The Better Business Bureau (BBB) published a blog post on Sept. 17 to warn people about cryptocurrency scams that promise near-instantaneous investment returns on Tiktok.
Scammers targeting TikTok users
The BBB explained that malicious TikTok scammers carry out crypto scams by luring unwitting users with a video depicting a pile of cash they earned through investing in the asset. They also claim to realize their investment within a few days in the video and promise viewers that they can triple their returns by investing a modest fee.
When the viewers reach out to the Tik Tok scammers, they are asked to transfer a few hundred dollars via a digital payment service like PayPal, Zelle, or Venmo. Other times, viewers are tasked to purchase and send cryptocurrency to the scammer.
Unsurprisingly, the money “invested” never sees the light of day. The scammers would also try their hand at asking the viewer-turned-victim to “invest” or transfer funds several times, promising that the investment will result in high returns.
Further, the scammers also employ scare tactics, such as telling the victim that not paying the fees demanded would lead the victim to miss out on giant returns and even incur legal action.
How to avoid falling victim to money-flipping scams
The blog post also gave a few tips on how to prevent yourself from becoming a victim of crypto scams.
The BBB said that get-rich-quick investment schemes online are nearly always scams. It is also important to do a background check on the person you intend to connect with to search for a history of fraud and complaints.
Finally, not caving into threats and scare tactics is vital in protecting yourself against crypto scams. If someone threatens you with a lawsuit, recognize them as an online scam red flag.Scamsd
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