The Better Business Bureau (BBB), has warned of cryptocurrency scams on Tiktok. You are scrolling through Tiktok and you see a video that shows a stack of cash. According to the BBB, the creator claimed that they made the money by investing in cryptocurrency in just a few days.
The Better Business Bureau (BBB), warned Friday of cryptocurrency scams on Tiktok’s popular video-hosting site. The BBB, a private nonprofit organization founded in 1912, has been helping people find brands and charities they can trust for more than 110 years.
Scam tracker is receiving many reports for crypto scams on TikTok
According to the BBB, “as Tiktok becomes more popular, so do con artists.” The BBB also noted that the “Scam Tracker” is receiving many reports about this money-flipping scheme.
As you scroll through Tiktok, you see a video that shows a stack of cash. According to the creator, they made the money by investing in cryptocurrency in just a few days.
Tiktok scammers may claim to be able “to convert a few hundred dollars worth of cryptocurrency into thousands in a matter of hours,” according to the BBB. They may also promise to “have a 100% guarantee that you can triple your money within a week.”
According to the organization, “When you contact the presumptive investor [scammer], likely via Whatsapp, Telegram or another messaging app they will be polite, professional and courteous.
Scammers use digital wallets such as Paypal to receive funds
They will ask for money to be sent to them, usually a few hundred dollars at the beginning, through a digital wallet service such as Venmo, Zelle, or Paypal.
The scammer will insist that you pay fees if you want to get your money back. These fees may appear harmless at first. However, they may request fees multiple times and promise you much more than you spend.
If you question them they may resort to scare tactic telling you that if they don’t pay you will miss out on the huge return or that they can pursue legal action.” The BBB added, expounding:
Any money sent to scammers will be lost. Your initial deposit will not be returned and you won’t get a return on your investment.
The BBB ended by offering some tips on how to avoid money-flipping frauds. The BBB advised people to use good judgement and do their research. It also cautioned them not to succumb to scare tactics and explained how digital wallet services work.