Kevin Helms
A student of Austrian economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the intersection of economics and cryptography.
Better Business Bureau Warns of Cryptocurrency Investment Scams on Tiktok – Featured Bitcoin News
The Better Business Bureau (BBB) has warned about cryptocurrency scams on Tiktok. “You’re scrolling through Tiktok when you come across a video showing a pile of cash. The creator says they made the pile of money in just a few days by investing in cryptocurrency,” BBB said.
Crypto Scammers Deceiving Tiktok Users
The Better Business Bureau (BBB) warned against cryptocurrency scams on the popular video hosting platform Tiktok Friday. Founded in 1912, BBB is a private, non-profit organization that has empowered people to find businesses, brands and charities they can trust for over 110 years.
The BBB explained that “as Tiktok’s popularity grows, so do the scammers.” Noting that it is seeing many new reports from its “Scam Tracker related to this money-sucking scam,” the BBB described:
You’re scrolling through Tiktok when you come across a video showing a pile of cash. The creator says they made the pile of money in just a few days by investing in cryptocurrency.
Scammers on Tiktok can promise “to turn a few hundred dollars worth of cryptocurrency into thousands in no time,” the BBB said, adding that they 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]probably through Whatsapp, Telegram or another messaging app, they will be polite and professional,” adding:
They’ll 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 that you have to pay fees. At first, these amounts may seem harmless … They may ask for fees several times, always promising that you will get much more back than what you use.”
“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 returns or that they may take legal action,” the BBB further warned, elaborating:
Unfortunately, any money you send will end up in the scammer’s pockets. You will not get a return on your investment, nor will you get your initial deposit back.
The BBB concluded by offering some advice on how to avoid money scams. In addition to using good judgment and doing research, the organization warned people not to give in to scare tactics and to understand how digital wallet services work.
Have you come across videos on Tiktok similar to what BBB described? Let us know in the comments section below.
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