Affinity Scams

Scams relating to affinity will involve target groups like religious communities, employee networks, ethnic groups or like-minded groups working in the same office. Scammers will introduce themselves as a well-wisher of the groups or one among the ethnic groups. These criminal minded scammers will send a mail requesting the religious groups to invest their money that is lying idly in the trust in one of their investment portfolios. Well-informed groups will not reply or deposit any money but the groups those who do not have any knowledge about scamming will trust the words of the scammers and immediately deposit a large sum in their account. Scammers will use the words such as "I am one among your group and you can trust my words" or he will write "trust my words if you want to double your investment money'.

Target groups for affinity scams include religious communities, employee networks, ethnic communities, or like-minded people that work in the same workplace. Scammers will identify themselves as an ethnic group member or someone who wishes the groups well. These dishonest con artists would write religious organizations asking them to invest funds sitting idle in trusts in one of their investment portfolios. Groups who are knowledgeable about scams will not respond or deposit any money, while groups that lack this information will believe the scammers' claims and put a sizable amount of money into their accounts right away. The lines "I am one among your group and you can trust my words" or "trust my words if you want to double your investment money" are used by con artists.

• Internet missionaries church GMI which took $27000 from over 27000 believers and promised huge returns. But they swindled the money and ran-off without signs or symptoms

• A Sunday school teacher swindled money to the tune of $ 1 million dollars from the church members and deposited in his personal account

• A former financial consultant who respected Christian values was sentenced to several years of imprisonment since he swindled $6 million dollars from their account.

• One famous promoter informed that he has found a device to find oil and swindled to the tune of $1 million from several religious members.

• 125 members of various Christian association lost around $7.4 million. Scammers happily sold non-existent prime bank trading investment.

• Armenian-American community lost $19 million to scammers. This fraud categorized by SEC as affinity fraud.

• African-American Baptists lost $3.5 million to the scammers. It is imperative to note that most of the Baptists were elderly citizen.

Affinity scams, also known as "affinity fraud," are fraudulent schemes that target members of a specific social, religious, ethnic, or professional group. The scammer gains trust within the community, exploiting their shared characteristics or affiliations to deceive individuals into investing or participating in fraudulent schemes. Affinity scams are particularly insidious because they exploit the sense of trust and camaraderie among group members. Here are some common examples:

1. Religious Affinity Scams: Scammers may target members of a particular religious community, using shared faith as a basis for trust. They may promise high returns on investments or solicit donations for fake religious causes.

2. Ethnic or Cultural Affinity Scams: Fraudsters exploit cultural connections, language, or traditions to gain trust. They may offer investment opportunities, educational programs, or services within the community.

3. Professional Affinity Scams: Scammers might pose as members of a specific profession or industry, targeting colleagues with promises of exclusive investment opportunities or specialized services.

4. Social Group Affinity Scams: Scammers infiltrate social circles, often using charismatic personalities, and promote fraudulent ventures, such as pyramid schemes or investment scams.

5. Senior Affinity Scams: Older individuals may be targeted due to their shared age group. Scammers may offer fake financial products or services, taking advantage of potential vulnerabilities.

To protect against affinity scams, it's important to:

1. Exercise Caution: Be wary of unsolicited investment offers or services from within your social, religious, or professional network.

2. Verify Credentials: Always verify the credentials of individuals or organizations offering financial products or services, even if they are part of your affinity group.

3. Research and Investigate: Conduct independent research on any investment opportunity or service being offered, and seek unbiased information from trusted sources.

4. Ask Questions: Don't hesitate to ask for detailed information about any investment opportunity or service, and be skeptical of vague or evasive answers.

5. Report Suspicious Activity:If you suspect an affinity scam, report it to the appropriate authorities or regulatory bodies to protect others from falling victim.

Remember, trust should be earned through transparency, credibility, and a track record of legitimate practices, rather than being solely based on shared affiliations.