I've got a regulator coming in a few weeks. Doing Safety & Soundness & BSA. I look at my personal social media feed, and its full of people throwing money into these Ponzi blessings looms. I walked in on two employees this morning talking about maybe trying it, along the lines of "Hey, its a 100, what's the worst that could happen?"


Am I the only one thinking maybe I should try to see if I should even try to chase this beast in my core or ACH trails?

Like, I even have the time. Everytime I say something to a friend, its like I'm Chicken Little. The sky isn't falling, but I need that money. I think you do too. Just sounds like a great way to shell game money into the system.

Another anon here - no comments yet, so maybe, like me, other readers had no idea what a Blessing Loom is. I assumed you where in Lancaster, PA or somewhere. So I looked up the term. In short, it's a Ponzi scheme, it's a scam, it's a crime.

I'd print this article and hang it in your break room. Maybe email it to staff if you have multiple locations.

http://whnt.com/2016/11/21/blessing-loom-money-making-venture-good-idea-or-a-twist-on-an-old-scam/

As far as saving the whole bank's customers, maybe, with an emphasis on "meh." You can't save people from themselves, especially when greed is blinding them. Still, maybe post a statement message, post it to your social media feed as a tired old scam, etc.?

I had to look it up too. I agree, I probably wouldn't bother doing a specific query for it, but I would offer some education to front line staff so they know it if they hear it.