Title ‘It was too good to be true’: SCL Myanmar scam defrauds thousands Degree of recognition National Media name/outlet Frontier Myanmar Media type Country Myanmar Date 11/08/17 Description The SCL scammers were also aided by the rise of social media. Mr Lennon Chang, a lecturer in criminology at Melbourne’s Monash University who specialises in cybercrime, said Ponzi schemes and other scams could take off much faster as a result of the internet.
“The development of technology will definitely facilitate this type of scam,” he said. “It will make it easier – for the same results, they will definitely need to spend less effort than 10 or 20 years ago.”
He suggested that local factors, such as a lack of financial literacy and trust in formal financial institutions, would have helped SCL.
“In Myanmar, many people still don’t think or know how to double check whether something is true or not,” he said. “If some people comment under the post and say [SCL provides] a good return, then I believe a lot of people will be persuaded to put money in.”
URL frontiermyanmar.net/en/it-was-too-good-to-be-true-scl-myanmar-scam-defrauds-thousands Persons Lennon Chang