We don come again o, ladies and gentlemen, and today’s sermon is “Thou shalt not give thy life savings to suspicious investment apps or platforms.
On a more serious note, just recently we saw some sad stories concerning another scheme people fell for- CBEX. A lot of people joke about it and some can even go further by calling those that invested different names.
Bear in mind that these are real people, first of all, these people put in their hard earned money and I think for some if they had known better they wouldn’t be in that situation. So before you judge and call people names, be compassionate.
Now, let’s be real. I hope we are all aware that there is no free money anywhere and for your money to grow, you have to invest. And investment takes time. I will repeat again: investment takes time to grow. The number reason why people easily fall for these investment scams is because of the return they are promised in such a short time.
Here are some (tested and trusted) tips to help you to identify and avoid these scams:
1. The return on investment is giving ‘Too good to be true’
If a platform promises to turn your ₦50k into ₦500k overnight, just know they’re not investing your money; they’re investing your gullibility. It is as clear as day that unless you want to print the money yourself, it is impossible to multiply money in such a short period.
2. There’s always a ‘referral bonus’ for bringing people
Nothing screams illegitimate like an investment scheme urging you to invite friends, family and neighbours to join. It is because your profits are largely dependent on their input. It’s like robbing Peter to pay Paul. Once they start telling you to bring more people, know that you are in a pyramid scheme no matter the beautiful names they call it.
3. Crazy, unbelievable and fake testimonials
Once you start seeing screenshots of chats on Whatsapp or Facebook, just know that it is probably the work of these scammers. Some of these images are even blurry and questionable. In the age we are in, anybody can forge anything and this includes reviews and testimonials from people.
4. There is no real product or service being sold
A legit business offers something: a product, a service, a subscription, a plan. Just something that you’re investing in. Always ask: “What exactly am I investing in?” If you can’t answer that without confusing yourself, please walk away.
Asides the above points,
– Do your research. Google is your friend and it is absolutely free to use. Check if the company is registered with financial regulatory bodies. Check the reviews. Any bad/questionable testimonies even on the most obscure websites should make you instantly doubt.
– If you cannot explain the investment to a 10-year-old, you probably shouldn’t be in it– especially all these ones they tell you virtual currency is exchanged and that it will magically multiply by some obscure maths.
– Follow verified financial experts, not Instagram traders in fake Gucci slippers. I come in peace.
– And please, stop trusting random WhatsApp groups with your financial future.
CBEX may be the latest in a long line of Ponzi schemes, but it won’t be the last. The scammers will rebrand, rename, and remix the same tricks, it is you that has to be wise.
May we not fall prey to scammers.
Have a wonderful week!
