Pyramid Scheme on Facebook
How would you like to receive dozens of gifts by just participating and sending out one gift? That sounds amazing doesn’t it. In fact, maybe some of your facebook friends are part of this gift exchanged and you know that person. Just because your friend is participating does not make it legitimate. That’s how this scam works by using familiar names and people you know. When you add in a familiar person who is currently doing this you may let down your guard and think, ok what is there to lose, it is just 10 bucks or whatever amount they set. We’ve seen small amount of money where many think ok that’s not too bad if I lose it. Some scammers get creative and start a book exchange for children. It is the same idea, send out a book worth 10 dollars and receive x amount of books in return.
This type of scam is called a pyramid scheme that promises you dozens of gifts. In theory, if everyone on the list of names really do send a gift and it gets pushed out to x amount of people you could be getting x amount of gifts. That's how a pyramid scheme works - but it only works to a certain point, since you'll eventually run out of people. The train eventually comes to an end. You may be the lucky few who actually receive a gift. Think about easy it is to just get all your contact information including your address. If you are part of a book exchange you then get names and age/gender of the child who you are participating for. All this information goes to the scammer for a very low cost. Be extra mindful and think if the offer seems too good to be true, it is likely a scam. Protect yourself and your family and don’t fall into this social pyramid scam.