Yahoo Finance Be wary of the 'secret sister' Facebook scam
A seasonal scam circulating on Facebook is allegedly nothing more than a Christmas themed pyramid scheme.
The Secret Sister Gift Exchange promises participants will receive dozens of gifts in exchange for a single $10 investment to join the group.
The initial investment gift is sent to the person at the top of the list participants receive. It could be someone they know, but it is more than likely a stranger, a friend of a friend on social media.
Once the investment gift has been sent, participants remove the name at the top of their list, making the second person now first, and adding their own name as second. Participants are encouraged to find at least six more "gifting sisters" to add to the list.
When all is said and done, participants in the exchange should be receiving between 6 and 36 gifts from their present pals.
If it seems too good to be true, it is.
Kelli Burns, an instructor of mass communications at the University of South Florida told WFLA this type of "exchange" is nothing new.
“This is a typical pyramid scheme. We’re just seeing this on Facebook this time instead of the old way of using letters, and Facebook allows it to spread a lot faster,” Burns said.
It's not just the risk of losing ten dollars that should be people's main concern.
The practice is illegal in some countries, the U.S. being one of them.
The exchange also violates Facebook's Terms of Use, because users are posting their home address and personal information on the site.
“It’s against Facebook’s terms of agreement. So there’s the potential that Facebook, if they got wind of this, could block your account,” Burns explained.
