(NBC NEWS) – A new scam is slowly taking over social media. They’re known as “blessing looms” or “gifting circles.”Participants are promised they will receive thousands of dollars with little effort and a small initial investment. “Most people who get involved with it are going to end up losing money,” warns Kati Daffan of the Federal Trade Commission. They are new versions of an old scam, the pyramid scheme, and any participation in them is illegal. Experts say you should do your research and if one of these “deals” pops up on your social media feed walk away, keeping those hard earned dollars in your wallet.