You should be careful of people who are obtaining money through Pyramid Schemes after more than 150 individuals became victims of a gifting scheme that was circulating on social media.
The Fijian Competition and Consumer Commission CEO Joel Abraham says in a pyramid scheme, an organisation entices individuals to join and make a payment and in exchange the new members are promised a share of the money that they receive from every additional member they recruit.
Abraham says the directors of this organisation or admins of the group will also receive a share of these payments.
He says Pyramid schemes make money by recruiting more members who pay money to join or by asking for more money from current members.
He says there are many methods being used by individuals to entice innocent and vulnerable people who may be looking for easy ways to make quick money in order to provide for themselves and their families.
Abraham says these people may start off with small amounts but then end up paying large sums including life savings.
He says such schemes are illegal and are designed to defraud Fijians.
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