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Stay away from social media Pyramid Schemes

Stay away from social media Pyramid Schemes

A lot of people fell victim to  the WhatsApp Stokvel pyramid scheme and their devastation left them fuming on social media, demanding refunds for the money that they invested.

I am glad I never fell victim to pyramid schemes. Although I was tempted a few times, I never wanted to risk all my money in the name of being desperate. I’ve come to witness a lot of people expressing their anger through social media, all in the name of pyramid schemes.

Two months ago, there was a pyramid scheme that flocked social media, called the ‘WhatsApp stokvel. This raised numerous concerns to me, as I marvelled at how people could trust complete strangers to return the money they had invested in the stokvel. In order to join this ‘stokvel, you had to contribute R200 and your name would be added to the list. Once your name was added to the numerated list, you had to wait until  you reached the top spot, signalling your turn to receive money.

This scheme went on for a couple of weeks, with people posting about this WhatsApp Stokvel all over social media. To my surprise, all these people I had witnessed posting these WhatsApp stokvels statuses on social media have suddenly gone mute, due to disappointment.

This showed me that you can’t trust any social media pyramid scheme and that it  wasn’t a sound idea to risk your financial health just to earn a few quick bucks.

Phumie

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