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Pasifika Urged To Be Wary Of Pyramid Schemes Promoted On Social Media
Pacific communities are being urged to think twice before committing to investment opportunity scams which often cheat people of their money.
Authorities in Pacific Islands countries including Vanuatu and Tonga are currently warning about pyramid schemes being promoted to their citizens on social media.
New Zealand's Financial Markets Authority regulatory services manager Sam McGuire said such schemes looked to leverage the close bonds of Pacific communities to hook people in.
Describing the threat of these scams as regional, McGuire said Pacific communities are attractive to scammers because of their strong connections to whanau and friends, both locally and abroad.
"As communities you have high trust in each other. You listen to each other, but also you're extremely respectful. So there's a hesitation to challenge what people are saying, and potentially ask a lot of questions, you take things on face value."
She warned that because of those strong community connections, there was a lot at stake when people end up getting scammed, especially trust.
"That's the really tough part of pyramid schemes, because you are actually introduced by someone you know, someone close to you. And that's the real part that hurts when these things invariably fall over."
McGuire advised people considering investment opportunities that are promoted to them online to first ask a lot of questions before committing to anything
"Things like, why do you want me to bring people into this scheme? Where do the funds come from? How do I get my money out?"
"Also go to a range of sources, outside the group that you've been introduced to whatever this is."
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