Streaming issues? Report here
Africa Melane 2019 1500 BW Africa Melane 2019 1500 BW
Early Breakfast with Africa Melane
04:00 - 06:00
volume_up
volume_mute

Up Next: Breakfast with Refilwe Moloto
See full line-up
Early Breakfast with Africa Melane
04:00 - 06:00
Home
arrow_forward
Local
fiber_manual_record
Business

John Maytham's investing a month's salary in crypto, but is it legit? Crypto 101

19 October 2021 10:24 AM
Tags:
John Maytham
cryptocurrencies
cryptocurrency
Afternoon Drive with John Maytham
crypto scam

John Maytham speaks to the FCSA's Brandon Topham about the increasing number of cryptocurrency scams

- Cryptocurrency has been on a remarkable trajectory that’s outpaced other investments, including stocks, property, and commodities

- The FCSA's Brandon Topham says scams are growing as fast as investments in crypto itself


Copyright: monsitj / 123rf

"I have done something that might make you call me mad," said CapeTalk's drive host John Maytham on Monday afternoon's show. "I am investing roughly a month's salary in cryptocurrency."

Saying that he is aware he could lose his investment, the veteran broadcaster went on to say that while he's confident the scheme is legit, there is an increasing number of cryptocurrency scams currently doing the rounds.

"I'm convinced it's not a scam, but there are a lot of them about," he said.

Maytham was joined by the Financial Sector Conduct Authority (FSCA)'s Brandon Topham who says scammers find opportunities to make money

Fraudsters quickly grasp on to the latest technology and use it

Brandon Topham, Divisional executive for Investigations and Enforcement - Financial Sector Conduct Authority (FSCA)

Almost every criminal in the world is using crypto one way or another to extract money from people.

Brandon Topham, Divisional executive for Investigations and Enforcement - Financial Sector Conduct Authority (FSCA)

Topham says while some crypto products are scams, it's important to note that often it's not the crypto itself that is fraudulent:

It's primarily a payment fraud, so instead of transferring cash, now you get to use crypto, so almost every criminal activity uses that as a payment option, it's not the crypto itself.

Brandon Topham, Divisional executive for Investigations and Enforcement - Financial Sector Conduct Authority (FSCA)

There are people offering you the opportunity to buy the crypto and then never delivering it.

Brandon Topham, Divisional executive for Investigations and Enforcement - Financial Sector Conduct Authority (FSCA)

"I'm glad you say you're prepared to lose it," Topham tells Maytham, "that's the approach you've got to take with any high-risk investment."

RELATED:Cryptocurrency is going mainstream faster than anyone expected




19 October 2021 10:24 AM
Tags:
John Maytham
cryptocurrencies
cryptocurrency
Afternoon Drive with John Maytham
crypto scam

More from Local

More from Business