Have you seen 'The Blessing Loom' on Facebook? Experts say it's - | WBTV Charlotte

Have you seen 'The Blessing Loom' on Facebook? Experts say it's a scam.

(Source: Raycom Media) (Source: Raycom Media)
CHARLOTTE, NC (WBTV) -

An internet scam making its way around Facebook is leaving some people with empty bank accounts.

It’s called "The Blessing Loom" and it’s a new twist on an old scam, the pyramid scheme.

The scheme requires participants to pay $100 into an online payment system like PayPal, Venmo or Cash App. The person is promised an $800 return on their $100 investment.

The problem is participants have to recruit others to invest in order to get the money. But there's another danger to this scheme other than losing the initial $100 investment.

When using an online payment system to invest, people are opening themselves up to the possibility of getting hacked.

Mike Holland, who is the executive vice president of client relations for Fortalice - a cybersecurity company, said this is a classic cybercrime.

"Cyber criminals use the internet to prey on unsuspecting people to try to convince them to give them their password or log in, their credentials and so under the guise of what is probably a Ponzi scheme or a quick cash scheme which is usually a farce, they're convincing people to give their login information which is never a good idea," Holland said. 

Holland said the best thing to do is avoid the “Blessing Loom” altogether. 

Not only because there's a large chance participants will lose money and give unwanted access to their accounts, but also because the “Blessing Loom” falls under the Federal Trade Commission's definition of a pyramid scheme which makes it illegal to participate in.

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