Cryptocurrency investment scams have found a new platform to prey on unsuspecting victims – TikTok. With the social media app’s growing popularity, con artists are taking advantage of its user base to promote money-flipping cons. While these types of scams have long been prevalent on Instagram and Twitter, they are now making their way onto TikTok, and experts are warning users to beware.
The scam typically starts with a video on TikTok showcasing a significant amount of money, claiming that the creator earned it through cryptocurrency investments. The video then offers assistance in achieving similar returns for a fee. These scammers target users on social media, specifically TikTok, where they promise to turn a few hundred dollars worth of cryptocurrency into thousands in no time.
Chris Babin from the Better Business Bureau of Acadiana explains that this type of scam falls under the category of money-flipping scams, where individuals are encouraged to invest money with the promise of substantial returns. The scammers play on people’s desire for easy money and use social media platforms to target a wide range of users.
The scammers typically guarantee that they can triple your money in less than a week, making it seem like a risk-free investment. They may request the purchase of cryptocurrency, which is then sent to them via digital wallets, PayPal, Venmo, or Zelle. However, once the money is sent, it effectively becomes cash, and victims of the scam never receive any returns.
To protect yourself from money-flipping scams on TikTok or other platforms, the Better Business Bureau suggests the following tips:
1. Use good judgment: Be wary of get-rich-quick schemes or investments that guarantee huge returns. These are often red flags for scams.
2. Do your research: Before engaging with someone on TikTok or any other social media platform, take the time to research their name, phone number, and company online. Look for reviews, testimonials, or any indications of fraudulent activity.
3. Don’t give in to scare tactics: Scammers may try to pressure you into immediate action by claiming that the investment opportunity is time-sensitive. If you have already sent them funds, they may use threats of legal action to coerce you into paying additional fees. Remain calm and skeptical of these tactics.
4. Understand digital wallet services: Treat money sent through digital wallet services as cash. Once the money is sent, it will be challenging to retrieve if you have fallen victim to a scam.
As the popularity of TikTok continues to rise, it becomes a more attractive platform for scammers looking to take advantage of unsuspecting users. By staying vigilant, conducting thorough research, and being skeptical of too-good-to-be-true investment opportunities, users can safeguard themselves against money-flipping cons. If you come across any scams or fraudulent activities, it is important to report them to the relevant authorities to prevent further victimization.