Watch out for investment scams on TikTok

CHICOPEE, Mass. (WWLP) – Looking to get rich quick? Several new reports of money-flipping cons have been popping up on TikTok by investing in cryptocurrency.

The Better Business Bureau is warning users of TikTok tempted into a scam that promises to turn a few hundred dollars worth of cryptocurrency into thousands.

According to a news release from the BBB, a post on TikTok shows a pile of money saying they earned it in just a few days by investing in cryptocurrency. The creator says they will help you invest to get the same kind of return with a modest fee, and even guarantee that they can triple your money in less than a week.

The supposed investor asks you to send a few hundred dollars to start through a digital wallet service such as PayPal, Zelle, or Venmo. Or they tell you to buy the cryptocurrency yourself and send it to them. Then, they “invest” your money in the stock market, where it allegedly starts multiplying right away.

When attempting to get your money, the scammer will claim you need to pay more in fees. Unfortunately, you will not receive any money or the initial deposit back.

The BBB has the following tips 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…

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