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Complete Story
08/12/2020
A real or fake savings club?
FTC
Imitation is the greatest form of flattery. It’s also the greatest form of “scammery.” That’s why scammers are imitating a type of informal savings club known as a “sou sou” or “susu” to trick people into joining what amounts to an illegal pyramid scheme.
If you’ve never heard of the term “sou sou,” a quick internet search will tell you that it’s a rotating savings club with historic roots in West Africa and the Caribbean. It’s a savings arrangement between a small group of trusted people – usually family and friends – who regularly pay a fixed amount into a common fund and take turns getting paid out. In a sou sou, you don’t earn interest, never get out more than you paid in, and there’s no reward for recruiting people to join. This way of saving is based on the honor system, and it is not without risk.
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