South Africa has been ranked as the country that is the most exposed to fraudulent and high-risk financial ads on social media platforms, according to new research by forex broker analysts at BrokerChooser.
In an analysis of over 5 000 active finance-related ads on Meta platforms, the study found that 37.5% of South Africa’s financial ads were scams, while 62.5% were deemed risky.
This places the country at the top of a global leaderboard of digital investment fraud hotspots.
The report highlights a growing trend of fraudsters increasingly using personal messaging apps − like WhatsApp, Telegram and Instagram − to lure victims and evade platform detection.
According to BrokerChooser, South Africa’s leading position in the rankings underscores the urgent need for stronger digital advertising regulation, better financial education and platform accountability.
The study also revealed that globally one in four people who lost money to fraud say the scam started on social media, with Instagram and Facebook cited most frequently, and TikTok and LinkedIn tied to the highest average financial losses per victim.
Belgium ranks second with over 94% of financial ads on Meta platforms considered dodgy. BrokerChooser notes the country has the highest share of risky ads at 83.82%, exposing Belgian users to misleading content that blurs the lines between legitimate investments and scams.
It adds that many of the ads promote speculative digital currencies and prop trading, boasting claims like “instant account” and “no challenge signup”, large funding offers up to $500 000, and access to “100+ digital currencies” with “ultra-low spreads”. Slogans like “fire your boss” are used to lure users with promises of financial independence.
Tempting lies
Turkey is in third place in the ranking of the world’s most vulnerable countries in the new global analysis of Meta’s finance-related ad landscape.
According to the study, 91.63% of financial ads seen by Turkish users on Meta platforms are classified as either scams or high-risk. Only 8% of ads are considered safe, while 78.14% fall into the risky category – most commonly promoting forex trading and promising quick profits with minimal effort.
Typical ad content includes pitches urging users to “join Telegram for daily updates and profits” or promoting services that offer “free daily forex signals with 85%+ win rate accuracy”.
The remaining 13.49% of financial ads in Turkey were identified as outright scams, often making bold, unrealistic promises like “$1 500 per week from a $300 investment”. Many also tout AI-based trading platforms with exaggerated claims, such as “99% accuracy” and “no effort needed” – clear indicators of fraudulent activity.
The data suggests that users in Turkey are heavily targeted by predatory financial schemes, reinforcing the need for stronger consumer protection measures and platform-level ad scrutiny.
Germany and the United Arab Emirates (UAE) round out the top five, with 90.91% and 90.77% of finance-related ads considered dodgy, respectively.
In the UAE, scammers commonly use high-pressure language to create urgency such as “Hurry! Invest now in stock market before the prices totally go up” and tout unrealistic gains like “120% refund on your first payout” and “get up to 220% return on investment within 50 days”.
This inflated and time-sensitive language is a clear red flag, says BrokerChooser.
It points out that social media users in the UK are comparatively less exposed to misleading financial promotions, with the lowest share of dodgy ads identified (66.15%), likely due to stricter regulations and enforcement.
A third of ads (33.85%) were classified as safe, with Italy following closely behind with 30.77% of ads deemed safe and a notably low share of scam ads of just 3.85%.
Caution advised
“Social media has become a prime hunting ground for scammers, with billions of people using these platforms globally,” says Adam Nasli, head of the analyst team at BrokerChooser.
“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.
“Our analysis reveals that many scam and high-risk ads attempt to bypass platform moderation by directing users to private messaging apps. Phrases like ‘visit Instagram profile’, ‘send WhatsApp’, ‘join Telegram’ are commonly used, often paired with urgency-driven language, such as ‘limited time’ or ‘don't miss out’. This helps scammers avoid detection and continue their efforts to manipulate users in a one-on-one setting.”
Ultimately, Nasli urges, the best defence against falling victim to scams is education and due diligence.
“Stick to regulated platforms, look for clear risk disclaimers, and be sceptical of ads that promise exaggerated or risk-free returns. Taking the time to research the company and individual behind the ad can save you from costly mistakes.”
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