The FBI Las Vegas Field Office wants to educate the public about a scam taking place using social media platforms and banking apps to solicit large sums of cash from victims.
Money Flipping
The FBI has alerted social media companies of a series of legitimate accounts being hijacked by scammers advertising unrealistic money flipping opportunities. These scammers claim they will exponentially increase a victim’s funds once provided via Cash App. These scammers will often have legitimate-looking profiles displaying strangers with large sums of cash resulting from their participation in the fraudulent investment.
How It is Implemented
Scammers contact the victim directly via private messenger, often using accounts stolen from the victim’s friends. The scammers will offer returns larger than the victim’s investment at no interest and no risk. If the victim sends money, communications are either ceased or scammers will send fake Cash App screenshots indicating the victim’s money has already increased. They then request more money with the promise of more returns that the victim will never see. If the victim sent money or not, the scammers often suggest money is pending in the victim’s Cash App account but requires replacing the email address connected to the victim’s social media account with one provided by the scammers. Once done, the scammers reset the password and take control of the account. Once they have control, the cycle continues, now against the…
