South Africans warned about finance advertisements on Facebook

A study found that most finance-related advertisements allowed to run on Meta-owned social media platforms in South Africa between 2018 and 2025 have been considered “dodgy”.

BrokerChooser conducted the report by scraping roughly 5,700 active finance-related adverts from the Meta Ads Library over the past seven years.

The platforms that Meta monetised using ads during the period included Facebook and Instagram.

BrokerChooser’s study found that South Africans were most susceptible to this type of financial deception out of the 13 countries analysed.

Thirty-two ads were identified in South Africa, with 62.5% classified as risky and the other 37.5% as outright scams.

Nearly every other country included in the study was found to have higher rates of risky ads on Meta Platforms, such as Belgium (83.82%) and Turkey (78.14%).

However, no other state saw nearly as many finance-related ads turn out to be scams as South Africa. Australia had the second highest rate, at 17.35%, followed by Turkey and the US at 13.49%.

It is worth noting that South Africa had a relatively low number of ads on Meta platforms compared to countries like Turkey and Australia, which had 215 and 98 ads, respectively.

The other two countries with 100% dodgy ads were Poland and Portugal. However, they only had seven and six ads, respectively.

“Social media has become a prime hunting ground for scammers, with billions of people using these platforms globally,” said BrokerChooser head analyst Adam Nasli.

“Fraudsters exploit this vast reach by targeting users with enticing promises of unrealistic returns and quick profits. Common red flags include high-pressure sales tactics, unsolicited messages, and a lack of transparent documentation.”

The study noted that South Africans are often lured off the platform and encouraged to join WhatsApp groups, a tactic scammers use to bypass moderation.

BrokerChooser stated that its analysis revealed scammers use phrases such as “Visit Instagram profile” and “Send WhatsApp,” often paired with urgency-driven language like “Don’t miss out.”

“Ultimately, the best defence against falling victim to scams is education and due diligence,” Nasli added.

“Stick to regulated platforms, look for clear risk disclaimers, and be sceptical of ads that promise exaggerated or risk-free returns.”

Facebook and WhatsApp are infested with scams

Similarly, Momentum Group’s financial director, Risto Ketola, has warned South Africans to be wary of deepfake and invite-only WhatsApp group scams impersonating high-profile individuals.

Ketola explained that he was impersonated through one such WhatsApp Group scam, and noted that he is still struggling to have the group taken down.

“There are many different types of scams going on out there. Recently, there was one where people were impersonating me giving stock tips,” he said.

“In my case, it was just a WhatsApp Group where people took my photo from LinkedIn and created a closed group where they invited people.”

Financial-related ads aren’t the only ads catching South Africans off guard; many criminals are also advertising fake products, such as hospitality packages.

In May, Federated Hospitality Association of South Africa (Fedhasa) national chairperson Rosemary Anderson told MyBroadband that the increase in local travel has created fertile ground for fraudsters to take advantage of unsuspecting travellers.

“Unfortunately, accommodation scams are a growing concern in South Africa, particularly as more consumers turn to online platforms for travel planning,” Anderson said.

“These scams are particularly prevalent in areas with high demand, like the Garden Route, Drakensberg, and popular coastal destinations.”

She said a noticeable trend was the use of sophisticated fake websites and cloned social media pages that mimic well-known hotels or travel agencies.

“Scammers have also been known to hijack legitimate business names and create false contact numbers or email addresses to intercept bookings,” she explained.

“Another common trick is last-minute ‘relocation’ scams where guests are told the original property is unavailable and are redirected to a non-existent or subpar venue.”