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Scams come in a variety of shapes and sizes. Fundamentally, it is someone stealing something from you, either by deception or by taking advantage of you.
Muslims are vulnerable to frauds for a variety of reasons. It is mostly due to a lack of financial literacy and an inability to check facts.
Another motivator is desperation; when individuals are in need of money, they search for methods to raise their earnings. And it’s tough to say no when a ‘opportunity’ presents itself. It may also be folks who have money and are looking for methods to increase their fortune.
Scammers target these kind of drivers. These people frequently look trustworthy, are members of the community, and are aware of the triggers that must be pushed in order for others to act.
Cryptocurrency
Cryptocurrency raises concerns in Islamic circles, and there is a dispute about whether it is permissible. But let’s leave that aside for the time being.
There are several sorts of cryptocurrencies. But if someone offers you a lot of money for a digital item that you can’t grip, feel, or see, it’s very easy to fall for a scam—especially if you’re not a techie. You must fully comprehend what you are purchasing and avoid being swayed by greed.
If someone offers to sell you cryptocurrency, the question to ask is, How can you prove that I will have possession of it?” How is it put to use? Who are the current users? Can you tell me about the whitepaper?
If the folks trying to sell you cryptocurrency don’t grasp the intricacies of the product, warning bells should go out.
Pyramid schemes
This is a major problem. It’s when they claim to be selling a product or service, but the money they make is simply from recommending new customers.
They may claim to provide a product or service, but their primary source of money is from bringing new individuals to the plan until they run out of new people to enroll. And it is at this point when the ‘pyramid’ falls.
Ponzi schemes have been around for a long time and come in a variety of forms. So be wary of these ‘get wealthy quick’, high-yielding scams.
In addition, essential Islamic precepts should be followed. Are you promoting or participating in a haram product or service? Pyramid schemes are forbidden. It is your responsibility to understand exactly what you are investing in.
‘Influencers’ selling a lifestyle
These folks offer you a training and tell you that you can live a specific lifestyle while being Islamic.
‘Oh, you’ll never have to work again,’ she says. As though working is a disgrace.
They say things like, ‘Why are you wasting your time working from 9 to 5?’ You can supplement your income. Take our training, which costs thousands of pounds, and you’ll start earning money right away. You can use your leisure time learning the Quran and other knowledge.’
Those behind these courses must consider their motives as well as what they are selling. Don’t offer unreachable dreams to people or exploit Islam to market your goods. It should be the opposite way around: create products and services that promote Islam. Not to use Islam to peddle a product and exploit people’s need.
