Pyramid and Ponzi Schemes on the Internet and Social Media

Pyramid and Ponzi Schemes on the Internet and Social Media

https://cybersecurityinstitute.co.za/pyramid-and-ponzi-schemes/

The economic downturn and number of employees losing their jobs has culminated in a number of individuals falling victim to pyramid or money multiplication schemes and Ponzi schemes. The traditional structure, means of communication and recruitment of individuals to these financial pitfalls has however been to be increasingly proliferating through online and social media in attempts to lure more individuals into a debt trap and ensure the original creators thereof are afforded a degree of anonymity. Consumers facing large amounts of debt, financial stress and unexpected expenses are most vulnerable, whereas social media provides a false sense of security, prompting trust in the members of personal online social networks.

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