(ThyBlackMan.com) During the holiday season many are out preparing for various celebrations. However, some are looking at end of the year expenses, and are trying to make extra money in any way possible. Somehow it seems that unexpected circumstances tend to befall so many during this season. This can be depressing, and many end up making bad financial decisions that follows them into the new year. Because of the financial pressure of the season many fall victim to holiday scams. These scams come in many forms, but always has a negative consequence. Below we’ll be looking at a few of the 2016 scams you should beware of.
- The Blessing Loom
The Blessing Loom, also referred to as a Christmas Wheel, Snowflake Blessing, or Infinity Loom, among other names, is a promotion that consumers should steer clear of. The U.S. postal service calls these online gifting schemes “high-tech chain letters,” 
while the FTC lumps them into the Ponzi scheme category. To participate in the Blessing Loom Facebook users must deposit at least $100 into a PayPal, or Whatsapp account. Participants are guaranteed an $800 payout if they can recruit two other people to do the same. Those that took a chance with such a large amount of money are unlikely to receive the timely holiday return that they were promised. Holiday season is a very difficult time to take a chance losing hundreds of dollars. In addition to your loss Ponzi, or pyramid, schemes are illegal, so you could be facing fines. It is against Facebook’s policy to participate, and they would be within their rights to terminate your page. It’s really not worth the loss, and legal risk.
- The Secret Sister Gift Exchange
The is gift exchange has surfaced on several social media sites primarily Facebook. The premise is if you buy a gif for someone (i.e.: send money), eight people will send you gifts in return (i.e.: money). This is a scam if you are agreeing to participate with strangers. If would be unfortunate to send money only to receive nothing in return. This is only safe when done with known, trusted, friends.
- Mystery Shopper Jobs
As many people are looking for a seasonal job the mystery shopper job might look very appealing. However, many of them are scams. Beware of advertisements that send you a check for $3,000 to “test” Money Gram counter at Walmart, Western Unions or other locations. The checks are “suppose” to be payment for you; unfortunately check will bounce, and you will lose hundreds, if not thousands of dollars. In some places you might even find yourself facing legal charges.
Regardless of the appeal don’t fall into the holiday scam trap. These schemes will cost you hundreds of dollars, and many of them are illegal. If you get an offer and are unsure of its validity contact your local Better Business Bureau, the Attorney General’s Office in your area, or simply search the offer on google. Protect yourself from vultures that prey on the innocent during this season.
Staff Writer; Christian Starr
May connect with this sister over at Facebook; https://www.facebook.com/christian.pierre.9809 and also Twitter; http://twitter.com/MrzZeta.