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Daily Digest | Novice investors beware

Written by The Uptake Published on   2 mins read

Don’t let the scammers get you!

Hey there. It’s Brady again.

We’ve talked about this before: a mushrooming internet economy that isn’t in step with progressive moves to develop financial literacy is going to be full of landmines.

By now, you know the pattern. A company comes along and promises immense financial gains if you give it some of your hard-earned cash. They probably pledge a lot of money to ensure their name is out there on social media, in KOL’s blog posts and videos, maybe even in physical ad space. The idea is to bombard you with their name, to normalize their scheme in your headspace.

Our reporter in Jakarta, Khamila, examined the fallout of one such promotion, specifically looking at the case of Tanijoy. This company received awards and recognition from Tempoe27, and the DBS Foundation but ended up failing to deliver on promises made to its users.

The story goes deeper. Even dependable companies like robo-advisor firm Bibit must deal with individuals who borrow their names to form Telegram and Facebook groups, assuming an undeserved air of legitimacy to convince people to transfer funds to their admins.

Financial scams have been around since the dawn of money. Tech platforms, whether through social media marketing or other propagative channels, just make them move faster and reach more people than ever before. Stay sharp out there.

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