The young people who spend time on Tik Tok may not know about how money scams work. We at Better Business Bureau warn about a money-flipping scam that’s gaining popularity there. The promoter offers an opportunity to turn a few hundred dollars’ worth of cryptocurrency into thousands of dollars in no time at all.
It begins when the victim is scrolling through TikTok and sees a video showing a pile of cash. The creator says they earned the money in just a few days by investing in cryptocurrency, and says they can help others do the same for a small fee. The promoters even promise they can triple people’s money in less than a week.
When people contact the promoter, they are asked to send money through a service like PayPal, Venmo or Zelle. They promise to invest the money in the stock market, where it will start multiplying right away. If the “investor” later asks for their money back, the promoters claim they need to pay fees. Unfortunately, the victims will never see any of their money again.
Tips from the BBB to avoid money-flipping scams:
Use good judgment. Get-rich-quick schemes and investments that are guaranteed to give you a huge return are nearly always scams. If an offer sounds too good to be true, it probably is.
Do your research. Before you contact someone through TikTok or another social media platform, look up their name,…
