In a time like this where series of Ponzi schemes are sweeping Nigerians off their feet, not knowing how to spot a Ponzi scheme or the red flags to look out for, can make you end up penniless. What then should you do? We are on the watch for you, and here are a few things you should beware of:
Schemes that promise you high returns without any form of risk. Schemes that promise you 100% or 200% returns in just a few hours is a no no. High percentage in a short while can only equate to high risk. Several of those schemes are springing up in Nigeria right now with many losing their money to these schemes e.g Twinkas, 247 helpers among many others.
Have you tried making claims or withdrawing your money and there was delay? Have they met up to their promises in time? That may be a sign that you shouldn’t put more of your money in it. Some of this scheme will urge you to leave your money longer so as to yield a higher return. Don’t fall for the trick.
How sustainable is it. Majority of the Ponzi schemes in town requires the registration of more members to sustain the scheme. What happens when the community stops growing? Your money gets stuck. Yes, almost every business requires more people to facilitate growth however when the scheme is not properly controlled or coordinated you risk losing your money. For instance the admin promise you 70% today and it then changes to 100% tomorrow or they operate from Whatsapp or via email without any form of contact. This means it has no form of sustainable structure. It is a sign that you should get out. There is no reliability and will crash in a short time.
When the owners of the scheme are seemingly anonymous and you can’t trace them to anywhere or form of business. Another red flag you should look for is where there is no clear cut where the returns are being generated or you can’t place your finger on what is being done with your money yet they claim they can double your money for you. Be wary of such schemes.
Don’t be a victim of the get rich quick schemes, check the red flags!