Some of the latest frauds people are being warned about include a “pyramid scheme” circulating on Facebook which is being investigated by the police.

These warnings come at a time when research reveals our identities are being targeted by scammers in record numbers.

 

Police are reportedly investigating a suspected online fraud that has been widely shared on social media.

The “get-rich-quick” scheme, which has been circulating on Facebook, has been dubbed by some as a “pyramid scheme” – also known as “investment circles” or “investment boards”.

The schemes work by inviting people to invest money into a bank account, then recruit other people to form an investment chain. Once the scheme inevitably runs out of new recruits, it collapses.

Ultimately, most people who signed up will be in the lower levels of the pyramid – and will end up not being able to recruit new members and make any money.

One of the posts circulating on Facebook shows one person’s PayPal balance at £1,144.54 and then again at £1,526.75. The post claims that the balance increased due to the scheme.

The post on Facebook, which has since been removed, read: “Want to know how to turn £129 into £516? Inbox for more info!

“All it takes is a few days and it will be in your PayPal account.”

Several people commented on the post saying that it was “illegal” and very similar to a “pyramid scheme”, however, many were eager to know more.

Facebook users are being urged to stay vigilant for scams such as this and report any suspicious posts they see.

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