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Don't Fall For It: 'Blessing Loom' pyramid scheme targets people on social media

(KEVN)
Published: Apr. 20, 2020 at 8:57 PM CDT
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During a time of vulnerability for many scammers are finding ways to take your money. A woman who spoke with Eyewitness News Monday and wishes to remain anonymous, says she saw on social media what she thought was a good opportunity to make extra money.

"I wanted to make extra money, and I thought it would be a good investment because it was pretty easy," she says.

An old scam known as "The Blessing Loom" is popping up on social media and many are falling for it.

"I've seen two Instagram influencers that I follow. They have a big following on Instagram and they were playing the game and posting screenshots of them winning $800, just by putting in $100," the woman we spoke with Monday says.

Here's how "The Blessing Loom" scheme works: You'll see an octagon that must be filled with names of participants. You are told that if you pay $100 to get a spot, you recruit other people, and once your name makes it to the center of the octagon, you get $800.

The

says if you see "The Blessing Loom" pop up in your timeline, or someone you know asks you to join, don't fall for it. Chances are you will lose your money.

The problem, the BBB says is that schemes like this usually fall through and you won't see any return on money you send.

Denise Groene with the BBB says there are many risks that come with participating in a pyramid scheme like this.

"You're not only sharing money with people that you don't know, but also information," she says. "A lot of times, you're communicating with them, they might be asking sensitive information about you."

You could also get in legal trouble as pyramid and ponzi schemes are illegal in Kansas.

If you see a scheme like "The Blessing Loom" going around, you can report it on the

or with the