Better Business Bureau Warns of Cryptocurrency Investment Scams on Tiktok – The popular video hosting platform Tiktok has been the target of cryptocurrency scams, according to the Better Business Bureau (BBB). Private, nonprofit, and founded in 1912, the BBB has assisted consumers in locating organizations they can trust for over 110 years.
According to the BBB, as Tiktok’s popularity grows, scammers also do. The BBB stated that it is receiving numerous fresh reports from its “Scam Tracker” on the money-flipping scam. BBB described:
“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.”
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Scammers on Tiktok may even 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.”
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Better Business Bureau Warns of Cryptocurrency Investment Scams on Tiktok – The BBB provided some guidance on how to prevent money-flipping frauds in its final statement. The group also advised consumers to use good judgment and do their research, to avoid falling for scare tactics, and to comprehend how digital wallet services operate.
