Barbados’ Monetary Providers Fee has issued a “click on a button” app Ponzi fraud warning.
As per an October twenty ninth report from Barbados At this time;
The Monetary Providers Fee (FSC) on Monday issued an pressing warning about investing in multi-level advertising and marketing (MLM) schemes, as a scheme masquerading as a YouTube and TikTok partnership actively recruits Barbadians with guarantees of fast earnings.
The scheme requires contributors to initially have interaction in a three-day probationary interval after clicking a supplied hyperlink, with recruiters promising earnings of $2.50 per day for clicking 5 occasions in designated areas.
Potential members are then inspired to go to the St Michael workplace of the enterprise and pay roughly $700 to advance to “degree two”, which includes making 10 on-line clicks for promised earnings of US$10 ($20) every day or US$300 ($600) month-to-month.
That is both a “watch movies” or “social media manipulation” variant of your typical “click on a button” app Ponzi.
Current examples of the “watch movies” variant are IGN MV and Creators Alliance. “Social media manipulation” examples are GTM, KJBT and LAM.
The FSC didn’t identify the particular “click on a button” Ponzis they’re warning about. I additionally couldn’t discover the referenced warning however did be aware FSC issued a common MLM funding alternatives warning on October twenty eighth.
Since 2021 BehindMLM has documented a whole bunch of “click on a button” app Ponzis. Most of them final just a few weeks to a couple months earlier than collapsing
“Click on a button” app Ponzis disappear by disabling each their web sites and app. This tends to occur with out discover, leaving the vast majority of traders with a loss (inevitable Ponzi math).
Organized crime pursuits from China function rip-off factories behind “click on a button” Ponzis from south-east Asian nations.
In September 2024, the US Division of Treasury sanctioned Cambodian politician Ly Yong Phat over ties to Chinese language human trafficking rip-off factories.
Via numerous firms he owns, Phat is alleged to shelter Chinese language scammers working out of Cambodia.
No matter which nation they function from, the identical group of Chinese language scammers are believed to be behind the “click on a button” app Ponzi plague.
