Welcome to Our New Anti-Scam Campaign: Let’s Fight Fraud Together

@Gjoksi thanks for sharing, that sounds like a scam. Whenever something sounds to good to be true, it usually is.

I think we should be wary of promises of high returns with little risk, and beware of high-pressure tactics to invest or join quickly.

These schemes attract investors by guaranteeing consistent returns, and they provide fake financial statements showing high returns, which builds trust and encourages investors to reinvest their earnings or recruit new investors. You will find that some people may even say that they earned money at first, so they'll try to convince you that you are missing out on a real business opportunity. What actually happens is that instead of generating profits through legitimate activities, early investors are paid with the money from new investors. This creates the illusion of a profitable business.

Promoters create a sense of urgency or exclusivity, pressuring people to invest quickly before the opportunity is gone. They might claim there’s limited availability or time-sensitive benefits. When looking at the reviews for the app above, you can quickly realise that most of them are fake, except of course for the ones that reveal the loss of money and expose the scam. These apps/schemes often promise 'high earnings' and 'financial freedom', showcasing success stories and lavish lifestyles of top earners, but in reality the scammers take the money from investors for as long as they can and before you know it, they are gone. Then they move their 'business' someplace else and focus on a new audience, opening other apps and continue scamming people, so they are difficult to catch.

I also know people who were tricked by similar ponzi schemes, and even tried to convince me to invest.

There's no such thing as easy money. As a rule of thumb when investing, always check if the company is registered with relevant regulatory bodies and has proper licenses and do a thorough research before throwing your hard-earned money away.

Well, obviously they pose as a legitimate app that can help you get 'rich'. Right. While it may not contain something malicious inside, the fact they lure people into investing money with the promise of an exponential return of investment based on the amounts you deposit, or on bringing in new users, it's clearly a red flag and more than likely a scam. Not really sure what antimalware vendors can do here, because I don't think a detection can be added. Best thing to do is to report the app to Play Store and raise awareness about the red flags.

Here's another scam app:

These are fraudulent applications that deceive users by promising high returns through automated cryptocurrency trading using artificial intelligence. These scams exploit the growing interest in cryptocurrency and AI technology.

The apps often advertise guaranteed high returns with little to no risk, claiming their AI technology can predict market movements with high accuracy. The scammers operate with professional-looking websites, flashy advertisements like the one above, and often fake testimonials to lure victims.

Similar with the app reported by Gjoksi earlier on this thread, they operate by allowing initial small investments to yield positive returns to build trust. This encourages users to invest more money. Once a significant amount of money is invested, the app might start generating losses, or users might find they can no longer withdraw their funds.

Cheers @Flanksy and welcome back! Sure, you can join the conversation on scams here and report any online scams you come across. You can also share your experience with the community, if you have ever been a victim of scams. One of our colleagues opened the thread below in the same category: