BBB Warns of Surging Crypto Scams and 'Scare Tactics' on Tiktok
The Better Business Bureau (BBB) has warned netizens about a dramatic surge in "money-flipping" crypto scams infiltrating the TikTok platform. “They may ask for fees several times,” the BBB warned, and 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.”
TikTok Becomes Hotbed for Crypto Scammers
The US Better Business Bureau (BBB) has recently issued a warning about the rising number of crypto scams on TikTok. The BBB is a trusted nonprofit organization championing marketplace integrity since 1912 and is urging users to exercise caution. The bureau stated:
"Money-flipping cons have long been popular on Instagram and Twitter. But as Tiktok’s popularity grows, so do the con artists. Watch out for this Tiktok scam, which promises to turn a few hundred dollars worth of cryptocurrency into thousands in no time."
The BBB has explained in a case study how viewers browsing TikTok videos are suddenly shown stacks of cash alongside claims of overnight cryptocurrency fortunes. The videos promise to help in replicating the success for a modest fee. Some videos even guarantee to triple the return on the investment within a week.
"They will ask you to send them money, typically a few hundred dollars, using digital wallet services like Paypal, Zelle, or Venmo. In some cases, they might even ask you to purchase the cryptocurrency yourself and send it their way. Then, they ‘invest’ the money in the stock market, which allegedly starts multiplying immediately,” the BBB stated.
BBB Unveils Tiktok Scammers Tactics
The bureau has meticulously unveiled the scammers' tactics. They will keep asking for fees, repeatedly assuring you of a massive return on investment. And when skeptic, they resort to scare tactics. They may threaten that failing to pay up will cause you to miss out on an enormous windfall or even result in legal repercussions.
"They may ask for fees several times, always promising you will get much more back than you spend. 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 recommends vigilance and skepticism as your best defense. If something sounds too good to be true, it probably is. Stay informed about the latest scams circulating online, and always verify the legitimacy of individuals or offer promising quick riches.
As crypto scams continue to plague TikTok, remember that staying informed and cautious is your most potent shield against falling victim to these online tricksters.
Please share your experiences with us and help raise awareness in the comments section below.
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