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 through TikTok or another social media platform, look up their name, phone number, and company name (if they have one) online. If they have conned others, you’ll likely find complaints online about it.
- Don’t give into scare tactics. If an “investor” contacts you, they may try to convince you the investment will only work if you act right now. Or, if you’ve already sent them funds, they may threaten you with legal action if you don’t pay their fees. In any case, don’t give in to scare tactics. Recognize them as the hallmarks of a scam.
- Understand how digital wallet services work. Treat any money you send through a digital wallet service like cash. Once you send the money, there will be little you can do to get it back if it turns out you were scammed. It’s best to use these apps only with people you know and trust.