Greed main reason for people falling prey to Ponzi schemes: survey

[webfact]

Greed main reason for people falling prey to Ponzi schemes: survey

By The Nation

 

FILE photo

 

A survey has revealed that most Ponzi schemes have involved investments in oil, gold and foreign currency while most respondents blamed "greed" for such frauds.

 

Bangkok University Research Centre conducted a survey of public opinion on "Ponzi schemes: what do Thai people get from the news" by collecting data from 1,197 people nationwide.

 

The survey found the great majority of people -- 95.9 per cent -- invested in Ponzi schemes that involved oil, gold, and foreign currency. About 53 per cent chose Ponzi schemes involved in the multi-level marketing business and 50 per cent found Ponzi schemes online.

 

Commenting on the factors that led to people falling for pyramid schemes, the survey showed that in 47.7 per cent of cases, it was motivated by greed. Some 28.6 were lured by promises of higher returns than normal and some 10 per cent wanted quick results.

 

When asked, "What were the lessons for Thai society from Ponzi schemes?"40.7 per cent of respondents said that many people fall for them because they want high returns. Around 21 per cent indicated that society lacked knowledge about tricks in the investment process and some 17.1 per cent said the current average income is not enough to live well. People need additional jobs to increase their income.

 

As for the ways to protect oneself from falling for Ponzi schemes, 39.8 per cent suggested that people should immediately turn down any offers to join this type of business. About 33.5 said one should remember that big gains don't come easily and 14.9 per cent urged people to study the information and consult others before deciding to invest in something.

 

 

Story: https://www.nationthailand.com/news/30378690

 

-- © Copyright The Nation Thailand 2019-11-25

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[bkk6060]

Sorry, kind of a dumb sorry.

Like saying most people eat because they are hungry.

Greed?  Geez, why else?

[Thainesss]

I would say that deceptive liars trying to scam money out of people are the main reason for people falling prey so ponzi schemes.

[HuskerDo]

23 minutes ago, bkk6060 said:

Sorry, kind of a dumb sorry.

Like saying most people eat because they are hungry.

Greed?  Geez, why else?

"Greed?  Geez, why else?".....

 

Stupidity maybe?

[sunnyboy2018]

One reason is that most people are decent and trustworthy so they trust people. Another reason is low interest rates in banks so people look elsewhere for investments.

[ezzra]

15 minutes ago, sunnyboy2018 said:

One reason is that most people are decent and trustworthy so they trust people. Another reason is low interest rates in banks so people look elsewhere for investments.

I will add also not being investment savvy and not consulting others before making the payment, people in general are trusting and somewhat naive, greed in my opinion is among the top 5 reasons but not the chief one... 

[gk10002000]

Greed of course, and often a bit of need, and in some cases desperation, then a few percent of just plain stupidity, and being gullible.  Remember con men stems from the word confidence.  Some people really are fantastic con men and can talk some people right out of their shoes.  Any of these things can cloud ones common sense filter

[Chelseafan]

I think we all want more of everything in life, money is just one aspect as it offers financial stability. At what point does that turn from need to greed ? Maybe it's the point that you have more than you need but then again how do you know ?

 

Edited November 24, 2019 by Chelseafan

[PatOngo]

2 hours ago, webfact said:

most respondents blamed "greed" for such frauds.

Hardly what Buddha taught, is it!

[sirineou]

2 hours ago, webfact said:

Greed main reason for people falling prey to Ponzi schemes: survey

Genius !! simply genius ,who ever came pot with this brilliant deduction deserves a Nobel prize.

In the interest of full disclosure . I only read the title. 

Edited November 24, 2019 by sirineou

[RichardColeman]

I left school at 16, I never went to university or college.

 

Yet even I cannot see why it takes a University Research Centre to see the flaming obvious !

[worgeordie]

Most Thai's must have never heard of the saying,

"If it sounds too good to be true,it probably is."

and some still don't seem to believe it even

when every week,it's reported that people have

lost everything ,by been sucked into another 

Ponzi scam.people blinded by greed.

regards Worgeordie

 

[Chazar]

AND stupidity.

[madmitch]

1197 people surveyed. Had these all been victims of a Ponzi scheme or are they just random members of the public? I don't know as this rather important issue is not included.

 

I have been the victim of a Ponzi scheme, along with many other expats around the world. It wasn't greed as the scheme was offering modest returns, nor was it involved with any of the above commodities, being property based. We were the victims of lies and deception.

 

 

[Harveyg]

4 hours ago, bkk6060 said:

Sorry, kind of a dumb sorry.

Like saying most people eat because they are hungry.

Greed?  Geez, why else?

It gives academia a bad rap.  But maybe it was greed that prompted researchers to choose the obvious to satisfy research requirements 

[Harveyg]

2 hours ago, ezzra said:

I will add also not being investment savvy and not consulting others before making the payment, people in general are trusting and somewhat naive, greed in my opinion is among the top 5 reasons but not the chief one... 

if you want something for basically nothing then I still think it’s probably greed. (Yes it’s naive also)

Edited November 25, 2019 by Harveyg

[wombat]

4 hours ago, HuskerDo said:

"Greed?  Geez, why else?".....

 

Stupidity maybe?

no...just Greed.

[kohlenkutscher]

Nobody tells this person that they should only invest what they understand. The scammers understand very well what they are doing. And almost all investors MUST know that every percent higher profit expectancy means a MULTIPLE in risk.

[ThaiFelix]

2 hours ago, PatOngo said:

Hardly what Buddha taught, is it!

They dont teach Buddhism in Thailand, well not the real ethical system that is.  Even the monks havnt a clue.

[tgw]

2 minutes ago, kohlenkutscher said:

Nobody tells this person that they should only invest what they understand. The scammers understand very well what they are doing. And almost all investors MUST know that every percent higher profit expectancy means a MULTIPLE in risk.

in efficient markets theories, yes, but all investors of course hope to find on of these information asymetry situations, and then throw out what they know about arbitrage.

so it's greed coupled with gullibility

Edited November 25, 2019 by tgw

[kohlenkutscher]

36 minutes ago, madmitch said:

1197 befragte Personen. Waren diese alle Opfer eines Ponzi-Programms oder sind sie nur zufällige Mitglieder der Öffentlichkeit? Ich weiß es nicht, da dieses ziemlich wichtige Thema nicht enthalten ist.

 

Ich war das Opfer eines Ponzi-Programms, zusammen mit vielen anderen Expats auf der ganzen Welt. Es war keine Gier, da das Programm bescheidene Renditen bot, und es handelte sich auch nicht um eines der oben genannten Güter, da es auf Immobilien beruhte. Wir waren Opfer von Lügen und Täuschungen.

 

 

You lost because you do not understand the real estate business. Remember, if it were a good deal, the investment sellers would do it themselves

[Bluespunk]

4 hours ago, HuskerDo said:

"Greed?  Geez, why else?".....

 

Stupidity maybe?

No maybe about it. 

[Misty]

49 minutes ago, Chazar said:

AND stupidity.

Greed, stupidity (or more nicely, naivete) and also Fear of Missing Out (FOMO)

[sammieuk1]

40.7% are also qualified for a ministerial position immediately ????

[madmitch]

6 minutes ago, kohlenkutscher said:

You lost because you do not understand the real estate business. Remember, if it were a good deal, the investment sellers would do it themselves

You haven't got a clue! I won't say any more.

[kohlenkutscher]

7 minutes ago, madmitch said:

You haven't got a clue! I won't say any more.

 

That's right, that's why I do not invest in real estate

Edited November 25, 2019 by kohlenkutscher

[varun]

Don't need a survey to come to that conclusion - oldest motive in the world.

You have greedy people all over the world,

but thai greed is on another level though.

[shackleton]

it goes back to the old saying 

if it looks to good to be true it usually is

and agree Greed  is the number 1 contender 

[Ddbanksy]

The way of the world unfortunately,human nature,rat race,man made.

 Most people are "hungry even when they are full"

 

[fruitman]

5 hours ago, Thainesss said:

I would say that deceptive liars trying to scam money out of people are the main reason for people falling prey so ponzi schemes.

I would say the lack of police and special investigation officers are the cause. My wife and her collegues also got scammed by another collegue's partner, for big money...the guy just disappeared but they found him, now there's nothing they can do legally.

 

Another collegue got a huge taxbill, he didn't make that much money so objected...they found out another Thai used his taxnumber but they couldn't do anything for him, nobody. They adviced him to speak to that guy (which he did while i sat the next table for his protection), the guy offered to pay his taxbill and case closed.