Fans defend pyramid scheme
A pyramid scheme advertised on Facebook is still managing to attract members despite warnings by the Bank of Namibia that it is risky and illegal.
Despite a warning by the Bank of Namibia that people should steer clear of the My Life Change 247 scheme, the flagged peer-to-peer money-sharing site is still enjoying support in some quarters.
Late last week, the My Life Change domain suddenly became inactive but its supporters rushed to defend its inactivity on social media site Facebook, attributing it to a system upgrade meant to secure the popular domain.
One member, presumably a My Life Change administrator, assured other members that the site was being upgraded and asked for calm in the midst of panic.
“As a result of recent security concerns, we are undergoing major system updates that we believe will ensure the safety of our members.
“If you have managed to log in, in the past 12 hours, and have found out that you are blocked - you have probably logged into a clone website that has nothing to do with us,” the My Life Change administrator wrote.
The pyramid scheme, as it was described by the Bank of Namibia, was lauded for helping people get out of sticky financial situations
One user wrote: “Please people, if you don't know what My Life Change is all about and how it operates, just keep your mouth shut and go to get loans from the banks and stay in the same financial situation, or at least have some courage to ask people who have been participating on how this works instead of talking about things that don't make sense.”
Another user posted: “Just yesterday, some people noticed the website was down and can't be found on Facebook. This was because it was under renewal and it was hacked as well. The security system is tight and My Life Change is now safer than ever and back on track.”
The site appears to be functional again.
In a 27 October 2017 post, the My Life Change Namibia Facebook page encouraged its participants to ignore a warning by the Bank of Namibia.
“Hop on board this gravy train; ignore the Bank of Namibia with their ridiculous interest rates and banking systems that bleed our people dry. Register and add your dream, make a donation and viola, wait for your dreams to come true within a month with as little as N$200,” it said on its Facebook page.
MLC247 is a peer-to-peer funds exchange programme where participating members are promised high returns of up to 75%, by 'donating' sums of money from as little as N$200 to other members of the scheme.
The scheme accepts donations from members of the public as a regular feature of its business, and further extends these funds to other members.
Members are encouraged to participate in a referral system where income potential is subjected to the successful direct and indirect referral of new members for which commissions are accepted as a regular feature of the scheme.
In October 2017, the Bank of Namibia warned the public to refrain from participating in any activities linked to My Life Change 247. Based on its assessments, it had found the scheme to be unsustainable and in contravention of the Banking Institutions Act.
Its spokesperson, Kazembire Zemburuka, said money 'donated' in the scheme stood a good chance of being lost.
“By transacting with or getting involved in the business practices of MLC247, such participating members of the public are committing an offence in terms of the Banking Institutions Act of 1998 and if convicted, may be subjected to a fine or imprisonment,” Zemburuka said.
According to a MLC247 presentation, the scheme currently has 85 000 active members spread across South Africa, Swaziland, Lesotho, Kenya, Norway and Namibia.
“As a peer-to-peer global funds exchange community, members grow their funds towards a 75% compounded monthly growth and receive such growth from other members who are dreaming to achieve their goals in the same way,” MLC247 said in a presentation.
OGONE TLHAGE
Late last week, the My Life Change domain suddenly became inactive but its supporters rushed to defend its inactivity on social media site Facebook, attributing it to a system upgrade meant to secure the popular domain.
One member, presumably a My Life Change administrator, assured other members that the site was being upgraded and asked for calm in the midst of panic.
“As a result of recent security concerns, we are undergoing major system updates that we believe will ensure the safety of our members.
“If you have managed to log in, in the past 12 hours, and have found out that you are blocked - you have probably logged into a clone website that has nothing to do with us,” the My Life Change administrator wrote.
The pyramid scheme, as it was described by the Bank of Namibia, was lauded for helping people get out of sticky financial situations
One user wrote: “Please people, if you don't know what My Life Change is all about and how it operates, just keep your mouth shut and go to get loans from the banks and stay in the same financial situation, or at least have some courage to ask people who have been participating on how this works instead of talking about things that don't make sense.”
Another user posted: “Just yesterday, some people noticed the website was down and can't be found on Facebook. This was because it was under renewal and it was hacked as well. The security system is tight and My Life Change is now safer than ever and back on track.”
The site appears to be functional again.
In a 27 October 2017 post, the My Life Change Namibia Facebook page encouraged its participants to ignore a warning by the Bank of Namibia.
“Hop on board this gravy train; ignore the Bank of Namibia with their ridiculous interest rates and banking systems that bleed our people dry. Register and add your dream, make a donation and viola, wait for your dreams to come true within a month with as little as N$200,” it said on its Facebook page.
MLC247 is a peer-to-peer funds exchange programme where participating members are promised high returns of up to 75%, by 'donating' sums of money from as little as N$200 to other members of the scheme.
The scheme accepts donations from members of the public as a regular feature of its business, and further extends these funds to other members.
Members are encouraged to participate in a referral system where income potential is subjected to the successful direct and indirect referral of new members for which commissions are accepted as a regular feature of the scheme.
In October 2017, the Bank of Namibia warned the public to refrain from participating in any activities linked to My Life Change 247. Based on its assessments, it had found the scheme to be unsustainable and in contravention of the Banking Institutions Act.
Its spokesperson, Kazembire Zemburuka, said money 'donated' in the scheme stood a good chance of being lost.
“By transacting with or getting involved in the business practices of MLC247, such participating members of the public are committing an offence in terms of the Banking Institutions Act of 1998 and if convicted, may be subjected to a fine or imprisonment,” Zemburuka said.
According to a MLC247 presentation, the scheme currently has 85 000 active members spread across South Africa, Swaziland, Lesotho, Kenya, Norway and Namibia.
“As a peer-to-peer global funds exchange community, members grow their funds towards a 75% compounded monthly growth and receive such growth from other members who are dreaming to achieve their goals in the same way,” MLC247 said in a presentation.
OGONE TLHAGE
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