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Nigerians beware, money transfer company MoneyGram does not have an investment platform

IN SHORT: The money transfer company MoneyGram does not have an investment platform. Users are urged to steer clear of a “MoneyGram Investment Platform” being promoted on Facebook.

The Facebook account Qwinn Tememah Bae (Horlawunmmy) has repeatedly invited its 1,400 friends to invest through a platform called MoneyGram Investment.

One of its poorly written posts, dated 13 November 2023, reads: “Congratulations to me and all my lovely one's that have been credited successfully from ‘MONEYGRAM INVESTMENT PLATFORM’ Just within 45 Mins to 1 hour my dear its real and genuine,hurry up and grab this opportunity, i guess you all can see with your eyes,you don't need to refer anyone before you can be credited.”

Some of its posts include videos of people holding wads of cash, supposedly investment returns from the investment platform. They also use graphics and logos from MoneyGram, an international money transfer company.

Similar posts can be found here, here, and here.

But is this investment platform legit? We checked.


Ignore investment platform using MoneyGram’s name

The account only started promoting these investment opportunities on 10 September. Prior to that, it appears to have been a personal account, posting photos of ordinary people. This could mean that it was hacked for the sole purpose of advertising “MoneyGram Investment”.

We clicked on the WhatsApp link in one of the posts and pretended to be interested in the investment opportunity. We were told that we would get double our money back. According to the posts, we would be credited our returns within 45 minutes to an hour. This is a red flag, as such businesses are unsustainable.

MoneyGram’s official Facebook page, which has over 1.6 million followers and was created in 2009, includes a link to the company’s website. Both the company’s official page and the website make no mention of an investment platform and don't ask users to send messages via WhatsApp.

To help protect yourself against online scams, read our guide here.

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