{"id":2675,"date":"2020-05-27T06:39:45","date_gmt":"2020-05-27T10:39:45","guid":{"rendered":"https:\/\/rockonthemoney.com\/?p=2675"},"modified":"2023-01-25T18:53:40","modified_gmt":"2023-01-25T22:53:40","slug":"these-games-are-actually-chain-letter-scams","status":"publish","type":"post","link":"https:\/\/netcast.one\/rotm2\/blog\/these-games-are-actually-chain-letter-scams\/","title":{"rendered":"These ‘games’ are actually chain letter scams"},"content":{"rendered":"\n

Are you tempted to play \u201cThe Circle Game,<\/strong>\u201d join a \u201cBlessing Loom<\/strong>,\u201d or jump on a \u201cMoney Board<\/strong>\u201d? These are some of the names for an online scam that\u2019s making the rounds at a time when millions of people are out of work and scraping for cash. It promises a big return for a modest investment. Don\u2019t fall for it. You\u2019re virtually guaranteed to lose your money, or pull in friends and family who will lose theirs.<\/p>\n\n\n\n

Also known as the \u201cMandala Game,\u201d \u201cBlessing Circle,\u201d \u201cInfinity Loom,\u201d \u201cGiving Circle,\u201d and by other names, the scam is a chain letter-type of pyramid scheme. While versions vary slightly, the one we\u2019re hearing about most promises that you\u2019ll collect $800 for an investment of $100 and, at the same time, help bring good fortune to someone else by recruiting them to join. Here\u2019s how it works.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

You see a post or get a direct message on Instagram, Facebook, or other social media. It invites you to join the Circle or Loom by sending $100 through PayPal or another digital payment service to the person whose name is at the center of an octagon-shaped playing board. Your payment gets you one of eight spots on the outer ring of the board and a chance to move towards the center by recruiting other people to join. As more people join, your board changes and the number of playing boards expands. Eventually, you\u2019re supposed to land at the center of a playing board and collect $100 from each of eight new recruits on the outer ring. That\u2019s when you leave the game or start all over again with another $100 payment.<\/p>\n\n\n\n

What\u2019s the harm? Like other types of pyramid schemes, these chain letters depend on recruiting new people to keep money flowing into the enterprise. There are no products sold or real investments creating profits. Once players run out of new recruits to bring into the game, the money dries up and everyone waiting to reach the center comes up empty handed.<\/p>\n\n\n\n

If you get an offer to join an online game like this, beware \u00ad\u2013 it\u2019s a scam. The warning signs? Promises that you will make money by paying in yourself and recruiting others to do the same. If the offer comes from a friend or family member, warn them.<\/p>\n\n\n\n

Originally provided by Seena GressinAttorney, Division of Consumer & Business Education, FTC<\/em><\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Are you tempted to play \u201cThe Circle Game,\u201d join a \u201cBlessing Loom,\u201d or jump on a \u201cMoney Board\u201d? These are some of the names for an online scam that\u2019s making the rounds at a time when millions of people are out of work and scraping for cash. It promises a big return for a modest […]<\/p>\n","protected":false},"author":1,"featured_media":2676,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"episode_type":"","audio_file":"","cover_image":"","cover_image_id":"","duration":"","filesize":"","date_recorded":"","explicit":"","block":"","itunes_episode_number":"","itunes_title":"","itunes_season_number":"","itunes_episode_type":"","filesize_raw":"","footnotes":""},"categories":[2,100],"tags":[13,298,152,299,196,210],"coauthors":[284],"_links":{"self":[{"href":"https:\/\/netcast.one\/rotm2\/wp-json\/wp\/v2\/posts\/2675"}],"collection":[{"href":"https:\/\/netcast.one\/rotm2\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/netcast.one\/rotm2\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/netcast.one\/rotm2\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/netcast.one\/rotm2\/wp-json\/wp\/v2\/comments?post=2675"}],"version-history":[{"count":1,"href":"https:\/\/netcast.one\/rotm2\/wp-json\/wp\/v2\/posts\/2675\/revisions"}],"predecessor-version":[{"id":2678,"href":"https:\/\/netcast.one\/rotm2\/wp-json\/wp\/v2\/posts\/2675\/revisions\/2678"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/netcast.one\/rotm2\/wp-json\/wp\/v2\/media\/2676"}],"wp:attachment":[{"href":"https:\/\/netcast.one\/rotm2\/wp-json\/wp\/v2\/media?parent=2675"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/netcast.one\/rotm2\/wp-json\/wp\/v2\/categories?post=2675"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/netcast.one\/rotm2\/wp-json\/wp\/v2\/tags?post=2675"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/netcast.one\/rotm2\/wp-json\/wp\/v2\/coauthors?post=2675"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}