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Nigeria: Beware of Facebook Account Disguised As Popular Crypto Investment App and Offering Huge Returns


IN SHORT: A Facebook post is offering users investments on behalf of a popular company in the cryptocurrency world. However, the company says users should be wary of people offering unrealistic returns.

“One amazing thing about the LUNO INVESTMENT PLATFORM Is That It Is Opened And Available For Everyone Who Have The Opportunity Once You Have Register With The Platform You Have To Make Your Investment Immediately And Your Payback Will Drop Into Your Account Instantly,” reads a post on Facebook.

The post, dated 25 June 2023, also says: “LUNO INVESTMENT works in a save with the (CBN) which is CENTERAL BANK OF NIGERIA. Its Also Registered Under The Cooperate Affair Commission (CAC).”

Luno is a mobile application for cryptocurrency investments. It allows users to buy, store and explore crypto securely. Cryptocurrency is digital money in a decentralised system, with no central authority to manage or maintain its value.

Like many similar schemes we have debunked, this post also includes a WhatsApp number where users are encouraged to send messages in order to join.

The post is accompanied by three images, one of them appearing to show a credit alert on a cellphone for N600,000. Other users have posted their supposed proof of payment in the comments section.

We also found a similar post here.

But is this another scam? We checked.

What does Luno do?

With over 9 million consumers in 43 countries and a team of over 600, Luno is one of the market leaders in the cryptocurrency industry.