IN SHORT: These Facebook posts claim that a platform known as Wave Investment can double your money in less than 45 minutes. But Africa Check found that it’s not a legitimate company.
“WAVEMONEY is an easier way to earn money instantly through your mobile money account with a double profit of what you invested, it's very fast secure and reliable, it takes less than 45 minutes in it's operation,” reads part of a post on Facebook.
The 25 September 2023 post also encourages government employees, students, traders as well as businesspeople to join the platform because it will “solve all your financial problems”.
But is the investment platform a legitimate business? We checked.
Signs of a scam
A poorly written post is one of the signs of a scam. The posts feature random capitalisation and odd punctuation.
Another sign is the instruction to reach out via WhatsApp. Scammers often use this method to steal users’ personal and banking details, which may be used to commit fraud. Legitimate businesses operate through websites, emails and mobile apps.
The promise to double your investment in less than 45 minutes also raises suspicion.
In a tweet, Nigeria’s Economic and Financial Crime Commission urged the public not to invest through platforms that offered unrealistic returns in a short period of time, as they were not sustainable.
Searching for the investment platform’s name on Nigeria’s Corporate Affairs Commission returned no results. This means it is not a registered business.
To protect yourself online, read our guide to Facebook scams and how to spot them.
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