The Competition and Consumer Protection Commission has issued a warning to people over a new pyramid scheme which is now circulating on social media.
The Consumer watchdog says it's been contacted by a number of people who have been invited to take part.
They were encouraged to make an initial investment of €150 and then recruit others to invest in order to reach the "gold level".
It appears that this scheme is targeting students and young people.
The CCPC says inevitably the supply of potential investors will run out and the pyramid scheme will collapse which will lead to the majority of those involved losing their money.
Pyramid schemes are illegal and those who knowingly participate in them are liable for prosecution.
The CCPC is currently investigating this scheme and is warning consumers not to engage with it.