According to Wikipedia, a High Yield Investment Program (aka HYIP) is …
A high-yield investment program (HYIP) is a type of Ponzi scheme, which is an investment scam that promises an unsustainably high return on investment by paying previous investors with the money invested by newcomers.
Ok, yet another scam – so what?
Well, there’s a few spam emails going about currently that sounds like a big one. People will get hurt so it’s my duty to warn you all!
Spam like this one:
Hello,
I would like to introduce the Investment Committee.
I represent Prosperity Organization that is committed to provide with life changing returns and services. Investment programs can bring you no risk
interest to pay of your mortgageIf you are interested, please visit: http://groups.yahoo.com/group/bevetutabykax90/message/1
[OR: Ed.] http://groups.yahoo.com/group/lohywejyfolyd12/message/1
[OR EVEN: Ed.] http://groups.yahoo.com/group/fujuxoryfymyg58/message/1
Regards,
Moderator
One thing they all have in common is a Yahoo Groups Page as a jump point to the real scammer’s page http://sdhfiweof.com/.
One thing about working in the IT industry for so long (especially working with email systems) has taught me is NEVER BUY PRODUCTS/SERVICES MARKETED BY SPAM, especially if
These jokers fit all of the above. Here’s a Pic of their site:
Now, I’m sure that there is a God-fearing lady called Marta, and there may even be one in Baltimore with two kids, but I’m absolutely certain that this isn’t her. It’s much more likely to be Fred Milto (FredMilto@gmail.com), a "Private Person" in New York, 10017 - at least that's who the domain name is registered to.
Of course, Fred (Aka Marta) may not be the owner of this mess – they’re likely to be affiliates and the real scammers ground zero are CherryShares.com
Anyway, I don’t have the time or the resources to investigate this one further, but if anyone knows more or has tried this particular scam, let me know.
The FTC and others have been issuing warnings for years about this scam – here’s one just in case you still don’t believe me From the SEC
and here’s a snippet
Signs of Banking-Related Investment Fraud
Below are warning signs of prime bank or other fraudulent bank-related investment schemes.
Excessive Guaranteed Returns
These fraudulent investment pitches typically offer or guarantee spectacular returns of 20 to 200 percent monthly, absolutely risk free. Promises of unrealistic returns at no risk are hallmarks of prime bank fraud.
I was alerted to a website called HYIPExplorer (http://www.hyipexplorer.com), who acknowledge that HYIPs are high risk investments but with high potential returns. They know there are a lot of scammers out there and provide a forum for people to rate and investigate these notoriously mercurial entities. If you are ever convinced to try HYIPs, please visit them and do A LOT OF RESEARCH BEFORE SENDING ANYONE ANY MONEY!!!
Social engineering is an approach used to gain unauthorized access to or acquisition of information assets. This approach relies on misrepresentation and the trusting nature of individuals, and is often carried out through the use of phishing telephone calls or email.
A phishing telephone call or phishing email may sound or look as though it comes from an organization you do business with, such as a bank or government entity, but they are generally from a scammer trying to obtain your personal information under false pretenses.
This particular scam is being carried out by telephone as follows:
An individual leaves a message on an employee’s work phone number, stating they are with the Golden 1 Credit Union. In this scam, the message states that the targeted person’s credit and/or debit card has been temporarily suspended and instructs them to push “1” to reach security. Do not push “1”. If you push “1”, a second recording will ask you put your card number. DO NOT PUT IN YOUR CARD NUMBER!!!!
The following are general practices to avoid becoming a victim of these types of scams:
• Do not respond to unsolicited (spam) e-mail. Simply delete it.
• Be skeptical of individuals representing themselves as officials soliciting personal information via e-mail, telephone or other means.
• Do not click on links contained within an unsolicited e-mail.
• Be cautious of e-mail claiming to contain pictures in attached files, as the files may contain viruses. Only open attachments from known senders.
• Validate the legitimacy of the organization by directly accessing the organization’s website rather than following an alleged link to the site.
• Do not provide personal or financial information to anyone who solicits information.
The Golden 1 Credit Union has been made aware of this scam. Additional information from Golden 1 Credit Union regarding fraud is available on their website at: https://www.golden1.com/privacysecurity/phonefraud.aspx