone shouldn’t tell you that you can get a return of $5,000.00 in a day by investing $250.00 and then doing nothing. Please control your greed.

Now while there are a gazillion scams out there, which you need to look out for, there are also lots of legit brokers who can help you start trading. Just try to be as smart and vigilant as possible to minimize the chances of being swindled.

Chimpele Tsamwa