Whether it's a blatant pyramid scheme, dysfunctional political leaders or a mindless church cult, our people are desperate to believe in something
What I learnt helping people identify & get out of pyramid schemes:
Desperation clouds judgement.
These are people like you & I who end up in terrible situations. It's a loan gone bad or sudden unemployment
Sometimes they have so much cash "invested" they're forced to believe
Desperation clouds judgement.
These are people like you & I who end up in terrible situations. It's a loan gone bad or sudden unemployment
Sometimes they have so much cash "invested" they're forced to believe
The hardest people to help get out of a scam are the "cult promoters"
These are people who joined a scam early, have actually made money & refuse any evidence put in front of them.
They frequent Facebook groups & are prepared to sacrifice their friends/ family to the scheme.
These are people who joined a scam early, have actually made money & refuse any evidence put in front of them.
They frequent Facebook groups & are prepared to sacrifice their friends/ family to the scheme.
A quick thread on why pyramid schemes peak during a pandemic
https://twitter.com/iamkoshiek/status/1278068930872033287?s=19
The origin thread on Crowd1 which ended up in an investigation by the @FSCA_ZA
https://twitter.com/iamkoshiek/status/1273308566884057089?s=19
Nobody looks out for the most vulnerable people. People like my 72yo granny - who LOVES a good scheme.
Overlay technology & you have a very easy target market. Data breaches, pyramid schemes, insurance fraud, forex scams - all go unpunished. Repeatedly!
It's up to us to fix it.
Overlay technology & you have a very easy target market. Data breaches, pyramid schemes, insurance fraud, forex scams - all go unpunished. Repeatedly!
It's up to us to fix it.
Alot of people are like "let them figure out" & I fucking disagree
Just because you're not in a pyramid scheme doesn't mean friends or family aren't bleeding money they can't afford to lose
Nobody likes to say "hey I got scammed". It's embarrassing. But we have to talk about it
Just because you're not in a pyramid scheme doesn't mean friends or family aren't bleeding money they can't afford to lose
Nobody likes to say "hey I got scammed". It's embarrassing. But we have to talk about it
Last misconception to kill off:
"Only stupid people get scammed"
My entire career in investment banking has shown me even people with multiple degrees, high levels of financial literacy & in very senior roles get burnt.
Scams thrive when people are complacent.
"Only stupid people get scammed"
My entire career in investment banking has shown me even people with multiple degrees, high levels of financial literacy & in very senior roles get burnt.
Scams thrive when people are complacent.
Never forget the dude who sold a non-existent airport to a bank for $242m
medium.com/history-of-yes…
medium.com/history-of-yes…
Everyone knows about Steinhoff. Another Hall of Fame SA scammer is J Arthur Brown.
He was sentenced to 15 years for the theft of R1.4-billion from pension funds of widows and orphans administered by his firm, Fidentia.
google.com/amp/s/www.bizn…
He was sentenced to 15 years for the theft of R1.4-billion from pension funds of widows and orphans administered by his firm, Fidentia.
google.com/amp/s/www.bizn…
• • •
Missing some Tweet in this thread? You can try to
force a refresh
