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The latest term in pyramid scheme scams is “LOOM”. This new scam’s origin can be traced back to the United Kingdom, where it started and was later spread into Australia and parts of Africa through social media. – Is LOOM Really A Scam or Not? According to Scamwatch, they have been receiving complaints about LOOM scams since early February this year. So far they have recorded a total of 128 reports which sums up to a total of $7,600 (an equivalent of GH¢40,736.) lost as a result of the LOOM scam. READ ALSO: Couple Arrested For Selling 3-days Old Baby For GH¢4,308 This scheme seems to target young people, luring them with promises of making quick money through the use of social media. Per reports by ACCC, 5% of the people who reported were between the ages of 18-24 and 34% between 25-34 years old. The scheme spreads through social…

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