Many victims of pyramid schemes are young people with little life experience.
Upon graduation, one of the very first lessons should be about employment and investment scams.
The world is full of pitfalls
Growing up under the protection of our parents and teachers, we are often told the world is a dangerous place without truly understanding the meaning behind. There are good and bad people in the world, and we should always be on guard against the intentions of the latter.
We should be particularly wary of money-making schemes that seem to promise too much for too little effort. Fraudsters are crafty and will play whatever role necessary to make their scams work. In pyramid schemes, youngsters are often recruited to sell or invest in certain products in the name of recruitment. To lure netizens into taking part, fraudsters often make use of social media to advertise their investment plans that guarantee high returns. With little life experience, young people are especially vulnerable to these scams.
During a job search, if you are asked to pay or invest, take note of the following suggestions which may save you from potential pyramid schemes:
- Making money is hard
Only those who really have your best interests at heart will tell you to “keep your feet on the ground”. In contrast, fraudsters often instill potential victims with the misconception that making money is easy, which ultimately makes it easier for them to pull new victims into their scams.
- Don’t believe you are the lucky one
High-paying jobs often require considerable academic qualifications and experience. If you stumble upon a high-paying job that requires none of these things, you are not the lucky one; the conman is.
- Say no to a job that asks for money
Legitimate companies generally do not ask interviewees for money. If you need to pay for training courses or purchase the company’s products in advance – or even worse, be asked to contribute money for “job or entrepreneurial opportunities” – it’s best to reject all such requests and walk away.
- Fact check
When considering whether to sell a product or invest in a certain product, don’t just listen to one side of the story; do your own research and look at the full picture.
- Stay abreast of the latest scams
Stay on top of the workings of common scams by paying attention to current affairs.
22 April 2020