Scam Alert: Initiative Q-Scam or Not?

The internet is buzzing with chat about Initiative Q which describes itself as “tomorrow’s payment network”, many of us will still be none the wiser after reading that description but apparently over 2 million people from all over the World have signed up. To sign up one needs to be “invited” and you can ask your friends to invite you- “how exclusive!”. Signing up is simply a case of giving your name and email address and in return they are giving away some of the future currency to those who have signed up. Ok, sounds a little too good to be true, but Black Swans exist, don’t they? On the other hand, ActionFraud has reported that cryptocurrency cases reported to themselves in June and July this year had average losses for the victims of over £10,000, so it’s worth being careful….

READ OUR TIPS AND ADVICE ON HOW WE VIEW INITIATIVE Q

Tips and Advice

  • What’s the substance? – The product and the technology are yet to be developed and so are impossible to evaluate one way or the other, so frankly it’s a concept.
  • What’s the cost? – Signing up is free, but you are giving them your email address and name.
  • Is it a pyramid scheme? – Not in the classic sense, i.e. there is no charge to join, if anything it is more like a chainmail with a potential future financial incentive.

 

So far so good, however

  • FOMO – Although we admire the innovative marketing campaign and the idea of building a user base even before you have a product, we are always concerned by anything marketed primarily on people’s Fear of Missing Out.
  • Personal data is the new gold! – At Reassura we are constantly advising members to keep their personal details private and as such we dislike anything involving giving your personal data which is not “essential”.
  • Pressure – In many of our guides we tell readers that putting people under time pressure is often a sign of a scam. The quicker you sign up for Initiative Q, the more you will receive in the future…. Again, it’s an alarm bell.
  • If it’s too good to be true – This is one of Reassura’s Golden Rules and it ends with “Then it isn’t”.

Ultimately it is a risk and reward decision. We believe there is an element of risk in signing up and the reward is just a concept at this stage and so we advise caution.

To report a fraud and receive a police crime reference number call Action Fraud on 0300 123 2040 or use their online fraud reporting tool.

Reassura is dedicated to helping raise awareness of scams and fraud along with the impact they have on their victims. Reassura’s team of specialist anti-fraud advisors are here to help members make better decisions and avoid falling victim to scams and fraud.

For further information or for advice and assistance regarding any potential scam, call Reassura on 0800 888 6400