IN SHORT: A Facebook page claims to be offering investments that can double users’ investments. But the platform in question, Binary Trade Investment, is not a registered business in Nigeria. Users should be careful.
A Facebook page appears to be promoting a platform called Binary Trade Investment, asking users to invest to double their money.
A post, dated 4 August 2023, reads: “*How does it work?: we are into an online oil and gas trading system..where by if you invest with us ,we will trade with your money online and then the ptofit that comes out will be shared between you and the company ..it's normally 60% and 40%...in which the company will take 60% and you will take 40%...the 40% that will be given to you will now be in double of the money you invested with us*.”
The post includes a screenshot of a message received on a phone, which appears to show funds deposited into the user’s bank account.
Africa Check has exposed several Facebook accounts falsely claiming to offer investment opportunities to Nigerians.
But is this investment opportunity for real? We checked.
Signs of a scam
Usually, legit businesses handle their social media pages and accounts professionally. The posts on this page are poorly written with random punctuation marks. The page also features no logo and was created only a few weeks before we looked at it, on 4 August 2023.
Another red flag is the promise of unrealistic returns on investment. In a tweet in 2022, Nigeria’s Economic and Financial Crime Commission urged users to be wary of businesses offering unrealistic returns. If something sounds too good to be true, it usually is.
Similar posts found on Facebook also ask users to send messages to a WhatsApp number in order to “register”. This is a common ploy by scammers to try to get users' personal information.
And lastly, in a search of the country’s business register, Africa Check found no business by the name “Binary Trade Investment” or anything similar. This is a scam.
To help protect yourself, read our guide to spotting investment scams on Facebook.
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