New online Loom “scam”

ONLINE – One of the newest schemes Facebook users are being advised to steer clear of is a “blessing loom” pyramid scheme.

To take part in the loom, Facebook users have to deposit $100 into a PayPal account and are promised more than $800 if they can recruit two others to do the same. The alleged scheme also has users giving pitches on how they were paid without concrete facts, and many simply strike out.

The consequences may not only be monetary loss; however, as Facebook’s terms of service states that participating in “unlawful multi-level marketing, such as a pyramid scheme” may result in account termination if users are caught.

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