Loom, a new Ponzi scheme which
has been described by a top-notch media as a new dangerous money-making scam,
is presently taking over the Nigerian internet, targeting young people on
social media.
According to Daily Mail, ‘the
scheme has surfaced online all over the world, with names such as ‘loom
circle’, ‘fractal mandala’ and ‘blessing
loom’.
It was gathered that the
first step of the process is being invited to join a WhatsApp group chat,
usually by a friend or relative.
Then you are asked to ‘invest’
N1,000, N2,000 or N13,000 with a promise that you will make eight times the
amount back once you recruit new entrants.
After you have paid in the money,
you are asked to invite at least one person to join the system.
There are four levels in Loom
Nigeria – Purple, Blue, Orange and Red.
Each time eight people join the
loom, the person in the centre (Red) will get the target amount and leave the
group.
Netsafe CEO Martin Cocker has
warned that the scheme is just a pyramid scheme disguised as something new.
Mr Cocker said the ‘loom’ is one
of the first scams that has been seen to spread successfully on social media
targeting young people who won’t recognise it as being a pyramid scheme.
‘Any scam targeting people
through social media is effective, because as you receive contacts from people
you know, you lower your guard,’ Mr Cocker said.
‘It would be pretty easy for a
scammer to release a similar kind of programme and release it into social media
and see how far it can go.’
Be warned!
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