The Evolution of Ponzi Schemes: From Traditional Frauds to Digital Money Games
Abstract
Ponzi schemes are a form of investment fraud that continues to evolve along with the development of technology and financial systems. This study aims to trace the evolution of Ponzi schemes from traditional models to the digital era by reviewing various academic literature. This study uses a literature review method to identify patterns, characteristics, and mechanisms of Ponzi schemes in various contexts, including conventional investments, crypto assets, and digital platforms. The results of the study show that digitalization has accelerated the spread of Ponzi schemes through social media, investment applications, and blockchain technology. Ponzi schemes have evolved as a result of changes in modern investor behavior, motivated by a desire to make rapid returns with little risk. In addition, the lack of financial and technological literacy makes many investors unable to distinguish between legitimate investments and fraud. One of the most difficult issues in combating digital Ponzi schemes is that regulations have not yet fully adapted to financial innovation. Thus, this study is expected to help scholars, regulators, and investors comprehend and anticipate the threat posed by Ponzi schemes in the digital age.
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DOI: https://doi.org/10.21107/jaffa.v13i1.29535
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