There are no shortage of scams in the “make money online” space. Unfortunately, with the rise in popularity of Bitcoin, I’m seeing more and more of these scams accepting the cryptocurrency and giving the whole space a bad name.
Now while it is possible to make money online from cryptocurrency you need to be careful of the scams out there.
This post is breaking down one of those scams – Profitable Morrows. This is how you can tell it’s a scam and why you should stay as far away as possible from it:
How to tell Profitable Morrows is a scam
Fixed Rate of Return
No investment manager or trader can deliver a consistent daily return of 4.5%. They might be able to do it on a yearly basis, but not every day! Any program that offers a high return that is fixed, is almost always going to be a scam. The only way to generate this return is to pay you using money from people who join the program after you – aka a ponzi scam 🙂
Stock Photo Avatars
The CEO’s photo cannot be found elsewhere on the internet. And a search of “Aaron Cooper” fails to bring up anything. As a CEO, I can tell you that if you are a real CEO, your name gets listed in various directories etc. This person is obviously fake
Fake Business Name and Company
This is the BIGGEST giveaway. Profitable Morrows Pty Ltd – an australian company, does not exist. It is not registered. A quick search of the Australian Business Name registry confirms this.
The address listed does not contain Profitable Morrows. I know – because I’ve visited that address many times before. While there are a number of different companies there (including a high profile Law firm, movie theatre and a government department), this company is most definitely based there.
Ponzi scams can’t usually get accepted by regular payment processors such as Stripe or PayPal. It’s against their Terms of Service. So if you see the payment methods pictured, it’s a dead giveaway this isn’t a legit service. A legit investment would be able to accept credit cards.
What will Happen if I join Profitable Morrows?
You may get your money out, but more than likely you won’t. While ponzi schemes can last for a few months, over the long term it will all fall apart. At some point, the site will be taken down and they will disappear with your money – they’ll do this when enough money has been put into the system.
In the beginning ponzi scams often pay out. They do this so that you are tricked into thinking it is a legit investment and you’ll put more and more money in.
Why does Google and other sites allow these ads?
Google supposedly verifies each advertiser. How this scam is able to be promoted through Google Adwords is very worrying. Google is profiting from this ponzi scam. I don’t know why Google allows this (probably to make more money), but remember, just because you see an ad on Google doesn’t mean a site is legit.