Crowdfunding Scams

[Vestington]

Crowdfunding is the new, hot medium for scam artists to con people out of their money. They create fictitious products, make up pseudonyms to peddle them and then post flashy, exciting-looking videos, pictures and promises to nab people into giving them money.

Some of these scams are for hundreds of dollars, some of them in the thousands. Here is an example of a crowdfunding scam:

(I can't post links yet, as I am under 15 posts, but type in "ritot everyone knows it's a scam now" into google and find the first link)

Essentially, this "product" was marketed as a watch that projected the time from your wrist onto your hand. Sounds cool huh? The problem is that the technology doesn't exist, and all of the updates from the company responsible for it show technology that is so large that it couldn't possibly fit inside something that fits on your wrist:

(type "ritot posts an engineering update" into google, it's the first link)

And that's just an example of one scam. There are thousands of pleasant-sounding things on these crowdfunding sites that are in actuality simply attempts to con you out of your money.

BE VIGILANT! One thing to look out for is whether the names that are being used by the "company" are actually real. Many of these companies come up with a fake name. These will be easy to spot, because they have no social presence on the web, or are clearly not the person that is associated with the company. Sound too good to be true? It probably is, and I would suggest doing a TON of research before spending any money.

Many of these scams don't start out as such -- often there are people who come up with a cool sounding product, and then are WAY over their heads when it comes to actually delivering. Products that require engineering should have an engineer on staff to make sure that the idea isn't just a pipe dream.

[optionwarriors]

Makes sense, I always thought crowdfunding was open for manipulation.

[Ana222]

if money is involved, it's open to manipulation

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[asoloanfirms]

Originally Posted by Ana222

if money is involved, it's open to manipulation

Yea you are correct though but don't have to be paranoid that all that revolves around money is manipulated,there are always opportunities attached..#cheers

[thelege]

Crowdfunding that is not attached to a verifiable social media account is where the problem starts. Secondly, don't donate to someone you don't know in real life. Most crowd funding sites even have these guidelines to protect people.