A pyramid-like scheme resurfaced online, aimed at younger people. The scam, “Loom Scheme” or “Blessing Loom”, was first reported in the UK, and have tricked many people to parting with their money, via social media.
Participants in the scheme were asked to “invest” a certain amount through various online payment systems, with the vague commitment that profit gained will amount to 8 times more as long as they keep asking people to invest their money the same way. Once the amount of participants and money given dwindle, the people who were last to give their money will lose everything they have given.
It is astonishingly easy to be deceived by these schemes as it spreads via social media through people you know, eliminating the need for caution. This scam has successfully deceived participants in various ways, and with the use of online payment systems for transactions, they have also opened their accounts to the possibility of being hacked. Some of these victims have reported that the PayPal accounts they used to receive and collect money in the scam were found to be locked and unavailable to use.
It is always important to thoroughly research where you should be investing your money. Schemes that guarantee income quickly, are most likely to be a scam. It is best to keep your guard up and be meticulous in your online decisions. Ensure that all your devices are secured and protected from threats and cybercrimes with Trend Micro Premium Security. It can secure your privacy on social media, safeguard against email scams, and defend your devices from various cyber threats.