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  • Geebo 8:00 am on August 25, 2020 Permalink | Reply
    Tags: , blessings groups, , ,   

    Blessing Loom pyramid scheme is back 

    Blessing Loom pyramid scheme is back

    The last time we heard about the Blessing Loom pyramid scheme, scammers were trying to take advantage of people who had just received their economic impact payments. Now, we’re seeing reports of the pyramid scheme returning to social media if it ever left at all. With so many Americans having financial difficulty during the current crisis, the Blessing Loom could be finding new victims.

    While a Blessing Loom may be shaped like a circle, it’s essentially just window dressing for a pyramid scheme. In a Blessing Loom, someone will promise their victims that they can exponentially increase their initial ‘investment’ if they just recruit new people into the ‘loom’. In theory, once the outer circle of the loom is filled the person in the middle gets all the investments from that circle. Once you move to the center is when you’re supposed to get your big payout. Except, the only people who truly make money through these are the people who set it up in the first place. Once they receive the investment money through apps like Venmo or Cash App, your money is gone and you just made someone else richer for doing almost nothing.

    These pyramid schemes often go by other names as well with all of them designed to lull you into a false sense of security. Using such names as ‘Money Board’ or ‘Gifting Circle’, scammers will try to make these schemes appear as friendly as possible to try to recruit as many people as possible into their scheme.

    The other drawback to Blessing Looms besides losing your money is that they’re illegal. If you try to recruit someone into one of these circles, you could be held criminally responsible even if you’re not the initial organizer.

    As we’ve said before, you wouldn’t give a stranger on the street your money if they told you they’ll give you $500 if you give them $50, so why would you give it to someone on social media?

  • Geebo 8:00 am on June 11, 2019 Permalink | Reply
    Tags: blessings groups, emergency expenses,   

    Can social media help pay for emergencies? 

    Can social media help pay for emergencies?

    If you’re like many Americans who are living paycheck to paycheck you know how devastating an emergency expense can be. Before you know it bills are going unpaid in order to try to get your head above water financially. However, things start to snowball and the problem just gets bigger and bigger. Before all is said and done you could have essential utilities turned off or you could find yourself evicted from your home. If you’re in a situation like that there may now be a place you could potentially turn to help you get out of that jam.

    The Atlantic recently ran an article about groups on social media called ‘blessings groups’ that are specifically designed to help people pay for emergency situations. Rather than trying to use a platform like GoFundMe many people go to these blessings groups in order to try to get donations to help pay for such expenses as minor car repair, baby formula, or an overdue bill. If you’re in a position to do so you can also join one of these groups to donate to people having emergencies. You don’t have to donate a lot either. In most cases, donations come in as little as $5-$10 until the person in need has enough to pay for their expense.

    Even though these groups are a big help to many there are still many pitfalls as scammers are said to have run rampant through many of these groups. Not only that but sometimes these groups can become petty and political leading not only to hurt feelings but also some people receiving no donations when they’re in desperate need of them.

    So if you find yourself in need you may want to turn to one of these groups but be warned that the experience may not be a pleasant one.

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