Beware of Facebook "Pay It Forward Book Exchange" Chain Letter Pyramid Scheme
April 12, 2016
The Facebook "Pay It Forward Book Exchange" below, which is similar to the "Secret Sister Gift Exchange" or "Secret Santa Gift Exchange," is another chain letter pyramid scheme, where most of the participants will NOT receive what they were promised. The book exchange promises participants 36 books if they buy one book. But, like every pyramid scheme, most of the participants will receive nothing. The persons behind the scheme may list their names numerous times, in various forms with different addresses, therefore, all the books in the chain will go to them. The primary purpose of the scheme is take as many books as possible and convert some to cash by selling them, and keep the rest. Recently, chain letters have begun surfacing, but this time, technology like the internet is used instead of paper. But, regardless of what technology is used to distribute the chain letters, it is still illegal if request for items of value or money are promised for something substantial in return for participating, because it is a form of gambling.
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The Facebook “Pay It Forward Book Exchange" Chain Letter Pyramid Scheme
Hello all! Calling out to all of you who are bookworms, book lovers, and bibliophiles (like myself) from all walks of life. We need at least 6 people to participate in a book exchange (but can be more). You can be anywhere in the world. The further we get, the better! All you have to do is buy one of your favorite books and send it to one person. You will receive approximately 36 books back! If you are interested like this status so I can fill you in on all the details!
This so-called book exchange is just one of the thousands of chain letters that started years ago that was done using snail or paper mail. But, what makes the Facebook “Pay It Forward Book Exchange” slightly different, is the fact that it is done electronically via the internet, using email messages and social media posts instead of paper. And, now the scammers behind the book exchange want participants to use web-based service like Amazon, or other online store instead of the post office.
Few years again, a chain letter was a "get rich quick" scheme that promises participants that their mail boxes will soon be stuffed full of cash if they decide to participate. The participants were told that they can make thousands of dollars every month if they follow the detailed instructions in the letter. A typical chain letter includes names and addresses of several individuals whom the participants may or may not know. The participants are instructed to send a certain amount of money to the person at the top of the list, and then eliminate that name and add theirs to the bottom. They are then instructed to mail copies of the letter to a few more individuals who will hopefully repeat the entire process. The letter promises that if they follow the same procedure, their names will gradually move to the top of the list and you'll receive lots of money.
Now, the same chain letter scheme has been rebranded; books are now being used instead of cash, social media websites and internet are being used instead of the post office, and online shops or stores like Amazon are being used for delivery instead of the post office.
Remember, Facebook “Pay It Forward Book Exchange” chain letter pyramid scheme is not the first and will surely not be the last. So, internet users should be careful when participating in certain activities online, especially when money, gifts, books, and other items of value are involved.
For more information about chain letter pyramid schemes, please click here.
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