All About Online Get Rich Quick Frauds

Who does not want to be rich? It is everyone's dream to become as rich as possible. The fraudsters exploit this natural human tendency to rob the ordinary retail investors of their hard earned money. They offer very high returns for very small investments. Naturally, the innocent investors, who are not aware of such scams, fall prey to these sinister plans very easily. Nowadays these offers are made through the internet advertisements and emails since the number of computer users increased tremendously. eSolving Scam Alert keeps updating the net savvy investors on these frauds on a regular basis.

Introduction To Get-Rich-Quick Schemes

This type of shady investments came into being in the beginning of 20th century. The sales agents of such schemes promise monumental returns for modest investments. Sometimes the participants are asked to work from home to gain wealth. Little time, effort and skills are required to perform the tasks, assigned by the scamsters. Apart from newspapers and magazines, these schemes are often advertised through internet and emails. Sometimes compact discs and booklets are also used for marketing the scheme. Numerous Get-Rich-Quick schemes exist in the market today. Most infamous ones are Advanced Free Fraud, Ponzi Schemes, Matrix Schemes and Pyramid schemes.

How Online Get-Rich-Quick Scheme Works

Online Get-Rich-Quick scheme exploit the net users' wishful thinking and lack of common sense and skepticism. The sales agents of such schemes promote some magic formula to lure potential victims. Some agents even claim that the participants could earn hundreds of thousands of dollars just by putting very little effort. The scamsters usually claim that the participants need not have any IT and marketing skill. Generally such schemes have very catchy titles and images which flaunt luxury and wealth to lure innocent people. The sign up fees for such fraudulent schemes range from few dollars to hundreds of dollars. After signing up , the participants are provided training materials in the form of compact disks or electronic books. Through these materials, the fraudsters train the subscribers in applying the "special secret" techniques, which are nothing but some basic and intermediate marketing methods. These methods are actually neither special nor secret and do not ensure a high return.

Different Online Get-Rich-Quick Scheme Types

Some of the most infamous Get-Rich-Quick schemes are Advanced Fee Fraud, Ponzi Scheme, Matrix Scheme, Pyramid Scheme, etc. The Advanced Fee Fraud is a scam in which the participants are taken into confidence and convinced to pay a huge sum of cash in order to get a very high return. Detroit Scam, Russian Scam, Spanish Prisoner and Nigerian Letter are examples of this type of scam. Ponzi scheme is a fraudulent investment program, in which the promoters pay the returns to the investors from their own money or the investments made by the subsequent investors. In the business model of Matrix scheme, the participants make huge payments for a particular product. Actually their names are added to the waiting list of members. Only a small fraction of the participants receive the product. The Pyramid scheme is a fraudulent business model, in which the subscribers are promised high returns for recruiting other people in to the scheme.

Precautionary Steps

Without knowing the scheme thoroughly, the potential participants should not make any investment. The bank account and credit card details should not be shared with anyone. The background of the promoters of the schemes should be checked thoroughly. For latest updates on fraudulent schemes, the investor should go through the eSolving Scam Alert articles.

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