LAFAYETTE, La. (KLFY) — Money-flipping scams have been popular on Instagram and Twitter, but now they have made their way to TikTok.
Emily Fontenot of the BBB of Acadiana says one particular scam promises a 100% guarantee to triple your money if you give a few hundred dollars as soon as possible.
Whether you are instructed to send the money through Venmo, Paypal or any other digital wallet, that money may go into investing in cryptocurrency and never come back to you, Fontenot said. The scammer will give you the runaround with claiming your new funds by requesting extra fees.
“There’s no paper trail to it so it’s hard if not impossible to get that money back that you already sent. Look into how that investment does work,” said Fontenot.
Here are some tips from the BBB on how to avoid money-flipping scams:
- Use good judgement. Get-rich-quick schemes and investments that guarantee a huge return are nearly always scams.
- Do your research before contacting someone through social media. Look up their name, phone number, and company name.
- Don’t give in to scare contacts urging you to “act right now.”
- Understand how digital wallet services work. It’s best to use these apps only with people you trust.
If you have a scam you’d like me to investigate, feel free to send me an email at firstname.lastname@example.org