Hello Hive Learners Community! Welcome to my blog. With the advancement of technology although we are getting more fast facilities in banking but there is also increase in risk of frauds and scams. Money Scams is every easy nowadays and your all digital assets will be hacked by your small mistake. We should be careful in clicking any link. Moreover, it is better save your assets in a decentralized wallet instead of Centerilized wallet. I have experienced two examples of scams in my life. I 'm thankful to God, I was able to save myself and my money in both cases.
Java Banking
There was a project named Java Banking introduced to me by my friend. This project was providing loans to the people on 5% mark up. Moreover, this project also demands your property paper or your jewelries as a guarantee for providing loans. People are really blind about money. My friend did his best to convince me for taking loans from this bank as he want to start garments business with me. I rejected his suggestions. Later, I came to realize that this project was giving commission for each referral to their members. My friend invited so many people. Some of these people took loans by providing their golden jewelries. In few months later, this bank claimed to be in loss hence the amount of loss would be paid from the accounts of the people who took loan in the form of mark up. The interest rate got doubled on the amount they have taken from banks. They had not taken permission from their customers. In one year, I heard about the bankruptcy of this bank and our state bank banned it with statement, "Java Banking is fraud so take your assets from them as soon as possible".
People who had taken loans moved towards the main office of the bank in Lahore. Even my friend did his best to contact the owner of the bank but it was too late. It was the biggest scam that I can still remember in my mind. The owner of the bank who had provided attractive prizes to some customers looted all jewelries and sold all their properties that people had kept as a guarantee and moved towards Europe.
When some people contacted to state bank about this scam to seek help but state bank denied to help because this bank was not state bank affiliated. In the greed of seeking more money, people lost their precious money and plots. Some people hired case against my friend and he is still facing court trails. Although, he was not directly involved in this scam but he had to pay a lot for his referrals. His whole life ruined. This Java Banking destroyed his social life.
My first Interaction with Fraudster
Previous year, I got friend request from a person living in Germany on Instagram. I visited his profile and I was impressed. This man looked real to me. I accepted his friend request. Few days later, I got greetings from his. I was surprised, how a big business man could dm me on Instagram.
Anyway, I started chat with him. He introduced me as a big business man as I had concluded it from his profile. He shared his story, how he became rich by Investing 50$ on a project. I was curious to know it. I started asking as many questions regarding the project as I could. He got success to convince me for investment.
As man was pretending to be real hence I was easy prey for him. I asked my mom to send me 50K PKR/ as soon as possible. It was huge amount and my mother asked the reason. My mother is my friend and I never had hidden anything from her. When I shared the whole investment story with my mother, she scolded and tagged me Duffer. She asked,
How a millionaire will contact you to invest you just thousands rupees?. From this question, my sleeping and greedy mind changed. I started thinking how could I involve myself in a strange project for becoming rich?. One day, I even visited the application of the project. There was a list of reviews of people about the applications. There were 80% people with negative reviews who had wasted thousands of dollars on this project and were unable to withdraw their invested amount. I instantly blocked the fraudster and secured myself from his magical mind washing. Thank God, you saved me from these scam and fraud projects.
Conclusion
Scams and frauds are very common nowadays. It is tough to save ourselves from them in online world. People shared their links having different names but with different looting source. When we click on them, they get our all details and then they hacked our accounts. Before someone scammed us, we should take protective measures. We should not push our money in a Centerilized authority because their are many frauds linked to them and we can't do anything at the end to recover our assets. Moreover, If we want to invest money on a project then it will be decentralized and you should have full control on your assets. In both above stories, people got Scamming due to their high greed level. I was lucky because I like to search before clicking on a link or investment on a project. In first case, my friend lost his all wealth plus social status due to the scamming and in second case I came to realize a high profile account can be fraudster so care should be taken. There is no need to stuck our assets in a project that didn't have official affiliation with some trustable authority. In case of money, we should not be fast and don't trust on anyone. It doesn't matter how much genius are you! Scams and frauds are always knocking on your door. So it is you who can either save himself or will stuck in greed.
This is my entry for HL Weekly Featured Content This is Fraud. I hope, you learned from my post. Thanks!
