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BBB warns of Blessing Loom pyramid scheme: ‘You are not going to get a return on your investment’

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PROVIDENCE, R.I. (WPRI) — Money is tight for a lot of Rhode Islanders right now, with more than 200,000 people having filed for unemployment benefits since the COVID-19 pandemic began.

As people try to make ends meet, the Better Business Bureau is warning about a new pyramid scheme going around social media.

“Any type of pyramid scheme is really promising you a quick profit for recruiting others,” said Paula Fleming, the BBB’s local chief marketing and sales officer.

Fleming said you may receive a direct message from a friend, family member or stranger inviting you to join a Blessing Loom.

“With a small investment of $100 paid through Paypal, Venmo, or another digital payment service, you can spread the wealth and see a huge return on your money,” Fleming explained.

She said to be very skeptical before accepting any offer through social media.

“You want to do your research,” she advised.

The offer may seem tempting during these unprecedented times, which could lead to some people falling victim to the scam.

“They are acting out of fear, out of pressure and stress,” Fleming added.

Fleming said no matter what extra cash could come out of a pyramid scheme, it’s best to just ignore it.

“Even though it’s $100, you might be short money, you are not going to get a return on your investment,” she said.

Coronavirus: Coverage and Resources

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