The popular video hosting service TikTok has been the target of bitcoin frauds, according to the Better Business Bureau (BBB). Private, nonprofit, and founded in 1912, the BBB has assisted consumers in locating organisations they can trust for almost 110 years.
According to the BBB, con artists are becoming more prevalent as TikTok’s popularity rises.
Pointing out the fact that its Scam Tracker is receiving numerous new complaints about this “money-flipping scam.”
The BBB explained that scammers on TikTok can claim that they can triple your money in less than a week, adding that they might even “convert a few hundred dollars worth of cryptocurrencies into thousands in no time at all.”
According to the group, the fictitious investor [scammer] will be courteous and professional when you contact them, most likely via WhatsApp, Telegram, or another messaging service. They will ask you to send money through a digital wallet service like PayPal, Zelle, or Venmo – often, a few hundred dollars to start.
However, the fraudster would insist you pay fees when you attempt to get your money back. These sums can appear innocuous at first, but they add up. They may then request payment multiple times while reassuring you that you will receive a significant return on your investment.
“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.”
The BBB further warned that if you confront them, they might use threats to get you to pay by saying that you’ll miss out on the huge return or that they’ll file a lawsuit if you don’t.
The BBB offered some guidance on how to prevent money-flipping frauds in its final statement. The group also advised consumers to use good judgement and do their homework, avoid falling for scare tactics, and comprehend how digital wallet services operate.