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Users beware! FreeCash scheme on Facebook is not a legitimate investment platform

IN SHORT: Posts on Facebook encourage users to sign up on “FreeCash” to receive a substantial sign-up bonus. But this isn’t a registered platform, beware.

“Who else got their payment from FreeCash? Told you all to sign up,” reads a Facebook post. “I received mine as soon as I simply signed up and completed the steps. Hurry up because the relief is open for a limited period of time ($1000) sign up bonus. Please share with others once you have received yours.”

Attached to the post is a link that leads to a website. The front page reads “Welcome to FREECASH.COM”. 

We found the same message posted here, here, here, here and here by different Facebook users, all using the same screenshot, apparently of a trading platform showing “total earnings” of $794.90. 

But is FreeCash a legitimate platform? We checked.

FreeCash_Scam

Here’s what we found

Through a Google search we found a different gaming platform with the name Freecash. However, this platform doesn’t promise to give US$1,000 to users to sign up.

We checked the US Securities and Exchange Commission and the Securities and Exchange Commission but found no registered investment platform named “FreeCash”. 

Africa Check also searched for the platform on the US Small Business Administration and still found nothing related to the “FreeCash” platform.

There is no registered “FreeCash” investment platform and the website linked to in these Facebook posts may be out to take your money or, at the very least, your personal details. 

To protect yourself from becoming a victim, read Africa Check’s guide on how to spot scams on Facebook.

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