Experts warn of 'blessing looms'
A new scam is slowly taking over social media.
a new scam is slowly taking over. Social media participants promise they will receive thousands of dollars with little effort and a small initial investment. Are you wanting more money sooner? A get rich quick scheme is gonna work. The blessing loom or gifting circles are new versions of an old scam. Any time we have financial distress in the country, unfortunately, we see scammers coming out to try to take advantage of that. Any participation in these scams is illegal, so you really shouldn't be doing them even if it is a friend who asks you. The scheme relies on people recruiting new people to keep the scam afloat. They are a little bit more personal than a lot of scams, and in that regard also could be more hurtful. Most people who get involved with it are going to end up losing money. That money is moved electronically via APS, leaving participants with little recourse. Once you have that money over, it's gone. Experts say it's okay to be skeptical. Do some research before you hand over your hard earned money. The Federal Trade Commission says no one group is being targeted. Every community in the country needs to be on the lookout for incomes scams, experts suggests. Do your research. And if one of these deals pops up on your social media feed, walk away keeping those hard earned dollars in your wallet. Dan Schellman, NBC News.