BBB (Better Business Bureau) warns of cryptocurrency frauds on Tiktok. “You are scrolling through Tiktok when you come across a video showing a pile of cash. The creator says they earned the stack of money in just a few days by investing in cryptocurrency,” the BBB detailed.
Tiktok Users Defrauded by Crypto Scammers
BBB warned about cryptocurrency scams via Tiktok Friday, a popular video-hosting site. BBB was established in 1912 and is a non-profit private company that empowers people to trust brands, businesses and charities for more than 110 years.
The BBB explained that “as Tiktok’s popularity grows, so do the con artists.” Noting that it is seeing many new reports from its “Scam Tracker related to this money-flipping scam,” the BBB described:
As you scroll through Tiktok, you see a clip showing cash in a stack. They claim that they were able to earn the money by just investing in cryptocurrency.
Scammers on Tiktok may promise “to turn a few hundred dollars’ worth of cryptocurrency into thousands in no time at all,” the BBB detailed, adding that they may even “have a 100% guarantee that they can triple your money in less than a week.”
The organization explained that “When you contact the supposed investor [scammer], likely through Whatsapp, Telegram, or another messaging app, they will be polite and professional,” adding:
They will ask you to send money — usually, a few hundred dollars to start — through a digital wallet service like Paypal, Zelle or Venmo.
However, “When you try to get your money back, the scammer will claim you need to pay fees. At first, these amounts may seem harmless … They may ask for fees several times, always promising you will get much more back than what you are spending.”
“If you question them, they may resort to scare tactics, telling you that if you don’t pay, you’ll miss out on the giant return or that they can take legal action,” the BBB further cautioned, elaborating:
Unfortunately, any money you send will end up in the scammer’s pockets. You won’t be getting a return on your investment, and you won’t be getting your initial deposit back either.
BBB offered some guidance on how you can avoid falling for money-flipping frauds. The BBB advised people to use good judgement and do their research. It also cautioned them not to succumb too easily and explained how digital wallets work.
Are there any videos of Tiktok that look like the one described by BBB? Please let us know what you think in the comment section.
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