IN SHORT: A Facebook post is offering users an opportunity to double their money in 45 minutes through the “Cowrywise Investment” platform. But it’s a scam. A licensed business with a similar name says it won’t double users’ money within a day or even a month.
A Facebook post is encouraging Nigerians to join a “100 percent real and legitimate” investment platform to grow their money in less than an hour.
“Cowry Wise Investment Platform is very real and genuine, it is a paying platform that gives you double your investment in not less than 45 minutes to an hour interval,” reads part of the post.
The post urges interested users to either call “admin” on the phone number provided or click on the Whatsapp link attached.
Perhaps in an effort to convince other Facebook users that the platform is trustworthy, the post features a screenshot of what appears to be a payment into the user’s bank account.
But is the investment platform legit? We checked.
‘Cowrywise’ is out to scam you
Some of the posts promoting the investment platform say you will be paid double of what you invest into the bank account you provide during registration. This is a red flag as fraudsters may also use those details to commit fraud in your name.
A Google search for “Cowrywise” brought up a website with the URL cowrywise.com.
According to the website, “Cowrywise Financial Technology Limited (“Cowrywise”) is a fund manager duly licensed by the Securities and Exchange Commission (SEC) of Nigeria”.
Although Nigerians can invest in mutual funds and get returns through cowrywise.com, the company doesn’t promise they could double their money in less than an hour, as promised in the Facebook posts.
There is also no proof that the legitimate company or its website is in any way linked to the investment platform being promoted on Facebook.
“Cowrywise won't double your money in a day, we won't do it in a month either. We never promise to double your money—any investment that promises to double your money is doomed to fail,” the company wrote.
To protect yourself, read Africa Check’s guide to spotting investment scams on Facebook.
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