Beware of the HYIP
HYIP (pronounced hype) stands for High Yield Investment Program. If you are the kind of person who is prone to falling for get rich quick schemes, you should watch out for this one.
I won't go into all of the details because they are complicated and pretty boring, but HYIPs are run by overseas companies outside of the jurisdiction of the United States that claim that they can take your money and invest it into accounts that earn 1-5% per day.
The idea is that these companies can take your money and combine it with the money from thousands of other people to invest in high yeild projects that earn over 20% and that is how they can afford to give you a portion of their earnings.
After seeing one HYIP program in action at a client's house, I decided to go home and read about it. If I typed HYIP into Google all kinds of pages and articles praising the programs came up - unless I added the word "scam."
By typing in "HYIP scam" I found a whole list of reputable sites (MSNBC, explaining how HYIPs work and how they have taken advantage of millions of people. On the other hand the sites praising HYIPs all contained lots of advertising by HYIP sites.
Here are some links I found that explain everything better:
You will hear testimonies from people who recieved their money. It seems that one common tactic is to build loyalty. As people try out the programs they invest a little at a time. Once they feel safe and have seen some great returns on their money, they invest a large amount. At some point the site actually disappears and their money is gone and the law can't do anything about it.
- ‹ previous
- 1185 of 1416
- next ›
Post new comment