BBB issues warning about money-flipping scam gaining popularity on TikTok

BBB issues warning about money-flipping scam gaining popularity on TikTok

The Better Business Bureau has issued a warning about a money-flipping scam that is gaining popularity on TikTok.

According to the regulation, the scam promises to convert a few hundred dollars of cryptocurrency into thousands in no time at all.

Read also: Warning: Scammers may ask you to download this software in order to gain access to your device

How fraud works:

People scroll through TikTok when they see a video showing a pile of cash. The creator said that they made money in a few days by investing in cryptocurrency, and said that they can help others do the same for a small fee. The creators even promise that they can triple people’s money in less than a week.

When people contact the creator, they ask them to send money through a service like PayPal, Venmo, or Zelle. The BBB said they claim to be investing money in the stock market, which they said starts multiplying right away.

According to BB, when people ask for their money back, creators claim they need to pay the fee. Unfortunately, people will never see any of that money again.

Also read: “Hoodooed is what you get”: Watch out for the car wrap scam

Tips from the BBB to avoid money-flipping scams:

  • Use the right judgment. Get-rich-quick schemes and investments that are guaranteed to give you a huge return are often scams. If the show sounds too good to be true, it probably is.

  • Do your research. Before contacting someone via TikTok or any other social media platform, find their name, phone number, and company name (if they have one) online. If they deceive others, you are likely to find complaints online about it.

  • Do not succumb to intimidation tactics. If he calls you an “investor,” he may try to convince you that the investment will only work if you act now. Or, if you’ve already sent them money, they may threaten you with legal action if you don’t pay their fee. In any case, do not succumb to intimidation tactics. Know them as hallmarks of a scam.

  • Understand how digital wallet services work. Treat any money you send through the digital wallet service like cash. Once you send the money, there isn’t much you can do to get it back if it turns out you’ve been scammed. It is best to use these apps only with people you know and trust.

(Watch below: BBB warns of student debt forgiveness scams)

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