Sri Lanka, March 24 -- A lack of financial literacy is the primary reason many Sri Lankans fall victim to pyramid schemes, says the Governor of the Central Bank of Sri Lanka (CBSL), Dr. Nandalal Weerasinghe.

Speaking at an event aimed at educating the public on new financial technologies offered by CBSL-registered institutions, Dr. Weerasinghe emphasized the dangers of fraudulent investment schemes that exploit legal loopholes.

"Even if you have money in hand, there is a high chance of misusing it and falling prey to fraud due to a lack of financial literacy," he stated.

Highlighting the growing prevalence of scams, particularly online, he warned against deceptive advertisements promising unrealistic returns.

"We see advertisements on...