The crumbling of the house of cards began when the JJ Poor-to-Rich (JJPTR) scheme was exposed, leading to a string of other similar companies facing the same fate. It’s so easy to read, laugh and share a shocking story such as that of JJPTR that managed to cheat more than 400,000 people of approximately RM1.7bil. The problem that many people fail to realise, is that it may happen to just about anyone.
If you’ve had a family member or friend approach you with a scheme that they claim is simply unbelievable because of how amazing the returns are, you’d best believe that it’s too good to be true. Have you ever heard of a legitimate business that is able to offer you a ROI (return on investment) of 20% every fortnight, like what Live Coin claimed to be able to do? We didn’t think so.
It would seem like these scams are here to stay; they’re so deeply rooted in our society because of how cleverly they play on one of the seven sins of humankind: greed. What’s worse is that most of the victims are easily drawn into these scams, based purely on the trust they have for their family member/friend, which we call the ‘snakes’. There are also those who are not financially savvy or had a bad experience with licensed financial providers (also known as the 'misguided').
We recently spoke about the three types of people you would usually find involved in money games (and who, inevitably, will be moaning about it to the press) in an exclusive chat with BFM, the business station. You can listen to the podcast below, and let us know what else we should have covered in the chat!