Saw this imposter Wahed Invest scam ad pointed out by a user on Facebook. The ad incorrectly claims that investors are able to earn money immediately by the hour. This ad smells scam everywhere. As they say, if it’s too good to be true, it really is. The 1st time I encounter scammer using Wahed Invest name I blog posted it here.
Scammers love to use Wahed Invest robo advisor name to target certain people because the company name sounds Muslim and misusing the name under the guise of another pyramid scheme/money game makes it sound very legit. The scammers will use pios words that sound very religiously correct like the slogan "digital halal investing".
I know that some victims are aware of the scam but still put money inside in hopes of taking a quick profit and then make a bank run. Sadly, most of these victims will end up losing their pants in the process. Their greed will be their downfall, thinking they are the very few on the top of the pyramid.
Pyramid and money game scams will keep popping up at a more higher frequency during this Covid19 pandemic period, the low interest rates that banks have resorted to are also not helping. Scammers will bait people with quick/high profit/dividend promises.
You can find more information on the real Wahed Invest robo advisor here., you can sign up with the real Wahed Invest referral code (mine) here : cheong1. While the term Robo advisors sound sexy, these apps cannot make you rich overnight, it merely is a cheaper option than buying into unit trust/mutual funds. Most of these apps (robo advisors) do not charge sales fees but do charge low management fees.