Students are targeted through fake bursaries, work offers, investment groups and messages pretending to be a bank. These checks do not make you suspicious of every opportunity; they help you slow down before handing over money or access.
1. Guaranteed returns or “no risk”
Legitimate investments can lose value. A promise to double money, earn a fixed high return or never lose is a major warning sign. Forex and crypto are not automatically scams, but a promoter who hides risk or refuses to explain the product deserves no trust.
2. A fee before a bursary or job
Fake bursaries may ask for a registration, courier or “release” fee. Genuine providers publish eligibility and application instructions through an official channel. Search the provider independently; do not use only the link in a message.
3. Phishing links and fake portals
Check the domain letter by letter and type the known website yourself. Do not open unexpected attachments or enter a password after following a pressured link. Report suspicious messages to your institution and provider.
4. Bank or provider impersonation
A caller may know your name or partial details and still be fake. End the call and use the number printed on your card or the provider’s official website. Banks do not need your full password or secret PIN to “cancel” a payment.
5. Requests for OTPs, PINs or passwords
Never share one-time passwords, card PINs, login passwords or remote-access codes. An OTP authorises an action; it is not an identity check you should read to a stranger.
6. Artificial urgency
“Pay in ten minutes”, “your place expires today” and threats of account closure are designed to stop you checking. Pause, save the message and ask a trusted person or official support channel.
7. Recruitment-based money schemes
If earning depends mainly on recruiting friends or paying to join, investigate carefully. A real job pays for useful work and explains duties, pay and the employer. Do not put friends under pressure to recover your own payment.
8. Strange payment instructions
Changed banking details, personal-wallet payments, cryptocurrency-only transfers or requests to receive and forward money need independent verification. A familiar logo is not proof that the account belongs to the provider.
If you think you were scammed
Contact your bank immediately using an official number, change compromised passwords from a safe device and keep screenshots, receipts and numbers. Report suspected fraud to the relevant provider, the South African Police Service and the FSCA where a financial product is involved. You can ask Ask StudyVest to explain a warning sign, but it cannot investigate a scam for you.
Sources
SABRIC · FSCA consumer resources · SAPS