Hi Everyone,
I found this interesting article and couldn't resist sharing it with you all here at adlands
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HYIP and the "Secret Banking System" Scams
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from http://www.scambusters.org
HYIP, which stands for High Yield Invest Programs, are
investment scams that are exploding right now.
The scam artists focus on greed as well as spinning tales of
the (non-existent) "secret banking system." The hype can be
very convincing -- and millions of dollars of money is lost to
these scammers.
Here's how it works: The scammer says that they -- or their
employers -- are one of only a handful of traders in the world
who can pull of these special kinds of trades. These trades
are usually only done at the $100M level, but for some (made
up) reasons, you can now invest a small amount of money and
quickly get the $100M level.
Why do they say that they are not just continuing to do the
trades for themselves? They claim they've been doing them for
15-20 years, and they have secretly made hundreds of millions
of dollars. So, they've now made enough money and they want to
help you benefit some charity.
Naturally, you are told your money is not at risk, and that you
can earn between 1% to 250% return per day!
These high interest rates are tip-offs that the "investment"
may well be a Ponzi scheme or other type of scam.
Perhaps the most compelling part of these scams to many victims
is that they supposedly tap into the (non-existent) "secret
banking system" that normally only the very rich can benefit
from. That's why they claim astronomically high rates of
interest can be achieved.
There are many variants of these scams, including those that
claim:
- There is a major U.S. bank that guarantees these investments.
- The U.S. government is covering up this secret banking system.
- The program uses International Chamber of Commerce Approved Forms.
- These programs are backed by the International Monetary Fund.
Action: Delete any email that promises you extraordinary
investment returns. Recognize there is no "secret banking
system," and regardless of the promises, your money is NOT
safe. Don't be fooled by the hype. Remember: if it sounds too
good to be true, it probably is a scam.
For more on avoiding investing scams, visit:
http://www.scambusters.org/investing.html
We have more scambuster links on our main site at The Corner 4 Women,
http://thecorner4women.com/A.htm
Love and Peace
John Elliott aka Oaky Wood and Luella May
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