It seems that the COVID-19 Pandemic has come with a lot of online scams. These fraudsters are seeking for ways to get into your pocket. As we all work towards staying safe during this season ensure that your money is safe as well.
Many of these scams come with promises of money doubling. They would ask you to invest any amount and receive double with 4 hours to 48 hours. They might even send you proof of the payments to other people. These are all scams.
They know that many people are struggling financially right now and are desperate to make money. They are just trying to capitalize on your vulnerability.
There are two reasons why you should never invest your money in these schemes.
- They are morally wrong
The way that these scams work is that they collect money from one person and pay the other person to build their credibility and to encourage more people to send them money. When they have gotten the money and trust of a lot of people, they simply disappear.
At the beginning, you might make some money on it but that money is from someone else. That person might end up losing their money.
2. You will lose your money eventually
As explained above these fraudsters would cash out and disappear with your money at some point and you have no way of finding them. These money doubling schemes are not valid investments. You can be assured that you will lose your money.
There are so many other scams coming up. I recently heard of account hackers sending messages claiming that the victim has been selected to receive the N20,000 from the government.
They might ask for your BVN and other account information. This is in a bit to hack into your bank account and steal your money.
Your bank already has your BVN and other information. They would never ask for your account details over the phone.
Beware of scams during this period!
Stay safe.
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