September 24, 2021
Business

Pyramid scheme-style ‘investment app’ scamming most vulnerable during COVID pandemic

Kate was reluctant to sign up to a new app that claimed to be an investment opportunity.

But family members kept telling her how much “money” they were making from it.

“So when somebody comes to you with that type of information, you’ll be like, ‘Oh, man, this is true. Let me give it a shot’,” she said.

The app called Hope Business asked people to pay money into an account to enable them to earn money back. It is no longer available for download.

Kate — not her real name — said the app offered financial rewards for playing games.

Things got more tempting when the app announced a 12-day promotion that rewarded people who paid or “topped up” large amounts of…

Read full article here: www.abc.net.au