HYIPHigh Yield Investment Program
References in periodicals archive ?
HYIPs are used to lure victims with the offer of huge returns available from a supposedly lucrative 'secret market', where banks trade financial instruments involving hundreds of millions of dollars.
For example, the Genius Fund HYIP at one time promised 36 to 40 percent daily, with two-day yields of 106 percent.
HYIPs are unregistered investments sold by unlicensed individuals using sophisticated-looking websites.
The con artists behind HYIPs are experts at using social media -- including YouTube, Twitter and Facebook -- to lure investors and create the illusion of social consensus that these investments are legitimate, but investors should know that HYIPs are just Internet-based scams.