The growing issue of inflation failed fiscal policies, and limited opportunities in the present-day global landscape have crippled the lives of many in developing countries such as Pakistan. Consequently, many people are drawn to, heavily social media-advertised, peer-to-peer (P2P) lending apps that promise quick, “one-click” loans, despite their limited knowledge of consumer credit. […]
The Psychology of Trust: How Faith and Family Fuel Ponzi Schemes in Developing Countries
In his twenties, the son of a famous religious figure had no idea that his brainchild idea, supported by his father’s revered standing, would become one of Pakistan’s worst financial frauds. A Ponzi scam involving billions of rupees spread quickly, propelled by little more than family hearsay and word of mouth. In just a […]