The Better Business Bureau (BBB) has warned about cryptocurrency scams 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.
Crypto scammers duped TikTok users
The Better Business Bureau (BBB) on Friday warned of a cryptocurrency scam on popular video-hosting platform TikTok. Founded in 1912, BBB is a private, non-profit organization that empowered people to find businesses, brands, and charities they can rely on for over 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:
You are scrolling through TikTok when you come across a video that shows a pile of cash. The creator says that he made money in just a few days by investing in the 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 alleged investor” [scammer]Possibly via WhatsApp, Telegram or any other messaging app, they will be courteous 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 that you need to pay a fee. At first, these amounts may seem harmless… they can at times ask for a fee, always promising that you’ll get back much more than what you’re 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 pocket. You will not get any return on your investment, and you will not get back your initial deposit either.
The BBB concluded by giving some advice on how to avoid money-flipping scams. Besides using good judgment and doing your research, the organization cautioned people not to give into scare tactics and understand how digital wallet services work.
