The public have been warned over a potential pyramid scheme circulating on social media.
The Competition and Consumer Protection Commission (CCPC) said that consumers have made contact saying they have been invited to take part in the suspected scheme.
It added that the scheme appears to be targeting students and young people and may refer to a flower or petals.
In Ireland, pyramid schemes are illegal and those who knowingly participate in them are liable for prosecution.
In a statement, the CCPC said that consumers have reported that they were “encouraged to make an initial investment of €150 and then recruit others to invest”.
Consumers were told that once they recruited more people they would move to the next tier of the model.
The CCPC said that “this supposedly continues until the participant reaches the centre of the model and makes a return on their investment.
“The particular scheme currently being reported uses the image of a flower and may refer to flowers or petals.
“It appears that this scheme is targeting students and young people.”
The CCPC said that it is currently investigating the scheme and are warning consumers not to engage with it.
It added: “If you are approached to join any kind of pyramid promotional scheme, please contact the CCPC immediately through our helpline on 01 402 5555 or by clicking here.”
Under the Consumer Protection Act 2007, it is an offence for anyone to establish, operate, promote or knowingly participate in such a scheme.
A pyramid scheme promises quick and easy money in return for cash.
However, the CCPC warns that the schemes are designed to con you into investing significant amounts of money which can never be recovered.
“Pyramid schemes come in many forms, but they all work the same way – they make money primarily by recruiting people who all put money into the scheme.
“So for everyone to profit there would have to be an endless supply of people to join up – and there never is. Some pyramid schemes may also involve the sale of a product or service.
“When pyramid schemes collapse, people lose their money and personal relationships can also be affected.”