From Roots To Froots
Roots To Froots
Podcast
Episodes
Listen, download, subscribe
46. The rise of Crypto Fraud: Pig Butchering
In this episode, Arlyne explores the alarming rise of online scams and cryptocurrency fraud targeting the African diaspora. As digital finance becomes more accessible, so too have scams evolved — exploiting trust, cultural networks, and promises of quick financial growth. With advanced technology and AI-driven fraud, these crimes are harder to detect and even harder to prosecute. We discuss how financial literacy, community education, and critical thinking can protect individuals from falling victim to scams — and why these digital threats are more than just financial losses; they’re an issue of trust, identity, and empowerment. The Digital Trap: How Technology Has Transformed Scam: Scammers now use deepfakes, cloned websites, and AI chatbots to appear legitimate. Cryptocurrency “investment clubs” and fake trading platforms are on the rise across WhatsApp and Telegram. Why the African Diaspora Is Particularly Vulnerable. Community trust networks are manipulated through social proof (“friends” or family members sharing fake success stories). Financial exclusion and limited access to credible investment advice increase exposure to unregulated schemes. Crypto Scams: The New Frontier Fake exchanges and “celebrity-endorsed” crypto tokens have become common traps. Victims often lose thousands through “get-rich-quick” programs advertised via social media influencers. Financial Literacy as Defence Empowering communities through education and open dialogue is key. Encouraging people to verify registration of financial platforms (e.g., FCA register). Promoting peer accountability and transparent money discussions. Building Trust in a Digital Age Community-led financial education programs (like Roots to Froots) help individuals make informed digital finance decisions. Verify before you invest: Always check if the company is FCA regulated. Be cautious of unsolicited investment offers and “guaranteed returns.” Discuss money openly with trusted peers — secrecy benefits scammers. Use secure, traceable payment methods — avoid crypto transfers to unverified wallets. FCA Warning List on Investment Scams (UK) World Bank: Migration and Remittances Data The Guardian – “Crypto Scams on the Rise Amid Cost of Living Crisis” (2024) BBC News – “The New Wave of African Crypto Scams” (2023) Reuters – “How AI Is Powering the Next Generation of Financial Fraud” (2024)
From Roots To Froots RSS Feed
