The rise of TikTok’s popularity has unfortunately brought about an increase in con artists and scams on the platform. One prevalent scam you need to be aware of is the money-flipping con, which promises to turn a small investment in cryptocurrency into significant profits within a short period of time. The Better Business Bureau (BBB) has received numerous reports through its Scam Tracker related to this particular scam.
The scam begins with a video on TikTok showing a pile of cash, where the creator claims to have earned it investing in cryptocurrency. They offer to help you achieve the same results for a fee, guaranteeing a triple of your investment in less than a week. Contact with the supposed investor is usually established through messaging apps like WhatsApp or Telegram.
To get started, the scammer will then ask you to send money through digital wallet services such as PayPal, Zelle, or Venmo. They may even request you to purchase the cryptocurrency and send it to them. They will assure you that the money will be invested in the stock market and multiply rapidly.
However, the scam is not as it seems. When you attempt to retrieve your money, the scammer will claim that you need to pay fees. They will use various tactics to convince you to continue paying, such as emphasizing the potential profits you could miss out on and threatening legal action.
It is essential to exercise caution and exercise good judgment when encountering get-rich-quick schemes and investments guaranteeing high returns. If an offer appears too good to be true, it likely is. Take the time to research the individual or company offering the investment searching their name, phone number, or company name online. Look for any complaints or warnings from others who may have been victims of the scam.
Do not succumb to scare tactics employed scammers. They may pressure you into making quick decisions or threaten you with legal consequences. Recognize these as red flags of a scam and do not give in.
When using digital wallet services, treat the money you send as if it were cash. Once you have sent the funds, it becomes challenging to recover them if you have been scammed. Only use these apps with individuals you know and trust.
Awareness and vigilance are crucial in protecting yourself from money-flipping scams on TikTok and other platforms. If you come across a scam, report it to BBB.org/ScamTracker, even if you haven’t lost any money. Your report contributes to raising consumer awareness about these scams. Remember to visit BBB.org for more information, tips, and resources to help you navigate the world of cryptocurrencies and personal finances.
Sources:
– Better Business Bureau (BBB) Scam Tracker reports
– BBB’s study on cryptocurrency scams
– BBB.org/Crypto
– BBB.org/Money
